Nvidia Corp., whose stock-price had surged sharply as companies spend billions on its computer chips, slid 7% on Tuesday in its steepest drop in more than three months, wiping $193 billion from its market value. The recent reversal of fortune — which has knocked its share price down 23% since July 10 — is underscoring a risk that didn’t matter when Nvidia’s stock price did nothing but go up: By one key measure, at least, it’s been roughly twice as volatile as Bitcoin. The stock has lost nearly a trillion dollars in value in the last one month. The sell-off underscores a broader theme of investors rotating out of big tech companies, where the ‘magnificent seven’ have lost $2.6 billion over the last 20 days.

After McDonald’s reported its first drop in sales since 2020, Starbucks joined the list after reporting an unexpected drop in sales. Revenue fell 0.6% for the quarter and also missed market expectations. Operating margin also fell by 70 basis points on an adjusted basis, highlighting operating cost pressures.

Samsung reported a 1,458% jump in its operating profit for the second quarter of 2024 backed by strong demand for Artificial Intelligence. Revenue for the quarter stood at 74.07 trillion Korean Won, a jump of 23.4% from last year. For the second half, Samsung said it expects the demand from server AI to stay strong across server products including HBM and SSD. The firm added that expanding capacity to meet demand for HBM and server DRAM could further constrain supply of conventional memory chips.

Addressing the industry body CII, PM Modi highlighted how global investors are eagerly watching India and urged India Inc. to seize this golden opportunity. The PM also urged the industry to support the internship scheme announced in the budget. He also urged the industry to back the government’s efforts in building a developed nation.

In a consultation paper released on Tuesday, July 30, the Securities and Exchange Board of India (SEBI) proposed tighter derivatives trading rules to boost market stability and protect small investors. The proposed measures include increasing contract sizes by up to four times, collecting options premium upfront and reducing the number of weekly contracts. More on that here.

The Reserve Bank of India (RBI) has issued new directives to address the identification and treatment of wilful and large defaulters, which will be applicable to all regulated entities, including, in the case of asset reconstruction companies and credit information companies, for the purpose of reporting of these defaults. These Directions will come into force after 90 days from their issuance today, RBI said. Ritu Singh with more details here.

Anil Agarwal-owned Vedanta Ltd., the mining major has received approval from 75% of its secured creditors to obtain clearance from stock exchanges for its proposed demerger and subsequently file the demerger scheme with the National Company Law Tribunal (NCLT) for its approval. Read more here. The company has also received an assessment order from the Income Tax Department, demanding ₹1,289.1 crore in taxes and interest for the assessment year 2020-21.