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<ul class="summary-list"><li>Nvidia passed Google owner Alphabet to become America's third most valuable company on Wednesday.</li><li>AI has powered the chipmaker to massive stock-market gains since the start of 2023.</li></ul><a target="_blank" href="https://markets.businessinsider.com/stocks/nvda-stock">Nvidia</a> is now worth more than its Big Tech rivals <a target="_blank" href="https://markets.businessinsider.com/stocks/googl-stock">Alphabet</a> and <a target="_blank" href="https://markets.businessinsider.com/stocks/amzn-stock">Amazon</a> — as well as the entirety of <a target="_blank" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-forecast-valuation-chinese-china-market-economy-crash-2024-2">China’s stock market</a>.The chipmaker’s market capitalization passed <a target="_blank" href="https://www.cnbc.com/2024/02/13/nvidia-market-cap-passes-amazon-on-strength-of-ai-boom.html">Amazon’s on Tuesday</a> and <a target="_blank" href="https://markets.businessinsider.com/news/stocks/google-nvidia-stock-price-alphabet-amazon-tech-stocks-ai-semiconductors-2024-2">Alphabet’s on Wednesday</a> to stand at $1.83 trillion at Wednesday’s closing bell.Nvidia has <a target="_blank" href="https://markets.businessinsider.com/news/stocks/nvidia-trillion-dollar-valuation-ai-jensen-huang-apple-amazon-microsoft-2023-5">AI to thank</a> for its stock surging more than 400% since the start of 2023. It holds a dominant share of the market for the graphics processing units (GPUs) that power large language models like ChatGPT, so stock pickers have long heralded it as a potential winner from the massive explosion of interest in the tech.Cofounder and CEO <a target="_blank" href="https://www.businessinsider.com/nvidia-jensen-huang-chipmaker-cofounder-ceo-wealth-net-worth-ai-2023-5">Jensen Huang</a>, who founded Nvidia at a Silicon Valley Denny’s back in 1993, has also reaped the benefits, with his own personal fortune ballooning from $14 billion to $65 billion since the start of 2023, per the <a target="_blank" href="https://www.bloomberg.com/billionaires/profiles/jenhsun-huang/">Bloomberg Billionaires Index</a>.These four charts capture the semiconductor company’s meteoric AI-powered rise, which has made it the US’s third most valuable public company.Nvidia's dominance is perhaps best captured by the extent to which its outperformed other Big Tech stocks — which have enjoyed an <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-magnificent-seven-big-tech-apple-microsoft-nvidia-2024-1">AI uplift of their own</a> — since the start of last year.The chipmaker has risen by 404% over that period, or in excess of four times the gains for rivals <a target="_blank" href="https://markets.businessinsider.com/stocks/msft-stock">Microsoft</a>, <a target="_blank" href="https://markets.businessinsider.com/stocks/aapl-stock">Apple</a>, Alphabet, and Amazon.The only mega-cap tech stock that's come close to matching its share-price gains for the period is Facebook parent <a target="_blank" href="https://markets.businessinsider.com/stocks/meta-stock">Meta Platforms</a>, which has rallied 279% partly due to Mark Zuckerberg's "<a target="_blank" href="https://www.businessinsider.com/meta-share-price-market-cap-trillion-zuckerberg-year-of-efficiency-2024-1">Year of Efficiency</a>" cost cuts.Those stock-price gains have helped Nvidia to overtake the value of two mega-cap powerhouses, Alphabet and Amazon.Tuesday marked the first time since 2002 that Nvidia has been worth more than Jeff Bezos' e-commerce giant, per data from Dow Jones.The chipmaker is now America's third most-valuable company, behind only Microsoft and Apple — although it's about $1 trillion away from overtaking either.At the end of 2023, some analysts were positioning Nvidia and Tesla as offering similar returns, after both racked up triple-digit gains and broke into the <a target="_blank" href="https://markets.businessinsider.com/news/stocks/tech-stocks-tesla-nvidia-apple-microsoft-amazon-the-magnificent-seven-2023-6">"Magnificent Seven" mega-cap tech group</a> last year.But while Nvidia has kicked off 2024 on another tear by surging more than 50%, <a target="_blank" href="https://markets.businessinsider.com/news/stocks/tesla-elon-musk-big-tech-magnificent-seven-stock-market-outlook-2024-1">Tesla has tumbled</a> with investors worrying that demand for its EVs could soon slow.Elon Musk's company is now worth $607 billion, or less than a third of the chipmaker's total valuation, in a reminder of how quickly things can change on Wall Street.A final way to measure Nvidia's successes over the past 13 months is to compare it to the <a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500</a>, the US stock-market index of which it's now the third-largest member.The index has risen by 30% since January 2023, thanks to excitement about AI and investors' expectation that the Federal Reserve will soon start cutting interest rates. Yet even that's proved to be no match for Nvidia's fourfold surge.

Nvidia is now worth more than Alphabet and Amazon. These 4 charts show the chipmaker's surge to a $1.8 trillion valuation.

