Table of Contents

• Chipotle Stock Split

• Nvidia

• Rivian

Top Stories Today

Economy & Finance

Chipotle Stock Split

Chipotle executed a 50-for-1 stock split, a historic move for the New York Stock Exchange and the company's first split. This change aims to make shares more accessible to employees and a wider range of investors. As of June 18, shareholders received 49 additional shares for each one they held. Consequently, shares that were $3,283.04 each on Tuesday's close are now trading at around $65 per share. The split, which saw a slight rise in midday trading, increases accessibility to retail investors but may introduce some volatility. Chipotle’s shares have surged 43% year-to-date, outperforming competitors. Additionally, about 4,000 long-serving employees will receive a special equity grant, and employees with a year of service can join the Employee Stock Purchase Plan to buy shares at a discount. This stock split follows other recent splits by companies like Nvidia and Walmart, which generally lead to positive market returns.

Nvidia

Nvidia short sellers have earned nearly $5 billion in unrealized gains from the company’s significant decline over the past three days. The biggest single-day profit for short sellers, $2.40 billion, occurred on Monday as the stock fell 6.6%. The decline is partly due to investors shifting away from high-performing AI stocks to other sectors. Despite this downturn, Nvidia's stock has surged 145% this year, making it the second-best performer on the S&P 500.

Technology

Rivian

Rivian's stock soared by more than 30% on Wednesday after announcing a joint venture with Volkswagen, which will inject crucial capital into the EV maker. The collaboration aims to develop advanced software-defined vehicle architectures for future electric vehicles of both companies, leveraging Rivian's hardware design and electrical architecture expertise. Volkswagen will initially invest $1 billion through a convertible note, with the potential for an additional $4 billion by 2026, totaling $5 billion. This partnership not only aligns with Volkswagen’s software strategy but also addresses Rivian’s financial needs as it prepares to launch its next-generation vehicles, the R2 and R3 SUVs. The fresh capital is expected to support production ramp-up and new facility development, enhancing Rivian's growth and operational efficiency.

Thanks for reading, subscribe to The Standard Lens for more.