AI juggernaut Nvidia just crossed another milestone: a $4 trillion valuation, the largest in history.
The firm, which was worth just over $10 billion a decade ago, now outranks household names like Microsoft, Apple and Amazon, as its graphics processing units (GPUs) are the gold standard in training advanced artificial intelligence programs.
It’s hard to grasp just how much money $4 trillion is, but for some context: The company of less than 40,000 people is now worth more than 97% of the world’s economies, the entire New York area real estate market and the combined net worth of the 30 richest people in the world.
FIRST UP
Linda Yaccarino
Photo by PATRICK T. FALLON/AFP via Getty Images
X CEO Linda Yaccarino announced her resignation Wednesday, just one day after Elon Musk’s AI chatbot Grok made a series of antisemitic comments on the social media platform—though a source told NBC News that the exit has been in the works for over a week. On X, Musk wrote: “Thank you for your contributions,” in response to the former advertising executive’s departure after a two-year stint leading the company. It’s unclear who will succeed her.
MORE: Later Wednesday night, xAI launched the latest and most advanced version of its AI model: Grok 4. In a nearly hour-long livestream, Musk and xAI staffers demoed the new model, which Musk said was “smarter than almost all graduate students in all disciplines, simultaneously.” The billionaire did not address Grok’s recent controversial posts.
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BUSINESS + FINANCE
Federal Reserve Chairman Jerome Powell
Tom Williams/CQ-Roll Call, Inc via Getty Images
Good news for investors eagerly awaiting lower borrowing costs: Most Federal Reserve officials still expect interest rate cuts this year, according to minutes released from its recent meeting, but tariffs could complicate the Fed’s efforts to fight price increases. Still, many members of the central bank’s rate-setting panel noted that the inflationary impacts of tariffs could be more limited if trade deals are reached soon.
As President Donald Trump suggested he’d implement a 50% tariff on copper imports, the price of the metal skyrocketed in its largest intraday surge since the 1980s, before paring back some of its gains Wednesday. The levies would likely increase prices for copper in the U.S., analysts predicted, as just over half of the total refined copper consumed in the U.S. is imported.
MORE: Higher copper costs could also lead to an increase in crime, as the metal would become a valuable target for thieves. It’s the third-most consumed metal in the U.S., with uses ranging from electrical wiring in buildings to computers and cars, and is often stolen from construction sites.
WEALTH + ENTREPRENEURSHIP
Critics of President Donald Trump’s “Big Beautiful Bill” argue that it takes from the poor to benefit the wealthy, but not all billionaires are celebrating its passage. Some of the bill’s measures are more likely to help multi-millionaires than billionaires, and a number of the world’s richest people are concerned about the expected $3.4 trillion that will be added to the deficit by 2034 as a result of the legislation. One estate planning attorney told Forbes some of his billionaire clients are moving more of their wealth offshore to “more stable economies.”
TECH + INNOVATION
Adam Valkin, who helped grow General Catalyst into a global venture capital powerhouse, wants to help Israeli founders break into the U.S. market in his new role at Vine Ventures. Valkin will help the firm invest in the country known as “Startup Nation,” as—despite experiencing a drop in investments after the October 7 attack—Israeli startups have raised $3.1 billion so far in 2025.
After Shaun Maguire of Sequoia Capital received swift backlash for his comments about New York City mayoral candidate Zohran Mamdani, a letter supporting the venture capital firm partner garnered hundreds of signatures. The letter defending Maguire claims his remarks, including accusing Mamdani of being an “Islamist,” did not constitute hate speech, even as nearly 1,000 tech founders demanded Sequoia take disciplinary action.
SPORTS + ENTERTAINMENT
Carlo Ancelotti
Photo by Alex Caparros/Getty Images
Former Real Madrid coach Carlo Ancelotti has been sentenced to one year in prison and will pay a hefty fine after being found guilty of tax fraud. He had been accused of failing to pay over $1.1 million in Spanish taxes related to image rights. Managing Real Madrid is a big deal in the world of professional sports—the team topped Forbes’ list of The World’s Most Valuable Soccer Teams in 2025, the fourth year in a row it ranked No. 1.