<ul class="summary-list"><li>Apple's shares have surged 34% this year, boosting its market value by $670 billion.</li><li>The stock's gains have come amid a Big Tech rally that's lifted the S&amp;P 500.</li></ul><a href="https://markets.businessinsider.com/stocks/aapl-stock">Apple</a>'s blistering start to 2023 has the world's most-valuable listed company on the brink of two major milestones: an all-time record valuation and a $3 trillion market capitalization.The iPhone maker's shares have jumped 34% year-to-date to trade at just over $174 as of Monday's closing bell, lifting the tech giant's market to value to over $2.7 trillion.That puts Apple within touching distance of the record $2.9 trillion it reached in January 2022. If the stock climbs another 10%, it'll become the first company to ever be valued at $3 trillion by investors.Apple's gains have come amid a broader rally for Big Tech stocks that has lifted the entire benchmark <a href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500</a> index into the green for the year.Facebook parent <a href="https://markets.businessinsider.com/stocks/meta-stock">Meta Platforms</a> and chipmaker <a href="https://markets.businessinsider.com/stocks/nvda-stock">Nvidia</a> have both <a href="https://markets.businessinsider.com/news/stocks/facebook-meta-nvidia-ai-chatgpt-mark-zuckerberg-cost-cuts-stocks-2023-5">doubled in value</a> over the past five-and-a-half months, while <a href="https://markets.businessinsider.com/stocks/amzn-stock">Amazon</a>, <a href="https://markets.businessinsider.com/stocks/googl-stock">Alphabet</a>, and <a href="https://markets.businessinsider.com/stocks/msft-stock">Microsoft</a> have also racked up major gains.Investors have piled into tech stocks on the expectation that the Federal Reserve is close to winding down its <a href="https://markets.businessinsider.com/news/stocks/ftx-svb-stock-market-crash-bond-selloff-federal-reserve-hiking-2023-3">aggressive tightening campaign</a>, and enormous excitement around AI has also helped to juice share prices.Apple remains the world's largest company by market capitalization, thanks to its $670 billion gain this year. It counts Warren Buffett's <a href="https://markets.businessinsider.com/stocks/brk-b-stock">Berkshire Hathaway</a> among its largest investors — the famed investor's conglomerate <a href="https://markets.businessinsider.com/news/stocks/warren-buffett-apple-iphone-stock-berkshire-hathaway-annual-meeting-businesses-2023-5">owns a 5.8% stake</a> worth about $160 billion as of Monday's close.Microsoft, Saudi Arabian energy giant <a href="https://markets.businessinsider.com/stocks/aramco-stock">Aramco</a>, Google parent Alphabet, and Amazon are the only other companies valued at over $1 trillion.Read more: <a href="https://markets.businessinsider.com/news/stocks/facebook-meta-nvidia-ai-chatgpt-mark-zuckerberg-cost-cuts-stocks-2023-5">Facebook parent Meta and Nvidia have both seen their stock prices double within the first 5 months of 2023</a>

Apple is on the brink of a $3 trillion valuation after a blistering stock rally this year

<ul><li>Facebook shares tumbled 6% during Friday intraday trading after the tech giant's earnings revealed a decline in US users. </li><li>The stock decline resulted in nearly $37 billion being erased from Facebook's market value. </li><li>Facebook reported better-than-expected earnings per share, revenue, global daily active users, and global monthly active users for the third quarter. </li></ul><ul><li><a href="https://markets.businessinsider.com/stocks/fb-stock">Watch Facebook trade live here</a>.</li></ul><a href="https://markets.businessinsider.com/stocks/fb-stock">Facebook</a> shares dropped roughly 6% on Friday morning after reporting a decline in US users during the third quarter. The intraday drop erased $37 billion in market capitalization for the tech giant. Facebook reported $21.5 billion in revenue for the third quarter, beating the Street's $19.8 billion forecast. It also said during the Thursday earnings call that its global daily active user base grew to 1.82 billion, versus the 1.78 billion expected by the Street. Global monthly active users were 2.74 billion, higher than the expected 2.70 billion. Facebook's $2.71 earnings per share beat the consensus estimate of $1.91 per share. However, Facebook reported a decline in daily active users for the US and Canada, down 196 million from 198 million in the second quarter. Read more:<a href="https://www.businessinsider.com/stock-market-short-selling-andrew-left-explains-jumia-compass-bets-2020-10">Famed short-seller Andrew Left told us about his bullish positions in a magic-mushroom company and a COVID-19 test maker — and explained why he's now all-in on an online retailer he bet against barely a year ago</a>In a press release, <a href="https://www.businessinsider.com/facebook-decline-2-million-daily-users-us-canada-q3-earnings-2020-10">Facebook Chief Investment Officer Dave Wehner said the decrease came after a large spike in users at the height of the coronavirus lockdowns</a> in the second quarter. Wehner said Facebook expects this "trend to continue" into the fourth quarter, with daily and monthly active users "flat or slightly down compared to the third quarter of 2020." CEO <keyword id="6354630" type="PERSON" weightage="60" keywordseo="mark-zuckerberg">Mark Zuckerberg</keyword> also discussed the prospect of increased regulation in the tech industry, <a href="https://www.businessinsider.com/facebook-earnings-q3-2020-revenue-eps-profit-analysis-2020-10">which may be a headwind </a>in the coming months depending on the outcome of the<a href="https://www.businessinsider.com/mark-zuckerberg-facebook-election-day-test-civil-unrest-political-ads-2020-10"> November 3 election</a>. Shares of Facebook are up roughly 28% year-to-date.

Facebook sees $37 billion in market value erased after 3rd quarter earnings reveal decline in US users

<ul class="summary-list"><li><keyword id="12416504" type="UNKNOWN" weightage="60" keywordseo="meta" source="Orion">Meta</keyword> stock slumped by 24.3% when the opening bell sounded on Wall Street on Thursday.</li><li>It shed nearly $220 billion in market capitalization — a record one-day loss if it holds until close.</li></ul>Meta is facing the largest one-day wipeout in US corporate history after posting a shocking earnings report Wednesday.Its valuation slumped by nearly $220 billion when Wall Street began trading Thursday, with its shares down 24.3% at the opening bell.After <keyword id="11893875" type="UNKNOWN" weightage="60" keywordseo="markets" source="Orion">markets</keyword> closed on Wednesday, Meta, <a href="https://www.businessinsider.com/facebook-meta-behind-metaverse-race-decentraland-2022-1">formerly known as Facebook,</a> said in its fourth-quarter earnings report that <keyword id="11892960" type="UNKNOWN" weightage="60" keywordseo="facebook" source="Orion">Facebook</keyword>'s daily active user base <a href="https://www.businessinsider.com/meta-facebook-user-numbers-shrink-first-time-ever-2022-2">shrank for the first time in its history</a>. Meta also reported <a href="https://www.businessinsider.com/facebooks-metaverse-business-completely-misses-wall-street-expectations-reality-labs-2022-2">$10 billion in operating losses</a> from its nascent metaverse business.Meta's 24.3% stock slump Thursday indicates a valuation of $680.6 billion compared with its $898.5 billion market capitalization when Wall Street closed Wednesday.Facebook previously held the record for the <a href="https://venturebeat.com/2018/07/26/facebook-suffers-biggest-one-day-wipeout-in-u-s-stock-market-history-zuckerberg-loses-over-15-billion/">largest one-day loss in value in US corporate history</a>. In July 2018, the company shed $119 billion in <keyword id="12003477" type="UNKNOWN" weightage="60" keywordseo="market-cap" source="Orion">market cap</keyword> in a single day after reporting slowing growth in its second-quarter earnings. It was the largest one-day market cap slump at the time.

