Nvidia became the first company to hit $4 trillion in market cap on Wall Street. CNBC's Martin Soong and Chery Kang talked about the report that Nvidia could launch a new AI chip designed for China to circumvent U.S. export curbs.

California

Nvidia has achieved a significant milestone by becoming the first company to reach a $4 trillion market capitalization, making it the world's most valuable company. This achievement comes despite ongoing challenges related to U.S. export restrictions on AI chips to China, which have reduced Nvidia's market share in China from 95 percent to 50 percent.

To address these restrictions, Nvidia is reportedly planning to launch a new AI chip, the Blackwell RTX Pro 6000, specifically designed for the Chinese market. The company is timing the launch to avoid potential issues with U.S. export controls, as previous attempts to supply China with modified chips have faced regulatory hurdles. Despite these challenges, Nvidia's stock has performed strongly, with a notable increase over the past three months.

Nvidia hits $4 trillion in market cap milestone despite curbs

Of course, the big news was NVIDIA hitting $4 trillion in market cap, the first company to do so, making it the world's most valuable company, worth more than Apple, worth more than Microsoft, which makes our big number today exactly that, four, as in trillion, as in dollars. With Sherry Kang on the surface, the headline, it sounds good, but NVIDIA and Jensen Huang, we know, are maybe not in trouble, that might be too strong, but are being very much challenged by what's going on on the tariff front, especially with regards to China. I know their market share in China for their AI chips has gone from 95 percent, which is almost total dominance, to 50 percent now. And Jensen Huang has come out very publicly to say, look, the tariffs on China, or rather the restrictions on chip exports to China, U.S. chip exports to China, is just not the way to do it. Not the way to do it. And he's been saying that that actually could lead to the U.S. losing this AI chip war to China as well. And, of course, while it makes sense, because he's got skin in the game, China is the fourth largest market for NVIDIA, so good point there. And FT is reporting that NVIDIA is coming out with yet another AI chip model that actually is tailored, specifically designed for China. And I wonder if this is going to lead to yet another export curb or some kind of control limitation on that specific model, because remember, they tried to do that. And then, of course, it got curbed as well. Of course, this FT piece that I just mentioned does touch on that. It does cite one source suggesting that they're also talking to the Trump administration to make sure it doesn't happen. But if this is about containing China and really competing on AI, then, of course, it's going to get the attention of Washington. Yeah. And I want to jump in here with another quick point. The timing is important, Sherry. They're saying that they're going to launch this new chip, which is the Blackwell RTX Pro 6000, in case folks are interested, right? Only in September. And that is to buy them time to make sure that it doesn't run afoul of U.S. chip export restrictions. Because I think the last thing that NVIDIA wants is to start ramping up production of this chip and building up inventory to satisfy your meet Chinese demand. Because, I mean, the response so far from beta testing into China has been pretty positive, right? They don't want to be stuck with all this inventory and end up having no demand. Exactly. And then one more point. What does the market think about this? That they're conveniently brushing off all these China concerns? I mean, jumping over, what, 40 percent for the last three months when we thought, oh, my gosh, like this is really the moment on April 2nd, of course, this is the moment where the G2 is breaking down, the whole world trade order is breaking down. But look at the chart. I mean, looking pretty good there. So definitely NVIDIA locking in the ecosystem and a GPU of GPUs of the world. And there we go.

A partial tunnel collapse in Los Angeles temporarily buried 31 workers in Los Angeles, California. CBS News' Carter Evans reports on the rescue operation.

Los Angeles

31 trapped workers rescued after tunnel collapse

U.S. Secretary of State Marco Rubio expressed “disappointment and frustration” over continued Russian attacks on Ukraine and said new sanctions on Russia are a “real option.” Kylie Atwood has more details from Kuala Lumpur, Malaysia.

Kuala Lumpur

Global Tariffs

Rubio: New Russia sanctions a ‘real option’

With Russia again bombarding Ukraine with drones, U.S. President Donald Trump says he’s considering sending another missile defence system to Ukraine.

Kyiv

Ukraine Invasion

Trump muses missile defence system for Ukraine

Officials in Texas are promising to address concerns about flood warnings in parts of the state, but say the ongoing search-and-rescue efforts must be complete first.

Texas

Texas officials to address flood warnings after search complete

Linda Yaccarino is stepping down as CEO of X after two years leading Elon Musk's social media company. Yaccarino's departure comes one day after the company's Grok chatbot began pushing antisemitic tropes in responses to users.

San Francisco

Yaccarino steps down as CEO of Elon Musk's X

Parts of Ukraine were on fire overnight after Russia launched its largest drone attack on Ukraine since the war unfolded. Just hours earlier, Trump directly called out Vladimir Putin for stalled peace talks.

Moscow

Trump calls out Putin for stalled peace talks

The Trump administration branded the event as one of the steps it is taking to reshape its relationship with the African continent.

Washington

Five African leaders have lunch with Trump

The search continues in central Texas for the more than 160 people still missing from the deadly floods that hit over the Fourth of July. CBS News reporter Karen Hua has more.

Kerr County

Recovery operations ongoing in Texas as more than 160 still missing

U.S. President Donald Trump announced on social media that he issued tariff letters to Algeria, Brunei, Iraq, Libya, Moldova and the Philippines.

