Highlights of the week: Musk and Trump spat, Nvidia gave back $1 trillion, tanks instead of Gucci

Musk had a fight with Trump: what it means for investors. Nvidia briefly regained the title of the world's most valuable company. Alphabet threatens to drop in value by a quarter. The defense company will enter the eurozone's largest index. Read about the main news from June 2 to June 6 in our review. 

Nvidia became the world's most valuable company for a day this week. And over the past two months, its shares have added nearly 50% and recovered $1 trillion in market capitalization, reports Bloomberg. 

Nvidia's financial results, published a week earlier, allayed major market fears - about a possible slowdown in revenue growth due to U.S. export restrictions on China. The company also showed confidence in the strong demand for its new Blackwell chips and its ability to scale production. «Now is a good time to increase Nvidia's exposure to the portfolio,» said Thomas Martin of Globalt Investments.

Risks remain, however. Nvidia's chips are manufactured overseas and could be subject to U.S. import duties, and China remains an important market that accounted for 13% of revenue in the first quarter. However, the company is aggressively building a presence in the Middle East by signing contracts with government entities in the region, which will partially offset potential losses. 

On June 3, Nvidia's Nvidia stock rose nearly 3% in value and its capitalization reached $3.45 trillion, allowing it to overtake Microsoft and regain its status as the world's most valuable public company for the first time since January. However, not for long - Microsoft regained the lead at the end of the week;

Igor Klyushnev, co-founder of Freedom Holding, in his article  «Nvidia's Race: Does the Company Have a Chance to Increase Capitalization to $5 Trillion?» discusses whether the company has reached its ceiling. On the one hand, Nvidia remains the number one vendor in the artificial intelligence sector and is aiming to take over the physical AI field. On the other hand, the main risk in assessing its prospects now  is underestimating the speed at which its competitors are advancing. ;

Alphabet could lose up to 25% of its market value if a U.S. federal court orders the company to sell its Chrome browser, according to analysts at Barclays. Their note is paraphrased by Yahoo Finance.

It all started in August 2024, when Google lost a key antitrust case to the US Department of Justice: the court found the company guilty of monopolizing the general search and text advertising markets. The agency now requires Google to sell Chrome, terminate exclusive agreements with device manufacturers and give competitors access to user search data.

According to Barclays analyst Ross Sandler, the likelihood of a forced sale of Chrome remains low but is growing. Potential buyers could be large AI companies - OpenAI, Anthropic or Perplexity. Chrome, according to Barclays estimates, generates about 35% of its revenue from search advertising and is used by 4 billion people. Losing the browser could cut Alphabet's earnings per share by 30%. In his opinion, such a sale would be a «black swan» for the company: «It would be a massive and shocking event - none of the investors we've spoken to put such an outcome in their models.»

A final decision on the measures against Google is expected in August. 

Journalist Roman Mighty wrote about how the corporation is adapting to the onslaught of AI search engines from OpenAI, Perplexity, and Anthropic in his piece for Oninvest, «Breaking Your Search Before Your Competitors Do: How Google Is Confronting AI»;

Ilon Musk on Tuesday criticized the tax cut bill. U.S. President Donald Trump is promoting it as the Big Beautiful Act, or «Big Beautiful Bill,» while Musk called it «nasty» and «stuffed with handouts.» 

The real war between the world's richest man and the US president began on Thursday. Ilon Musk criticized the Big Beautiful Act in X different ways at intervals of 20-40 minutes. Donald Trump did not respond to the attacks from the main sponsor of his election campaign for quite some time. But he eventually wrote that Musk had lost his mind, and that the best way to save money for the budget was to break government contracts with Musk's companies. According to Bloomberg Government, SpaceX and Tesla's total revenue from federal contracts since fiscal 2000 is $22.5 billion (and we're only talking about contracts that aren't classified). Musk responded by reposting a tweet saying that the decision to terminate the contract with SpaceX jeopardizes the reusable spacecraft's flights to and from the ISS - Dragon carries astronauts and cargo.

Because of this altercation, Tesla's shares began to fall rapidly, at one point they were down 17%, by the end of Thursday they lost more than 14%, and Musk himself poor for the day by $34 billion. On Friday, the company's securities rose only 3.67%. Ross Gerber of Gerber Kawasaki called to take the phone away from the entrepreneur. On Friday, Goldman Sachs lowered Tesla's target price by $10 to $285, less than their current market value. But the conflict with Trump has nothing to do with it, the main reason is  Tesla's falling global sales. In Europe, they fell by 50% year-on-year in April, in May the double-digit decline continued, the bank said in its materials.

- Oninvest correspondent Victoria Sirota wrote about the consequences of the conflict between the billionaire and the American president in the material «May lead to punitive measures»: what the conflict between Musk and Trump threatens investors»;

- Jan Veselov, political scientist and author of the Telegram channel about American politics One Big Union, in his column for Oninvest «Home to Cars: How Musk's crusade against bureaucracy ended» analyzed what Musk achieved during his short career in the White House.

A surge in Rheinmetall shares has ensured the German tank and ammunition maker a place in the eurozone's main stock index. As reported by Stoxx Ltd. to Bloomberg, Rheinmetall will replace Gucci owner Kering SA in the Euro Stoxx 50 index starting June 20. Rheinmetall will be the only pure-play defense sector in the index, which also includes Safran SA and Airbus SE.

Since the beginning of the year, Rheinmetall's share price has tripled amid soaring European military spending. Since February 2022, when the conflict between Russia and Ukraine began, Rheinmetall shares have risen about 1,800%. By contrast, Kering's stock has plummeted, hitting its lowest since 2016 in April and falling 27% since the start of the year. The company and its competitors have been pressured by a downturn in buying activity among affluent Chinese consumers. The outlook for the industry has also deteriorated amid the duties imposed by US President Donald Trump.

The inclusion of Rheinmetall in the index may further increase investor interest in the company, especially given the influence of passive funds. They will be compelled to buy Rheinmetall shares to adjust their portfolios to the new index composition.

The UK's Medicines and Healthcare products Regulatory Agency (MHRA) has for the first time issued a warning to the general public related to contraception and weight loss drugs, The Guardian wrote. The reason was 40 reports of pregnancies in women taking Ozempic, Wegovy and Mounjaro, products from Danish Novo Nordisk and US-based Eli Lilly.

MHRA noted that Mounjaro may reduce the effectiveness of oral contraceptives (such as birth control pills) in overweight women. Therefore, the agency recommends the use of barrier methods of contraception, such as condoms. Mounjaro received 26 reports of pregnancy. The MHRA also received eight reports of pregnancy when taking semaglutide (the substance at the heart of Ozempic and Wegovy) and nine reports when using liraglutide, part of the drug Saxenda. Although not all cases indicated whether the pregnancy was unplanned, two reports specified this.

From 2022 to early 2025, Ozempic, Wegovy, Mounjaro and Zepbound   were on the U.S. Food and Drug Administration's (FDA) shortage list. Over these few years, a whole sector of cheap analogs emerged, which the regulator allowed to enter the market to solve the shortage problem. Now, however, they have been outlawed. Who was able to capitalize on it? Oninvest columnist Alexander Pukhov wrote about this in his article «How the market of cheap copies of Ozempic and Mounjaro worked, and why they are now outlawed»;