Meta is poised to suffer the largest one-day wipeout in corporate history. Its valuation slumped by nearly $220 billion when Wall Street opened Thursday.

Days into Elon Musk's takeover of Twitter and the resulting cut of 50% of its staff, a spate of power users began promoting another well-known but controversial media platform."The current instability at Twitter Inc. has me admittedly worried about the community I've built here over 13+ years suddenly disappearing if things there get worse," the tennis journalist Ben Rothenberg <a href="https://twitter.com/BenRothenberg/status/1588605255100792834">tweeted</a> on November 4. He provided a place where readers could find him "in case the bird app spirals into oblivion": his Substack newsletter.Rothenberg wasn't the only writer using the moment to peddle a Substack, the onetime pandemic media darling that has seen its star diminish in recent months thanks to high-profile writers ditching the platform and a round of layoffs.The epidemiologist Eric Feigl-Ding began <a href="https://twitter.com/DrEricDing/status/1589589646178390019">promoting his Substack newsletter to his 722,000 Twitter followers</a> in early November. Mirin Fader, a senior staff writer at The Ringer, <a href="https://twitter.com/MirinFader/status/1591826342857015303">posted that she was launching a newsletter</a> to share her articles and future book announcements because she's "not sure what will happen to" Twitter. Taylor Lorenz, The Washington Post's well-known internet columnist, set her <a href="https://twitter.com/TaylorLorenz">profile name on Twitter to</a> "SUBSCRIBE TO MY SUBSTACK."The positive attention is a welcome change for the once-hot startup, which previously attracted huge buzz as it set off a newsletter renaissance, with journalists leaving their jobs to establish their own direct-to-consumer media properties. Major firms like Andreessen Horowitz invested in and pumped up Substack's valuation to $650 million.But earlier this year, Substack dropped its efforts to raise more money as markets soured. It laid off 14% of its staff, or 13 employees. The newsletter vibe has shifted, with Twitter and Facebook both abandoning their would-be Substack killers.The "Substack Pro" program — in which the company offered six-figure paid advances to well-known writers to jump ship and write a newsletter — is now over, with the company instead prioritizing bettering its product for existing writers through new features like recommendations and a chat function. They have been a welcome addition, Substack writers say. Substack's cofounder and CEO Chris Best told Insider that in the coming year, the platform is focusing on its existing audience in order to meet the moment that Twitter has given the company. "We're not assuming that Twitter will go away, but we do believe that people will continue to want real alternatives to addiction-based social media and seek out platforms where they're in control," Best said. "In 2023 you'll see us continue to build tools that make Substack the best place for that: where writers and creators can connect with their communities, grow their audiences, and earn money through direct relationships with their subscribers." Still, The New York Times <a href="https://www.nytimes.com/2022/05/26/business/media/substack-venture-capital.html">reported</a> that Substack made $9 million in revenue in 2021, leaving media observers scratching their heads about its future prospects. The company is a middle-aged startup that is no longer a Silicon Valley hot shot but another media company plodding along trying to make things work in an increasingly difficult economic environment — all while fending off criticism that the platform's free-speech stance is too welcoming of transphobic and anti-vaccine viewpoints.This story about Substack's rise, fall, and attempt to rise again is based on conversations with more than a dozen current and former staffers, industry experts, and newsletter authors. The question is whether the company can find a new groove or whether it will remain stuck and continue to be associated with its willful role in the culture war, a pandemic-era casualty never able to justify a massive valuation. <h2>The pandemic darling that reached a $650 million valuation in only two years</h2>Substack entered the ever-changing media ecosystem as a promising alternative to help working writers and journalists make a living outside the confines of traditional media. Founded in 2017 by Best, Hamish McKenzie, and Jairaj Sethi, the company connected writers to their readers and gave them a direct pathway to monetize their content: newsletters. Substack offers writers on the platform full control of their content — an enticing idea for many journalists looking to break free from the mores of a traditional newsroom. One early employee, who joined Substack in 2020, spoke about how the startup's model gave writers an opportunity they'd never had before."Most media organizations take advantage of their talent — how many millionaire writers do you know?" the former employee told Insider. "Not a lot. But there are a lot who became millionaires on Substack."That sense of promise, along with a growing number of writers hopping on board, attracted deep-pocketed investors. A winter 2018 member of the coveted Y Combinator accelerator program, Substack raised a $2 million seed round in April 2018, followed by a $15.3 million Series A in 2019 led by Andreessen Horowitz's Andrew Chen.From there, it was off to the races.Substack doesn't rely on advertising for revenue — a decision executives have maintained throughout its growth — and users can use the platform for free. The startup's revenue comes from the 10% cut it takes from writers who charge readers for their subscriptions.The pandemic fueled Substack's rise, and by late 2020, it launched Substack Pro, a program in which the startup recruited established writers like Matthew Yglesias by paying them a lump sum to start publishing on the platform. The initiative was an initial success and helped Substack fetch not only $65 million in additional funding — also led by A16z with Quiet Capital, Fifty Years, and the startup founder Audrey Gelman of The Wing, participating — but an eye-popping valuation: $650 million."For companies in the last couple of years that raised capital at a billion-dollar valuation on little revenue, if you're a company that raised that kind of valuation, it could be 10 years before you grow back into it," one VC told Insider, adding that not all startups in this boat will be able to make it back in the first place and that down rounds are coming for startups that need to raise capital in 2022. But startups that raised massive amounts of capital over the past few years might be able to avoid taking hit to valuation if they can hold off on fundraising for now, added the VC, who was granted anonymity to speak about specific startups.Best, Substack's CEO, told Insider that the startup no longer has plans to rely on outside funding and is instead focusing on growing while staying self-sufficient.<h2>The perception problem </h2>For many writers in search of a new opportunity and way to go it alone in a rapidly changing media ecosystem, Substack provided a lifeline. The national security journalist Spencer Ackerman, for instance, was looking for a way out of working for a traditional newsroom in 2021. As a hedge against his forthcoming book flopping, the former Guardian and Daily Beast reporter reached out to contacts who had inked deals with Substack."My takeaway was that these guys are throwing money around essentially for blogging. Get it while it lasts," Ackerman told Insider. He asked Substack for $200,000 for one year and accepted a $120,000 offer. As part of his deal, the company took 85% of Ackerman's paid subscription revenue. If he had stayed beyond a year, that would have flipped to Substack's customary 10% cut.But Ackerman didn't stay. He published his contractually required 100 posts and decamped with his blast list to Ghost, a competitor. "I did this entirely for the money. Entirely. If Substack had not been throwing out big contracts, I wouldn't have ever considered it," Ackerman said. Besides, he said he wanted no part of Substack's corporate positioning. "There is zero reason that a choice of newsletter clients ought to have an identity attached to it," Ackerman <a href="https://foreverwars.ghost.io/forever-wars-off-substack-on-ghost/">wrote