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At Aquinore. UK. Good morning from the Financial Times. Today is Thursday, June 6th. This is your

F.T. News briefing. Investors blew invidious stock out of the water yesterday, and UK Prime Minister Rishi Sunak

is in hot water over what he said about taxes, plus South Africa is in uncharted waters after last week's shocking election.

This result means that we're in this very uncertain slightly scary moment where the country could veer in one direction or veer in another direction.

I'm Mark Filipino and here's the news you need to start your day. The chipmaker Invidia is now the second most valuable company in the world.

Its market valuation passed three trillion dollars yesterday and it overtook Apple for the number two spot.

Microsoft is still top dog.

NVIDIA has had a crazy 12-month period.

Its stock jumped 262% year-on-year.

Investors piled in because of increasing demand

for the company's AI chips,

and it's not looking like it's going to slow down

anytime soon.

But some analysts are worried that

invidious skyrocketing stock could run out of steam or reverse some of its gains.

That would have a huge ripple effect across the wider market.

NVIDIA is responsible for more than a third of the gains the S&P 500 has made this year.

South Africa's recent election dealt a painful blow to the African National Congress Party. It's been in power since the end of apartheid,

but the ANC lost its majority last week by a lot.

It now has to cobble together a governing coalition and the options have wildly different economic consequences for the country.

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