Nvidia became the first public corporation to be valued at more than $4 trillion based on the rising price of its stock before dipping below $4 trillion at market close. The company makes computer chips.

Santa Clara

The release of Open AI's ChatGPT has accelerated the development of artificial intelligence and warnings about its impact on society.

Rise of AI

Nvidia reached a historic milestone as the first public corporation to be valued at more than $4 trillion, propelled by investor confidence in the ongoing growth of artificial intelligence. The company's semiconductor chips are widely used by major tech firms to power AI systems, positioning Nvidia as a central player in the sector. Although its valuation dipped below $4 trillion at market close, Nvidia remains the most valuable company in the world and is one of only three companies in the $3 trillion valuation club, alongside Microsoft and Apple.

The report also highlights developments at X, where an executive has stepped down and the company's AI chatbot, Grok, was involved in a controversy over offensive posts. X has since removed the posts and stated it is taking action against hate speech. These events occur amid broader shifts in the tech industry, including changes in leadership and fluctuating company valuations.

What Nvidia's $4 trillion value means for AI

To more modern things, we begin this hour with a milestone for the U.S. tech giant that is supercharging the AI revolution. NVIDIA just became the first public corporation to be valued at more than $4 trillion based on its rising stock price. Money Watch correspondent Kelly O'Grady is here with more. Kelly, what does NVIDIA's rise tell us about the future of our economy, really? Well, look, I mean, this just goes to show you that investors are betting there's going to be no slowing down in the AI arms race. And I think NVIDIA's products play a central role in this. So the California-based company, it makes semiconductor chips that are used to power AI systems. And as major tech companies from Meta to Google build out their own AI products, they're using NVIDIA's chips to do it. Now, the company's valuation dipped back below $4 trillion at market close yesterday, but it's still the most valuable company in the world. And it's one of just three companies in that exclusive $3 trillion club, and that includes Microsoft and Apple. There's little competition for NVIDIA, but it is well-positioned to continue growing. The only thing that could stop it is tariffs could make their chips more expensive. There was another big headline out of the tech world over at X, an executive stepped down, and then there was a little AI scandal involving Grok. What do you know? Yes, let me run you through it. OK, so X's AI chatbot, it is known as Grok, and it responded to users with some alarming posts. So in one, Grok accused, quote, often Jewish people of engaging in extreme leftist activism, especially the anti-white variety. When asked which 20th century figure would be best suited to address that alleged trend, Grok responded, Adolf Hitler, no question. Since then, that post has been deleted. A statement posted to the Grok account said X was aware of the offensive posts, working to remove them, and had, quote, taken action to ban hate speech before Grok posts. Meanwhile, the shakeup you mentioned, right? At the top of the company, X's CEO, Linda Iaccarino, announced she's stepping down after two years at the helm. She didn't give a reason for her departure, but it is coming at a tough time for Elon Musk. He's fallen out of favor with President Trump, and Tesla's value has dipped by around 5% since Musk announced he intends to start a new political party. Lots going on in his world. There was an interesting line from Grok. Grok, in the apology, said, facts matter more than edginess. Kind of a good guideline for the interview in general. Yeah, it's fair. For all of us. For all, yeah. Grok needs to get it together. All right, Kelly, thank you so much.

Russia has intensified its aerial attacks on Ukraine, using upgraded drones designed to cause more damage and evade air defences. In Kyiv, a young woman captured video of the drones overhead — just before explosions echoed through the city.

Kyiv

Global Tariffs

Russia’s upgraded drone tactics bring intensified attacks across Ukraine

The Ventura County Fire Department said they responded to calls of people having breathing problems at a farm in Ventura County, California, after federal agents appeared to deploy tear gas canisters into the crowd.

Ventura County

Intense standoff in California between protesters, federal agents

A federal judge has green-lit a class action lawsuit challenging President Trump's executive order to end birthright citizenship and issued a preliminary injunction blocking the order.

Washington

Judge blocks Trump's birthright citizenship order

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

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.

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.

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.

What Nvidia's $4 trillion value means for AI

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Rise of AI