in his last Substack post</a>.In the years since its arrival, some writers have grown uncomfortable with Substack, which has become home to a series of anti-vaccine and transphobic voices, such as Graham Linehan, who used his newsletter to publish anti-trans content and was banned from Twitter in 2020 for his views, as well as the alternative-medicine proponent Dr. Joseph Mercola and the tech millionaire Steve Kirsch, who published misinformation about the COVID pandemic.One former staffer told Insider that the negative attention Substack garnered by allowing these voices on the platform made it an "embarrassing" place to work."It's not cool to say you work there," the former employee, who requested anonymity, said. As negative media attention followed for Substack, some high-profile writers headed for the exits in protest, including Grace Lavery, a University of California Berkeley professor who has been a target of Linehan's transphobic rhetoric, and Jude Ellison S. Doyle, a feminist writer who published under the pen name Sadie Doyle.Substack has staunchly defended its content-moderation policies, saying it does not tolerate harassment but more or less refuses to police its platform. At the same time, the company stepped into the fraught debate about speech online, like when its former communications chief Lulu Cheng Meservey responded to Elon Musk's move to gobble up Twitter shares by <a href="https://twitter.com/lulumeservey/status/1511376638487019524">tweeting</a>, "Substack is hiring! If you're a Twitter employee who's considering resigning because you're worried about Elon Musk pushing for less regulated speech … please do not come work here." Cheng Meservey told Insider the tweet was a joke, not institutional policy."They are really straddling this nebulous line between platform and publisher," Luke O'Neil, the author of the newsletter "Welcome to Hell World," told Insider. An early Substack success story, O'Neil recently moved his newsletter from Substack to Ghost. He said he agonized over the decision but ultimately did not want to be associated with Substack. "Who am I to say Republicans and whoever can't use it? But I think there is a line where you do have to kind of make decisions about what sort of stuff you want to host, and there are certainly a number of high-profile Substacks that at least cross that line for me," he said. "Apparently not for the company."Best, for his part, said he does not regret how Substack has positioned itself as a brand. "We've tried not to pick a side, and we don't want to be the platform for these people, or those people, or a specific subset," he told Insider. "I want Substack to feel like an index fund of culture, with a lot of people who genuinely disagree with each other, even people I strenuously disagree with. And if you look at it quantitatively, if you look at the <a href="https://substack.com/browse/technology">leaderboards</a>, I would say we're actually succeeding fairly mightily in that." Best acknowledged that Substack's corporate identity has lost favor in certain pockets of the media world. "I do think it's to the extent that it's a necessary consequence of the principles we have, and I don't regret it," he said.<h2>Substack's tumultuous 2022</h2>This year's economic turmoil has thrown even the highest-performing companies in the world for a loop. As the Federal Reserve cranks up interest rates in an effort to curb inflation, <a href="https://www.businessinsider.com/tech-layoffs-thousands-of-workers-lose-jobs-economic-crash-2022-11">the tech industry is feeling the heat</a>: Valuations for tech startups have cooled and the IPO market has become essentially nonexistent. Startups have been forced to cut costs and lay off workers in droves. Substack hasn't been immune. The startup laid off 13 employees in June, but a reduction in job postings leading up to the layoffs is a sign that it may have been slowing growth prior to that, <a href="https://www.businessinsider.com/substack-slowing-hiring-before-layoffs-last-month-2022-7">Insider previously reported</a>.Substack started cutting costs in other ways, facing backlash from its roster of writers. The startup pulled back on its Pro program, and <a href="https://twitter.com/annehelen/status/1557866013563166724?lang=en">slashed its Substack Health program</a> for existing writers and its local reporting endeavor. <a href="https://www.businessinsider.com/late-stage-tech-startup-valuations-funding-economic-downturn-2022-2022-6">Late-stage startups have also seen their valuations take a big hit this year</a>, thanks in part to a market correction following a record-setting 2021. Earlier this year, <a href="https://www.nytimes.com/2022/05/26/business/media/substack-venture-capital.html">The New York Times reported</a> that Substack was out fundraising with the goal of a $1 billion valuation, but later dropped its efforts as the market turned."The obvious thing is that the funding market's a mess, so we're very much in the mode of, we're going to seize our own control and our own destiny," Best said.Best told Insider that he doesn't regret any decisions the startup made, adding that he hasn't seen a broader pullback in demand from subscribers, given the larger economic picture in media, where even giants like Netflix are feeling subscriber pressures."We haven't seen a huge drop-off or a mass subscription cancellation," Best said. "We haven't seen a thing where times have gotten so tough that more people than normal are losing their jobs. That's something we could imagine happening — if the economic conditions get bad enough that people are choosing between their Substack subscription and their gas bill, that'll be a tough world. We're not there."Sean Griffey, the CEO and cofounder of the business-news publisher Industry Dive, said that Substack could have a nice organic business but raising the venture money put serious pressure on growth. "I think the problem is when you raise close to $100 million, you need to justify being a billion-dollar business valuation at that point for the people that invested in you," he said. "If they can weather this out, you just have to hope the investors are ones with a really long-term view of this."<h2>Substack is now more focused on amping up its product for existing consumers</h2>With its pricey effort to lure new, big-name writers winding down, Substack has spent the past few months with a different goal: making Substack better for its existing readers and writers. It launched Substack Chat on November 3, a tool that lets writers host chat conversations with their subscribers to bolster community. Substack has also recently rolled out mentions and cross-reporting functions, where writers can mention other Substack writers and share existing posts with their audiences. The program <a href="https://www.businessinsider.com/newsletter-boom-fades-amid-tougher-economic-picture-2022-8">has been a boon for existing newsletter writers</a> to grow their free and paid email lists, Insider previously reported. Substack writer Eric Newcomer told Insider in August that recommendations had helped grow his free distribution list to more than 30,000 subscribers.The pumped-up product may help Substack seize a moment in which many people are concerned about preserving their online communities if a social-media behemoth like Twitter succumbs to chaos.Many Twitter users have taken steps to preserve their followings on other platforms, like Instagram and rivals <a href="https://www.businessinsider.com/elon-musk-twitter-takeover-user-growth-rivals-mastodon-tumblr-2022-11">Mastadon and Tumblr</a>. Others have touted their Substacks as a way to stay connected.The irony, of course, is that many Substack writers rely on their Twitter audiences to promote their posts. Substack's challenge going forward is figuring out how to become a big enough hub that writers can rely on the service as a distribution mechanism — hence, the add-ons like the app and recommendations engine. Best said that Substack will remain an alternative to the "attention economy," because writers can do the work they care about and be supported directly by their audiences."The leadership changes at Twitter have highlighted for us, and hopefully for others, just how important it is for writers and creators to have a direct relationship with their subscribers, and for readers to have a place where they can support the work they deeply value," he said.

