Dallas welcomes the Texas Stock Exchange backed by financial giants as it aims to rival traditional stock exchanges while Nvidia’s market value crosses $3 trillion, becoming the third most valuable company in the S&P 500.
New Texas Stock Exchange Aims to Rival NYSE and Nasdaq
Dallas will soon host a new player in the stock market arena, the Texas Stock Exchange (TXSE), which is backed by financial giants BlackRock and Citadel Securities. The announcement, made on June 5, 2024, revealed that TXSE has raised around $120 million from over two dozen investors. The start-up plans to register with the Securities and Exchange Commission later this year, which is a prerequisite for commencing operations.
James Lee, the founder and CEO of TXSE Group, cited the significant number of public and potential public companies in Texas as a major factor in establishing the exchange in Dallas. Corporations such as Tesla, Hewlett-Packard Enterprise, American Airlines, and Exxon Mobil have already made Texas their base. TXSE aims to offer an alternative for listing and trading equities, tapping into the region’s economic growth.
Nvidia’s Market Value Surges Past $3 Trillion
Nvidia’s stock market value briefly surpassed $3 trillion on June 5, 2024, making it the third most valuable company in the S&P 500, trailing only Microsoft and Apple. This milestone comes after the chipmaker’s stock more than doubled this year and tripled in the previous year. Nvidia has seen extraordinary demand for its semiconductors, especially those used in artificial intelligence applications, propelling its recent growth.
The company announced a 10-for-1 stock split that will take effect on June 7, 2024, making its shares more accessible to investors. In its latest fiscal quarter, Nvidia reported revenues of $26 billion, more than triple the amount from the same period last year. CEO Jensen Huang highlighted that the company’s AI chips are driving transformative changes in various industries, leading to exceptional financial performance.