Billionaire Bill Ackman’s wildcard entry into the Hall of Fame Open tennis tournament ended in swift defeat Wednesday, drawing criticism from fans and officials who questioned whether the hedge fund manager had earned his spot in the professional event. Participants in the tournament are typically selected based on ATP rankings, wildcard entries and qualifiers. Randy Walker, the director for the Vero Beach Futures tennis tournament, posted on X after the match: “I just watched the absolute worst professional tennis match I have ever seen.”
TRENDS + EXPLAINERS
Photo by Matt Roth for The Washington Post via Getty Images
Even as child care remains a major hurdle for many working parents, few companies are taking advantage of a federal tax break given to firms that provide child care for their employees, according to IRS data. But the just-signed tax and budget bill includes a little-known provision that more than triples the Employer-Provided Childcare Tax Credit, and data shows that child care benefits are helping companies’ bottom lines.
DAILY COVER STORY
How Victoria’s Secret’s Les Wexner Made $2 Billion In 3 Months From AI Giant CoreWeave
Les Wexner
Associated Press
Five years ago, Ohio’s most revered entrepreneur Les Wexner stepped down as chairman of L Brands and soon began to sell off his stake in the Victoria’s Secret parent company amid controversy over his close relationship with convicted sex offender Jeffrey Epstein.
Many believed that Wexner, then age 82, would quietly retire. Instead, the fashion mogul has more than doubled his fortune thanks in large part to some savvy bets in a different industry: technology. Over just the past three months, his net worth—which includes assets held in his children’s and wife Abigail’s names—has soared to $10.1 billion from $7.9 billion, according to Forbes’ estimates.
The biggest driver of this increase: a 4% stake in CoreWeave, one of the buzziest artificial intelligence companies. On Monday, CoreWeave announced it is buying crypto miner Core Scientific in a roughly $9 billion all-stock deal. CoreWeave’s market capitalization has almost tripled since its March IPO to nearly $73 billion today, and Wexner’s stake is now worth $2.8 billion.
The eight-year-old CoreWeave helps companies build data centers and loans out cloud access to much-sought-after graphics processing units, or GPUs, which firms like Microsoft, IBM and Meta pay to use to build AI models. With no shortage of customers, the company recorded $982 million in revenue during the first quarter of this year, a 420% increase versus the same quarter last year. However, it’s yet to turn a profit and reported a net loss of $315 million during the same period.
WHY IT MATTERS “After originally making a fortune in fashion, Wexner has become one of the biggest (and most unlikely) winners of the AI gold rush,” says Forbes staff writer Jemima McEvoy. “In addition to becoming an early backer of the $73 billion (market cap) CoreWeave, one of the buzziest AI companies around, Wexner’s real estate development firm has played a crucial role in bringing big tech players like Meta, Google, Microsoft, Amazon and Intel to Central Ohio.”
MORE How Victoria’s Secret Billionaire Owner Accidentally Scored A $800 Million Stake In An AI Unicorn
FACTS + COMMENTS
Millions of borrowers will soon be on the hook for thousands of extra dollars as the Trump Administration is slated to start charging interest next month on student loans under the Biden-era SAVE plan. Borrowers enrolled in the plan have had their loans in forbearance since last summer while it’s been held up in court:
About 7.84 million: The number of borrowers with loans under the SAVE plan that will be affected by the change
$3,500: The amount in additional interest per year that the average borrower enrolled in the SAVE plan will be charged, which works out to about $300 per month
1.5 million: How many applicants for income-driven repayment plans were yet to be processed, the Education Department said in a June court filing
STRATEGY + SUCCESS
Many employees have experienced “quiet firing,” where a manager makes a work environment so unpleasant that it pushes people to quit. Sometimes quiet firing occurs because a boss isn’t doing their job, or it could just be part of the company culture—it’s an easier way for firms to reduce headcount without very public layoffs. If you’ve been silently pushed out, try not to take it personally: You deserve a workplace that supports your growth.
VIDEO
QUIZ
A 40-year-old prototype of a popular designer handbag is expected to fetch hundreds of thousands of dollars at an auction Thursday. Which brand is it?
A. Gucci
B. Louis Vuitton
C. Hermès
D. Burberry
Thanks for reading! This edition of Forbes Daily was edited by Chris Dobstaff and Caroline Howard.
