New Texas-Based Stock Exchange Plans to Compete with NYSE and Nasdaq
On June 5, 2024, the Texas Stock Exchange (TXSE), headquartered in Dallas, officially announced its establishment and future plans to challenge the dominance of the New York Stock Exchange (NYSE) and Nasdaq. This new exchange is backed by BlackRock and Citadel Securities, along with other unnamed investors, and has raised approximately $120 million thus far.
Founder and CEO of TXSE Group, James Lee, highlighted the significant presence of public companies in Texas and those contemplating going public, as key factors in selecting Dallas. Prominent companies like Tesla and Hewlett-Packard Enterprise have relocated their headquarters to Texas, furthering the potential for the TXSE to attract business. Although not yet registered with the Securities and Exchange Commission (SEC), the exchange intends to secure regulatory approval later this year before commencing its operations.
Nvidia’s Market Value Surpasses $3 Trillion Amid AI Boom
On June 5, 2024, Nvidia’s market value crossed the $3 trillion mark, briefly overtaking Apple to become the world’s second most valuable company before closing just slightly below Apple. Nvidia’s stock has surged due to its role as a key supplier of chips for artificial intelligence (AI) applications, leading to a 262% increase in revenue year-over-year in the latest quarter.
CEO Jensen Huang’s announcement at the Computex conference in Taipei introduced new advancements in AI processors, projecting continued rapid growth. Nvidia also plans a 10-for-1 stock split, effective June 7, to make its shares more accessible to investors. The company’s significant market share and technological prowess have solidified its position, despite competitive efforts from firms like AMD and Intel.