Substack is having a moment, again. But can the startup live up to its massive $650 million valuation?

<ul class="summary-list"><li><keyword id="12047176" type="UNKNOWN" weightage="60" keywordseo="tesla-stock" source="Orion">Tesla stock</keyword> is heading for its biggest monthly gain in nearly a year with 41% surge in October.</li><li>This comes just days after the EV maker's market cap finally topped the trillion-dollar threshold.</li><li>Shares got a boost earlier in the month from a strong third-quarter earnings report. </li></ul>It's been a good month for <a href="https://markets.businessinsider.com/stocks/tsla-stock?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Tesla</a> stock, and it's shaping up to be its best in nearly a year.Shares started the month at $775.22 a share. On Friday, the last trading day of October, they were up 2% at 1,098.28 at 1:55 pm ET.That puts <keyword id="11900744" type="UNKNOWN" weightage="60" keywordseo="tesla" source="Orion">Tesla</keyword> stock on track for a 41% surge, the biggest monthly gain since November 2020, when shares popped 46% as S&amp;P Dow Jones Indices announced the company would join the S&amp;P 500 index.The latest jump was driven by a couple of key events. On October 20, Elon Musk's company <a href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-3q-earnings-reaction-record-car-production-sales-2021-10">reported third-quarter</a> revenue leapt 57% to $13.8 billion, beating analysts' estimates, despite ongoing supply-chain bottlenecks. The stock <a href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-3q-earnings-reaction-record-car-production-sales-2021-10">rallied</a> as much as 4% the following day.Analysts at <a href="https://markets.businessinsider.com/stocks/bac-stock?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Bank of America</a>, impressed with Tesla's results, raised their price target on the stock to $1,000 from $900. The bank noted that a sky-high valuation remained a potential hurdle for further gains.Then on October 25, a <a href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-record-hertz-orders-100000-model-3-rental-2021-10?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">100,000 vehicle order</a> from <a href="https://markets.businessinsider.com/stocks/htzz-stock">Hertz Global Holdings</a> finally vaulted the company to a $<a href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-1-trillion-valuation-second-fastest-ever-tsla-2021-10">1 trillion valuation</a> for the first time ever. Shares <a href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-1-trillion-valuation-second-fastest-ever-tsla-2021-10">gained</a> as much as 11%, making Tesla the second-fastest company in history to hit that milestone, just behind <a href="https://markets.businessinsider.com/stocks/fb-stock">Facebook</a>.Tesla's $1 trillion feat also reflects a significant premium compared to <a href="https://markets.businessinsider.com/stocks/aapl-stock">Apple</a> and <a href="https://markets.businessinsider.com/stocks/amzn-stock">Amazon</a> when they reached the same level, <a href="https://markets.businessinsider.com/stocks/ms-stock">Morgan Stanley</a> analysts said in a recent note.Tesla stock trades at roughly 88x its forward year EBITDA estimate, assuming a $1,000 share price. When Apple hit $1 trillion in August 2018, the stock was around 13.5x. Meanwhile, Amazon was at 27x.Tesla is also a "significantly smaller company" by revenue and EBITDA than either Apple and Amazon when it achieved the milestone, the analysts said.They added: "While harder to quantify, we also believe Tesla is garnering greater levels of enthusiasm from investors given its technological dominance (both demonstrated and perceived) vs. the established competition in the vast global transportation market."