Trump sends tariff letters to six more countries

Video released by the Houthi media center shows the bulk carrier ‘Magic Seas’ being attacked and later sinking in the Iran-backed rebel group’s first attack this year on a commercial shipping vessel in the Red Sea.

Sana'a

Middle East Conflict

Houthi rebels claim responsibility for attack on ship in Red Sea

The European Court of Human Rights in Strasbourg ruled Russia violated international law in Ukraine and was responsible for the downing of Malaysia Airlines Flight MH17.

Top European court rules Russia violated international law in Ukraine

The death toll from the July Fourth flash flood that ravaged a swath of central Texas Hill Country rose on Tuesday to at least 109, many of them children, as search teams pressed on through mounds of mud-encrusted debris looking for scores of people still missing.

Texas flood death toll hits triple digits, tally of missing tops 180

U.S. President Donald Trump pushed back during his Cabinet meeting about a question regarding Jeffrey Epstein. The DOJ claims Epstein had no list of clients, which is drawing criticism from some of the president's supporters.

Trump questioned over report saying Epstein didn't have client list

The copper industry is facing new uncertainty after U.S. President Donald Trump said he will impose 50 per cent tariffs on all copper imports. More than half of all Canadian copper exports go to the U.S.

Ontario

Trump threatens 50% tariff on copper imports

CNN’s Josh Cambell reports on questions over a lack of flood warning signals and lagging investment in river gauges in Kerr County after deadly floods killed over 100 people in Central Texas.

Officials face questions over preparedness for Texas floods

Hundreds of firefighters battled a fast-moving wildfire that reached the outskirts of the southern French city of Marseille on Tuesday, forcing people to stay indoors and the nearby airport to close.

Marseille

France wildfire shuts down Marseille airport

Liverpool's Portuguese forward Diogo Jota was probably speeding when the Lamborghini car he was driving crashed in northwestern Spain, killing him and his brother, police said in a preliminary report.

Cernadilla

Liverpool's Jota likely speeding when car crashed, police say

French President Emmanuel Macron arrived in Britain on Tuesday for a state visit mixing royal pageantry with thorny political talks about stopping migrants from crossing the English Channel in small boats.

London

UK royals welcome France's Macron for state visit

U.S. President Donald Trump said the U.S. will send more weapons to Ukraine as Russian attacks intensified in recent weeks. The decision comes after the U.S. halted certain shipments last week.

Trump says U.S. will send more weapons to Ukraine

Brazil hosted the second and final day of the 17th BRICS Summit in Rio de Janeiro on Monday.

Rio de Janeiro

BRICS summit ends on health issues, role of global south countries

U.S. President Donald Trump, hosting Israeli Prime Minister Benjamin Netanyahu at the White House, said the United States had scheduled talks with Iran and indicated progress on a controversial effort to relocate Palestinians out of Gaza.

Netanyahu meets Trump as Israel, Hamas discuss ceasefire

Search teams continue to look for survivors after catastrophic flash floods overwhelmed parts of the US state of Texas. About 100 people have been killed and dozens more are missing. Officials say the National Weather Service didn't provide enough warning of the heavy rain.

Rising Texas death toll fuels anger over 'inadequate warning'

Leaders of BRICS have warned of the dangers of tariffs - saying they don't want a confrontation with US President Donald Trump. The group of emerging nations made the comments at their summit in Brazil. They also discussed Gaza and tensions in the Middle East.

BRICS summit rejects U.S. tariff threats, tackles trade and Gaza

Video captured by a BBC News crew shows French police slashing a boat filled with migrants trying to cross into the U.K. The crackdown comes ahead of a summit this week between the French president and British prime minister.

French police slashing migrants’ boat in crackdown

President Donald Trump's Justice Department and FBI released a memo concluding that there is no evidence Jeffrey Epstein had a "client list." The FBI confirmed that more than 1,000 victims were harmed by Epstein.

FBI: Epstein investigation turned up no 'incriminating client list'

The death toll from the devastating floods in Texas has risen to at least 90 as rescue workers continue to search for dozens of missing people. At least 27 campers and counselors at Camp Mystic in central Texas died in the floods.

Kerrville

At least 90 people killed in Texas floods

A shooter is dead after opening fire at a U.S. Border Patrol building in McAllen, Texas, a Department of Homeland Security spokesperson said. CBS News' Shanelle Kaul has the latest updates.

McAllen

Shooter killed after opening fire at U.S. Border Patrol building

Israel’s military launched airstrikes early on Monday targeting ports and facilities held by Yemen’s Houthi rebels. The strikes followed a suspected Houthi attack on a ship in the Red Sea.

Israel strikes Yemen ports held by Houthi rebels

Israeli Prime Minister Benjamin Netanyahu is set to meet with U.S. President Trump at the White House on Monday. The two leaders are expected to discuss the ongoing conflict in Gaza and a potential ceasefire with Hamas.

Netanyahu set to meet Trump at White House amid ceasefire optimism

U.S. President Donald Trump's 90-day pause on global tariffs announced in April is nearing its expiration, and the White House warned that steeper tariffs could roll out at the beginning of August.