Summary

Nvidia became the world’s second-most valuable company this week. The chipmaker had a net income of $14.9 billion last quarter and continues to grow from the market’s recent AI-boom. Psychedelic medicine stocks dropped after an FDA advisory panel voted no on MDMA therapy treating PTSD; it appears unlikely that the FDA will approve the treatment. A group backed by BlackRock plans to launch a stock exchange in Texas. The TXSE has raised $120 million and will operate free of NY fees and regulations. The ECB cut interest rates from 4% to 3.75%, but declined to detail its future-rate cutting path. As to when America will see rate cuts, it’s best to look at domestic macro indicators to predict the Fed’s actions. Companies like the Daily Wire are part of a bigger anti-woke trend in business that has seen success in appealing to the right, including. companies like Rumble and Fox.A recent poll found that conservative leaning companies were some of the few brands that have grown recently. However, consumers value product quality over brand politics.   

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For those who read...

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Happy Friday and welcome back to C2 Business, brought to you by Just Bagels! Today we’ll explore what’s happening in the stock market and then look at some recent developments in the business world.

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In Stock Market News:

• Nvidia had an ultra-successful week, surpassing Apple this Wednesday to become the world’s second-most valuable public company. Yes, the chip making giant has continued to soar, boasting an net income of $14.9 billion last quarter. Moreover, its stock has seen a 207% jump over the past year.
• Several biotech companies specializing in psychedelic treatments for mental health saw their stocks plummet following an FDA advisory panel’s vote against the use of MDMA therapy for patients with PTSD. The new treatment, proposed by Lykos Therapeutics, would combine talk therapy with the psychedelic drug in order to treat post-traumatic stress. In wake of the advisory panel’s ruling, however, it appears unlikely that the FDA will approve the novel treatment.  
• A group of financers backed by BlackRock is looking to launch a rival stock exchange in Dallas, Texas. The Texas Stock Exchange, or TXSE, has raised upwards of $120 million from its backers and hopes to operate free of New York regulations and fees like the New York Stock Exchange and NASDAQ. They say that everything’s bigger in Texas, but only time will tell with this up-incoming exchange!

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In Other Business News: 

• The European Central Bank cut interest rates for the first time since 2019, lowering the key rate from 4% to 3.75%. The news out of Europe is not all rosy, however, as the ECB declined to detail its future rate-cutting path, a sign that further cuts may not come for a while. The developments across the Atlantic has some in the States wondering when the Federal Reserve will make cuts of its own.

• Companies like the Daily Wire have built digital empires out of conservative, right-leaning media; however, they are merely a cog in an online anti-woke economy that appeals to the right and reaps profits from it. Companies like Rumble have seen success in selling right-wing merchandise, and a recent Axios/Harris Poll found that conservative companies like Fox were some of the few brands that achieved gains with consumers in the past year. Make no mistake, however; consumers value quality in products above all else, most definitely including politics.    

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That’s all from us today at C2 Business! We hope you have a great weekend, and thanks once again for tuning into Current2, the easy way to stay informed!

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Bulletin Brief

Nvidia surpasses Apple as world’s second-most valuable company (Axios, MB)

Psychedelic medicine stocks fall after FDA advises against MDMA therapy (MW, MB) 

Group looks to open new stock exchange in Texas (WSJ, MB)   

ECB cuts interest rates for first time in five years (MS, MB) 

Emerging economy for conservative anti-woke businesses (MB)