Tesla is on track for its biggest monthly gain in nearly a year as stellar earnings and a huge Hertz order send shares soaring

<ul class="summary-list"><li><keyword id="12047176" type="UNKNOWN" weightage="60" keywordseo="tesla-stock" source="Orion">Tesla stock</keyword> has shot up 20% this week, and investors are betting shares can run even higher. </li><li>Traders in the US options market spent about $1 of every $2 on Tesla options Monday and Tuesday, according to a Wall Street Journal report.</li></ul><a href="https://markets.businessinsider.com/stocks/tsla-stock?utm_source=markets&amp;utm_medium=ingestgest">Tesla</a> stock has jumped 20% in less than a week, and investors are betting big in the options market that the rally can be sustained. Traders in the US-listed options market spent about one of every two dollars on Tesla options on Monday and Tuesday, <a href="https://www.wsj.com/articles/traders-bet-tesla-stocks-rally-isnt-over-just-yet-11635413581?mod=markets_lead_pos1">according to a Wall Street Journal report</a> Thursday citing data from Cboe Global <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">Markets</keyword>. On Monday alone, traders spent more money on Tesla stock bets than they did on every single other option in the market combined. There are more than 5,000 stocks and exchange-traded funds to trade, the report noted. Options give investors the right to buy or sell stock at a specific price and by a specified date.Tesla marked a milestone on Monday when it <a href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-1-trillion-valuation-second-fastest-ever-tsla-2021-10">surged to a $1 trillion market capitalization</a> just 18 years after it was founded, becoming the second-fastest company to hit that mark. <a href="https://markets.businessinsider.com/stocks/fb-stock">Facebook</a> was the fastest, with the social media giant briefly crossing that threshold in June, or 17 years after it started. Shares of the electric vehicle maker rose by more than 4% during Thursday's session to an intraday high of $1,081. And so far in October, Tesla stock has gained 37%, propelled in part by this week's order from <a href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-record-hertz-orders-100000-model-3-rental-2021-10?utm_source=markets&amp;utm_medium=ingestgest">Hertz for 100,000 Model 3 cars</a> to add to its rental fleet. The purchase from Hertz, which emerged from bankruptcy four months ago, was worth $4.2 billion for Tesla, <a href="https://www.bloomberg.com/news/articles/2021-10-25/hertz-said-to-order-100-000-teslas-in-car-rental-market-shake-up?sref=GUP2BhaG">according to a Bloomberg report</a>. The stock was also aided earlier this month by record profit and sales for the third quarter, surpassing analyst expectations. Revenue climbed 57% to $13.76 billion from a year earlier and adjusted earnings rose to $1.86 a share from $0.76 a share.

Bullish bets on Tesla stock reportedly made up 50% of all options trades this week as investors cheer EV maker's surge to $1 trillion market cap

<ul><li><keyword id="11900744" type="UNKNOWN" weightage="60" keywordseo="tesla" source="Orion">Tesla</keyword> hit a $1 trillion valuation for the first time ever on Monday, after eclipsing $900 billion on Friday.</li><li>The move solidified Tesla as the second-fastest company ever to hit the milestone valuation, barely behind Facebook.</li><li>Shares of Tesla have surged nearly 30% in October thanks to record profits and a 100,000 vehicle order from Hertz.</li></ul>Driven by record profits and <a href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-record-hertz-orders-100000-model-3-rental-2021-10">a 100,000 vehicle order</a> from Hertz, <a href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla</a> crossed the $1 trillion valuation milestone for the first time ever on Monday.The move on Monday comes just one trading day after the electric vehicle manufacturer surged past the $900 billion valuation level on Friday. A streak of solid earnings helped catapult shares of Tesla up nearly 30% in October, with the company <a href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-3q-earnings-reaction-record-car-production-sales-2021-10?utm_source=markets&amp;utm_medium=ingestgest">reporting record profits and revenues</a> in its third-quarter earnings report last week.Consumers' adoption of electric vehicles is accelerating quickly, and Tesla remains one of the best positioned companies to capitalize on the opportunity. The company is on track to sell nearly 1 million cars this year, and it has guided for 50% annual growth in vehicle sales over the next few years.The surge in Tesla helped the company become the second-fastest in history to hit a $1 trillion valuation, doing it in 18 years. That's just behind <a href="https://markets.businessinsider.com/stocks/fb-stock">Facebook</a>, which briefly crossed the $1 trillion mark earlier in June about 17 years after its founding, but well ahead of <a href="https://markets.businessinsider.com/stocks/googl-stock">Alphabet</a>, which crossed the milestone in 21 years.Other members of the $1 trillion valuation club include <a href="https://markets.businessinsider.com/stocks/amzn-stock">Amazon</a>, <a href="https://markets.businessinsider.com/stocks/aapl-stock">Apple</a>, and <a href="https://markets.businessinsider.com/stocks/msft-stock">Microsoft</a>, which all hit the $1 trillion valuation market 24 years, 44 years, and 46 years after their founding, respectively. Tesla surged as much as 11% on Monday to a high of $1,005 per share. That move helped <keyword id="11897862" type="UNKNOWN" weightage="60" keywordseo="elon-musk" source="Orion">Elon Musk</keyword> add more than $20 billion to his net worth in a single day, as Musk owns about 22.4% of the electric vehicle manufacturer. Musk is now the richest man in the world and <a href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-record-elon-musk-net-worth-250-billion-2021-10">is worth more than $250 billion.</a>

