This chart shows Nvidia's meteoric rise as 'Jensenity' continues

By Ciara LinnaneEmily BaryTomi Kilgore

Plus: Inside the Berkshire Hathaway trading glitch that captivated Wall Street, and how to prepare for the 'summer of spending'

The milestones keep coming for Nvidia Corp.

This week, the chip maker achieved two notable feats. It crossed into $3 trillion market-capitalization territory for the first time, becoming only the third U.S. company to do so. In the process, Nvidia (NVDA) was briefly worth more than Apple Inc. (AAPL) Some dubbed the phenomenon "Jensenity," a reference to the company's leather jacket-wearing CEO Jensen Huang, who has commanded a rockstar-esque following.

Shares have since pulled back from their highs, and Nvidia is now below the $3 trillion mark - and below Apple. But it's still worth appreciating how quickly the company has ascended to be in the same camp with technology lions Apple and Microsoft Corp. (MSFT)

To start, Nvidia wasn't even worth $100 billion dollars at this point five years ago. And it was still less than a year ago that Nvidia first surpassed a $1 trillion valuation. Nvidia only joined the $2 trillion club this March, and it needed only 66 trading days to move from there to $3 trillion, according to Dow Jones Market Data.

Despite its size, Nvidia has been posting rapid growth in its financials. Its record $22.6 billion in data-center revenue last quarter was up more than 400% from a year before, for instance. Investors shouldn't expect growth at that sort of rate going forward, as Nvidia now faces tough comparisons to a year-ago period when its artificial-intelligence tailwinds really started kicking in, but analysts nonetheless expect 146% growth in the data-center business for the current quarter. Not too shabby.

Meanwhile, the company is on the brink of its 10-for-one stock split, and shares will start trading Monday on a split-adjusted basis. Could that mean another milestone down the road? One strategist noted that while stock splits mostly just provide a psychological lift to investors, this one could help Nvidia ease its path into the Dow Jones Industrial Average. Since that index is price weighted, Nvidia's midday Friday stock price around $1,200 would presumably exclude it from consideration absent this split.

Read: What Nvidia's stock split means for investors

Warren Buffett's Berkshire Hathaway stock plummets virtually 100%

The week started with a bang, or a mini flash crash, as a "technical issue" at the New York Stock Exchange triggered volatility halts of dozens stocks.

The highest profile casualty was the Class A stock (BRK.A) of Warren Buffett's Berkshire Hathaway Inc., which was halted for nearly two hours after it traded down 99.97% to $185.10.

Some investors had tried buying the dip, but the NYSE said later Monday that all trades in stock between 9:50 a.m. and 9:51 a.m. Eastern that were priced below $603,718.30 would be cancelled.

The technical issued hearkened back to the Flash Crash of 2010 that rocked Wall Street, and led to the creation of a unified circuit-breaker system.

For more, read: Berkshire Hathaway resumes trade after NYSE glitch showed shares down 99.97%.

And read: Some Berkshire Hathaway investors tried buying the dip during Monday's glitch - but ended up with shares at full price instead.

This dollar deal was a bust

Dollar Tree Inc. (DLTR) said this week it's putting Family Dollar up for sale, less than a decade after it acquired the discount chain for about $8 billion.

The company has launched a review of strategic options for Family Dollar, which could include a sale or spinoff of the business or some other transaction. It has no deadline or definitive timetable for the completion of the review.

In March, the company announced plans to shut 600 Family Dollar stores in the first half of 2024, and to shutter another 370 Family Dollar stores, and 30 Dollar Tree stores over the next several years as their leases run out.

As of Feb. 3, 2024, Dollar Tree had 16,774 stores, of which 8,539 are Family Dollar stores.

The news came as Dollar Tree posted better-than-expected earnings but said a tornado had wiped out a facility in Oklahoma, and all of its inventory.

For more, read: Dollar Tree's stock dips as retailer discloses that Family Dollar is up for sale less than a decade after it was acquired

Elsewhere in retail:

Hooker Furnishings' stock falls after retailer swings to Q1 loss and sales lag estimatesBig Lots' stock slides 22% after retailer posts bigger-than-expected lossLululemon shares jump on boosts to stock buyback, profit forecastJ. Jill's stock jumps after earnings top estimates and company raises guidance Squishmallows are creating a tougher bar to clear for Five Below

Prepare for the summer of spending

The consumer remains stressed after a long inflationary period-and retailers are reacting. Target (TGT), Walmart (WMT) and Amazon (AMZN) are all loudly announcing price cuts on an array of items, but people may not save money because of one behavior: impulse buying.

"It is more likely that when consumers go into these retailers who have said they've brought down some prices, that they might buy one or more items they might not have bought before," Lyons Wyatt told MarketWatch.

In other words, the so-called summer of savings could end up being a summer of spending.

Impulse buys have long been an important part of retailers' strategy. Target CEO Brian Cornell said in March that the company is "providing inspiration and easy access at our stores, with no barriers between impulse and purchase." Other retailers describe steering shoppers toward impulse purchases as a way of helping their customers "discover" new products.

For more, read: Retailers are telling you everything is on sale this summer. They're also hoping you'll fall for impulse buys.

3 things to know before shopping the summer discounts at Target, Walmart, Amazon and moreWeak fuel demand worries markets - but it's good news for driversRecord stock prices, lower inflation and plenty of jobs: Why are we so gloomy?

Game on!

It was another busy week in the land of meme stocks - and specifically GameStop Corp. (GME)

Influential meme trader Roaring Kitty reignited frenzied interest in GameStop shares earlier this week when he posted a screenshot that seemingly showed how large a GameStop position he has amassed. He followed that up with a livestream in which he described his faith in the company to an expansive audience of hundreds of thousands of viewers.

For more on GameStop, read the below

Roaring Kitty livestream: Keith Gill explains why he's still a 'believer' in GameStop and Ryan CohenWere Roaring Kitty's GameStop posts illegal? A former SEC lawyer explains the recent scrutiny.GameStop's stock falls following downbeat earnings and plan to sell more shares

-Ciara Linnane -Emily Bary -Tomi Kilgore

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06-08-24 0729ET

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