Tesla becomes 2nd-fastest company in history to hit $1 trillion valuation

<ul class="summary-list"><li>Two Big Tech stocks have doubled in price within the first five months of this year.</li><li>Meta Platforms has surged on Mark Zuckerberg's cost-cutting efforts, while Nvidia has established itself as a key name in AI.</li></ul>Two Big Tech stocks are up over 100% in 2023, fewer than five months into what many investors had expected would be a difficult year for equities.Social media giant <a href="https://markets.businessinsider.com/stocks/meta-stock">Meta Platforms</a> and microchip maker <a href="https://markets.businessinsider.com/stocks/nvda-stock">Nvidia</a> have both doubled in price since January, making them the <a href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500</a>'s two best-performing stocks.Facebook parent Meta is up 102% year-to-date, <a href="https://markets.businessinsider.com/news/stocks/meta-stock-price-today-mark-zuckerberg-costs-cuts-share-buybacks-2023-2">powered higher</a> by investors' enthusiasm around CEO Mark Zuckerberg's <a href="https://markets.businessinsider.com/news/stocks/meta-tesla-market-capitalization-mark-zuckerberg-elon-musk-tech-stocks-2023-4">"year of efficiency" cost cuts</a>, which have involved laying off tens of thousands of employees in a bid to boost profits.Meanwhile, Nvidia has jumped 106% in 2023, with the world's leading producer of graphics chips needed for high-intensity AI computing <a href="https://markets.businessinsider.com/news/stocks/nvidia-stock-market-cap-ai-tech-shares-keynote-dgx-cloud-2023-3">benefiting from the explosion of interest</a> in technologies like ChatGPT.The <a href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500</a> itself is up 8% this year, with the outsized gains of Meta, Nvidia, and a cluster of other high-flying tech stocks accounting for nearly all of the benchmark index's returns.As well as cost cuts and the rise of ChatGPT, Meta and Nvidia have likely benefited from investors' growing belief that the Federal Reserve is about to wind down its war on inflation.More than 70% of traders think the central bank raised interest rates for the final time this cycle in May, according to <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html" target="_blank" rel="noopener">CME Group's FedWatch tool</a>.When the Fed stops hiking, listed companies don't have to worry as much about their borrowing costs rising. That tends to particularly favor growth stocks, because it boosts the future, prospective cash flows that make up a core part of their valuations.Meta and Nvidia's massive gains come after a dismal 2022 in which they plunged 61% and 45% respectively as the Fed started aggressively raising rates in a bid to tame soaring prices.The S&amp;P 500 fell nearly 20% and only one of its constituents – <a href="https://markets.businessinsider.com/stocks/oxy-stock">Occidental Petroleum</a> – doubled in price.The energy company, which has become <a href="https://markets.businessinsider.com/news/stocks/warren-buffett-q1-stock-portfolio-berkshire-hathaway-occidental-petroleum-energy-2023-5">a favorite of Berkshire Hathaway chief Warren Buffett</a>, surged 117% in 2022.Read more: <a href="https://markets.businessinsider.com/news/stocks/big-tech-stocks-meta-microsoft-amazon-google-earnings-investing-analysis-2023-4">Big tech stocks have started 2023 on a tear. Now they face a moment of truth.</a>

Facebook parent Meta and Nvidia have both seen their stock prices double within the first 5 months of 2023

<ul><li>Famed economist <keyword id="192956" type="PERSON" weightage="60" keywordseo="Mohamed-El-Erian">Mohamed El-Erian</keyword> said in a Thursday interview that he doubts the overall valuation of US <keyword id="6358815" type="UNKNOWN" weightage="60" keywordseo="tech">tech</keyword> companies.</li><li>While he accepted that their robust balance sheets and positive cash flow will ensure continued outperformance, he said he doesn't know "whether the valuation still makes sense to tell you the truth."</li><li>El-Erian's comments came a day after congressional testimony from CEOs of <keyword id="6354427" type="ORGANIZATION" weightage="60" keywordseo="apple">Apple</keyword>, Amazon, <keyword id="6354576" type="UNKNOWN" weightage="60" keywordseo="facebook">Facebook</keyword>, and <keyword id="6357623" type="DEFINITION" weightage="60" keywordseo="alphabet">Alphabet</keyword> to address how they are handling antitrust challenges.</li><li>The economist also said the latest US GDP data points to worrying signs of "leveling off" as there are continuous disagreements over what to do with the next COVID-19 relief package.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>Mohamed El-Erian said in an interview with <a href="https://docs.google.com/document/d/1FNZqOc2Lp3ItICvNfD1DE-QdzalSyZfHaRnd3Y--rT0/edit#">Yahoo Finance</a> that the overall valuation of US tech companies is a "real question mark" to him."The theme underlying the performance of the Nasdaq, I like. The valuation I'm less excited about," he said on Yahoo's show "On the Move." El-Erian highlighted the tech giants' strong balance sheets, robust cash flow, competent management, and an increase in demand for their services during the COVID-19 outbreak, and suggested they would continue to do well and outperform."But it's the overall valuation that's the real question mark for me," the economist said."I can see them continuing to outperform because they have both the resiliency and agility to manage this <keyword id="34412" type="ORGANIZATION" weightage="60" keywordseo="economy">economy</keyword>. I just don't know whether the valuation still makes sense to tell you the truth."El-Erian's comments came a day after CEOs of Apple, Amazon, Facebook, and <keyword id="6355629" type="DEFINITION" weightage="60" keywordseo="google">Google</keyword>'s parent Alphabet <a href="https://www.businessinsider.com/watch-live-congress-big-tech-antitrust-apple-google-facebook-amazon-2020-7">testified before Congress</a> on matters related to whether the big four have an unfair advantage over the rest of the sector. Read More: <a href="https://www.businessinsider.com/how-to-invest-in-space-reasons-for-bullish-outlook-ufo-2020-7">The creator of the first pure-play space ETF told us 3 reasons why now is the perfect time to invest in the arena — including his bet on companies already raking in revenues from there</a>The leaders addressed how they're handling antitrust challenges put forth by regulators.<a href="https://markets.businessinsider.com/news/stocks/stock-market-news-today-indexes-fed-meeting-big-tech-testimony-2020-7-1029447460#">Tech stocks</a>, which have outperformed consistently this year, held onto gains through the start of the hearing. In the same interview, El-Erian also commented on the state of the US economy.Calling the shape of economic recovery a "square root" one, El-Erian said an initial improvement in jobless claims is beginning to level off and that's worrisome because of sensitivities to "policy slippage."Data published Thursday by the Commerce Department showed <a href="https://www.businessinsider.com/us-q2-gdp-record-decline-coronavirus-pandemic-recession-lockdowns-economy-2020-7">GDP contracted by 33%</a> at an annualized rate, officially marking the worst GDP slump for the American economy.He said that household savings shot up in the second quarter when people received stimulus checks and attempted to deal with uncertainty brought on by COVID-19, while pointing out that there is "continued disagreement" at Capitol Hill over what to do next with the relief package."We are going to see an increase in voluntary savings, even as jobs recover," he said.Read More: <a href="https://www.businessinsider.com/stock-picks-to-buy-jim-osman-pinpoints-3-potential-winners-2020-7">200-plus money managers pay thousands to set eyes on Jim Osman's stock buy list. Here are 2 he says are set to soar — and an under-the-radar IPO to keep a watch on</a>

Famed economist Mohamed El-Erian says it's a 'real question mark' whether the massive valuations of tech giants like Amazon make 'sense' anymore

<ul class="summary-list"><li><keyword id="345747" type="PERSON" weightage="60" keywordseo="Bill-Miller">Bill Miller</keyword> says the <keyword id="1817616" type="ORGANIZATION" weightage="60" keywordseo="SPAC">SPAC</keyword> craze may be winding down, and that many have "extraordinarily expensive valuations".</li><li>"I think that game is largely winding down now," <keyword id="26523" type="PERSON" weightage="60" keywordseo="Miller">Miller</keyword> told CNBC.</li><li>But the billionaire named two specific names that remain attractive.</li></ul>Legendary investor <keyword id="19032" type="PERSON" weightage="60" keywordseo="Bill">Bill</keyword> Miller thinks the SPAC craze may be nearing the end.Pushed by a frenzy of excitement from retail investors and a desire from many pre-revenue companies to take an easier path to public <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword>, SPACs have boomed in 2020 and 2021. "I think that game is largely winding down now," Miller <a href="https://www.cnbc.com/2021/04/20/value-investor-bill-miller-finds-some-opportunities-in-spac-sell-off.html">told CNBC on Tuesday</a>. "Many of the SPACs that came public came at extraordinarily expensive valuations. But now some of them have corrected." The billionaire pointed to some SPACs that now have more reasonable valuations, such as <a href="https://markets.businessinsider.com/stocks/dm-stock">Desktop Metal</a>, a 3D metal printing technology provider that famed investor <a href="https://markets.businessinsider.com/news/stocks/desktop-metal-spac-chamath-palihapitiya-why-investing-3d-printing-ipo-2020-9-1029553559">Chamath Palihapitiya also backed</a>. The company <a href="https://www.businessinsider.com/desktop-metal-to-go-public-through-blank-check-company-at-25-billion-valuation-2020-8">went public in a merger with blank check company Trine Acquisition</a>. The stock peaked at $31.25 on February 1 before tumbling to $12.70 as of April 20. Miller also said he likes <keyword id="3020955" type="PERSON" weightage="60" keywordseo="MetroMile">Metromile</keyword>, a US-based pay-per-mile insurance technology that<a href="https://www.businessinsider.com/metromile-takes-alternate-route-to-public-listing-2020-11"> merged with SPAC Insu Acquisition</a> in February. The billionaire called it the "next wave of insurance company." Metromile shares have tumbled 50% since their public debut. Miller also named specific stocks including <a href="https://markets.businessinsider.com/stocks/amzn-stock">Amazon</a>, <a href="https://markets.businessinsider.com/stocks/googl-stock">Alphabet</a>, <a href="https://markets.businessinsider.com/stocks/fb-stock">Facebook</a>, and <a href="https://markets.businessinsider.com/stocks/aapl-stock">Apple</a>, which he said his fund no longer owns. He also singled out online car dealer <a href="https://markets.businessinsider.com/stocks/vrm-stock">Vroom</a>."That's the name we think you could make multiple times your money in the next three or four years," he told CNBC.SPACs, shell companies seeking to merge with private companies with the intention of taking them public, have boomed. In 2020, a total of 248 SPACs raised $83.3 billion according to <a href="https://www.spacanalytics.com/" target="_blank" rel="noopener">SPAC Analytics</a>. But by the fourth month of 2021 alone, 308 SPACs have raised $99.7 billion, comprising 65% of all IPOs.Recently however, US regulators have said they will take a closer look at SPACs following the blistering pace of growth over the last year. Paul Munter, the acting chief accountant at the Securities and Exchange Commission, in April cautioned SPAC investors about the <a href="https://markets.businessinsider.com/news/stocks/spac-blank-check-merger-sec-official-blank-dealmakers-risks-complexities-2021-4-1030267783?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">risks and governance issues that come with raising capital</a> through blank check companies.In March, the <a href="https://markets.businessinsider.com/news/stocks/spac-sec-looking-wall-street-blank-check-craze-information-2021-3-1030245260?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">SEC has begun an inquiry into the SPAC craze,</a> seeking voluntary information from market participants.

You Searched For "Facebook valuation" and got 11 results

Nvidia is now worth more than Alphabet and Amazon. These 4 charts show the chipmaker's surge to a $1.8 trillion valuation.

George Glover

Apple is on the brink of a $3 trillion valuation after a blistering stock rally this year

George Glover

Facebook sees $37 billion in market value erased after 3rd quarter earnings reveal decline in US users

Emily Graffeo

Meta is poised to suffer the largest one-day wipeout in corporate history. Its valuation slumped by nearly $220 billion when Wall Street opened Thursday.

Isobel Asher Hamilton

Substack is having a moment, again. But can the startup live up to its massive $650 million valuation?

Samantha Stokes,Steven Perlbe…

Tesla is on track for its biggest monthly gain in nearly a year as stellar earnings and a huge Hertz order send shares soaring

Isabelle Lee

Bullish bets on Tesla stock reportedly made up 50% of all options trades this week as investors cheer EV maker's surge to $1 trillion market cap

Carla Mozée

Tesla becomes 2nd-fastest company in history to hit $1 trillion valuation

Matthew Fox

Facebook parent Meta and Nvidia have both seen their stock prices double within the first 5 months of 2023

George Glover

Famed economist Mohamed El-Erian says it's a 'real question mark' whether the massive valuations of tech giants like Amazon make 'sense' anymore

Shalini Nagarajan

Legendary investor Bill Miller says the window is closing on the SPAC market, but singles out 2 names that remain attractive

Isabelle Lee

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