Semiconductor giant NVIDIA has overtaken Microsoft as the world's highest valued listed company. Its value rose to $3.34 trillion on Tuesday, slightly higher than Microsoft.
Over the year, NVIDIA, which is known for its graphics cards that are often used in the gaming world, has risen more than 170 percent. Tuesday's 3.6% rise saw the company overtake Microsoft to become the world's highest valued company.
Its market capitalization climbed to $3.34 trillion, or about $35.07 trillion, surpassing Microsoft's $3.32 trillion, or about $34.86 trillion, CNBC reports.
Meanwhile, Apple's shares fell 1.1% on Tuesday, giving it a market capitalization of $3.29 trillion, putting it in third place.
Founded in 1991, NVIDIA spent its first decades primarily as a hardware company selling microchips for gamers to develop 3D titles. The company has also been involved in semiconductors for cryptocurrency and subscriptions for cloud-based games.
In 2022, Wall Street and others recognized the company's technology as the driving force behind the explosion in the AI sector, which has caused its market value to skyrocket. Since 2022, the stock has increased ninefold.
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More and more small businesses are now struggling to make ends meet financially. At the same time, an increasing number are pausing planned investments.
Swedish small business owners are experiencing the weakest economic conditions since measurements began in 1985. Profitability is falling and six out of ten are worried about the future. At the same time, there is hope for a turnaround in 2026, according to this year's Small Business Barometer.
The year 2025 has been marked by continued difficulties for the country's small business owners. The expectations of improvement that existed during last year's measurement have not been fulfilled. On the contrary, the latest Small Business Barometer, published by Företagarna (the Swedish Federation of Business Owners), Swedbank, and the Swedish Savings Banks Association, shows that the economy has weakened further.
The overall economic indicator drops to -13.4, compared to -11 the previous year. This means that the measurement has been below the historical average for the sixth consecutive year. Small businesses are thus in the midst of an unusually prolonged period of economic adversity. Six out of ten business owners feel worried about the development.
Despite the bleak current situation, there are still signs of improvement. Looking ahead to next year, the economic indicator is expected to rise to 60, which approaches the historical average of 66.
— That investment plans are paused or cancelled is often a consequence of uncertainty. Companies carefully weigh the risks and prioritize keeping liquidity intact. It's a pattern we recognize from previous economic downturns, but also a behavior that can turn around quickly when confidence returns, says Jörgen Kennemar, business economist at Swedbank.
Shrinking margins
Profitability development gives cause for concern. The proportion of companies reporting good profitability has decreased from 84 to 77 percent. At the same time, the share earning enough to invest in the future has dropped from 50 to 42 percent. Most worrying is that 22 percent of companies now have difficulty making their operations financially viable, an increase from 16 percent the year before.
— The decline in profitability is a sign that margins are shrinking as high cost pressure has taken hold. Many companies choose to wait with investments until they see more stable demand and lower interest rates. It's rational, but at the same time means that the recovery risks being prolonged, notes Björn Elfstrand, CEO of the Swedish Savings Banks Association.
Weak demand slows growth
Lack of demand has become the primary growth obstacle for small businesses. Nearly one in four business owners, 24 percent, point this out as the biggest problem. Close behind comes difficulties in recruiting the right competence, which 15 percent cite as the main obstacle.
When business owners are asked what worries them most, 29 percent answer that they fear a sharp decline in customers' purchasing power.
— That demand is now highlighted as the biggest growth obstacle shows that the recovery is sluggish. It's a signal that households are holding tight to their wallets and that companies are therefore finding it increasingly difficult to grow in the domestic market. For the economy to turn around, a clear shift in consumption patterns is required, says Karl Ernlund, chief economist at Företagarna.
US President Donald Trump and Chinese President Xi Jinping met on Thursday in Busan, South Korea, and agreed to lower tariffs on Chinese goods in exchange for measures against fentanyl trafficking and resumed American soybean purchases. It was the first meeting between the leaders since 2019.
Trump announced that tariffs on Chinese imports will decrease from 57 percent to 47 percent by halving the fentanyl-related tariff rates to 10 percent. According to the president, Xi will work "very hard to stop the flow" of the synthetic opioid that is the leading cause of American overdoses.
China also agreed to pause the export controls on rare earth metals that were imposed earlier in the month. These elements are critical for the production of cars, aircraft, and weapons and have become Beijing's strongest leverage in the trade war with the US. The pause will last for one year, according to China's Ministry of Commerce.
Cautious market reaction
The meeting at the air base outside Busan, which took place in connection with the APEC summit, lasted over an hour and a half. Trump described the talks as "fantastic" and gave them a rating of "12 out of 10".
However, the reaction on international stock markets was muted. The Shanghai stock exchange fell from its highest level in ten years, while American soybean futures declined.
— The response from markets has been cautious in contrast to Trump's enthusiastic characterisation of the meeting, noted Besa Deda, chief economist at the analysis firm William Buck in Sydney, Australia.
Senate Democratic leader Chuck Schumer was critical and wrote on X that "Trump folded on China".
More agreements in the pipeline
The parties also agreed to pause mutual port fees on shipping and that China will resume purchases of American energy. Trump said he plans to visit China in April before Xi receives him in the US.
Sensitive issues such as Taiwan and Nvidia's advanced AI chips were not discussed, according to Trump.
German companies are reportedly being forced to hand over sensitive industrial information to China in exchange for time-limited licenses for deliveries of rare earth metals. The demands have raised concerns for Germany's economy and security.
German industry has found itself in a difficult dilemma in the wake of China's growing dominance over the production of rare earth metals, reports Bloomberg.
Since spring 2025, China has introduced extensive export controls and requires companies wishing to import critical raw materials to disclose detailed information about their operations. This can include product images, data on mineral usage, production flows, annual statistics and future forecasts, as well as customer lists.
This has quickly become a requirement for obtaining even temporary import licenses – licenses that often are valid for as short a period as six months.
China today dominates a large portion of global refining and processing of rare earth metals, making many European economies heavily dependent on Chinese supplies. German industry can be said to be particularly exposed.
China’s expansion of export controls to production facilities outside of China is a concern being discussed in Germany and at the EU level, a German Economic Ministry spokesperson said https://t.co/Tdc4NylaWM
The new regulations have already forced several smaller manufacturers to shut down, while larger players now face difficult trade-offs: disclose sensitive information and risk competitive disadvantages, or risk losing access to raw materials.
Trade relations have also been complicated by China now often requiring business information about customer bases and production chains in license applications. Analysts warn that through such data collection, China can map European companies' vulnerabilities and use them as strategic leverage.
The European dependence on Chinese supplies makes companies vulnerable to pressure, and creates broader concerns for economic stability and national sovereignty.
During 2025, the EU and German industry organizations have intensified pressure on Brussels and Berlin to accelerate the diversification of supply chains and secure alternative raw material sources.
Several initiatives are being launched to strengthen mining operations and semiconductor production in Europe, but experts warn that the path to independence is long.
Ultimately, the situation illustrates how China's control over strategic raw materials can quickly be transformed into an instrument of power in global trade relations. For German companies, the demands represent significant uncertainty regarding trade secrets, competitiveness and supply stability.
The crisis deepens for Swedish-based steel company Stegra as financier Harald Mix steps down from the chairman position and his investment company Vargas Holding withdraws.The new largest owner will instead be Just Climate, a subsidiary of notorious climate activist Al Gore's environmental investment firm.
This despite the company not yet having started production and facing the risk of running out of cash within a few months
Stegra's largest owner Vargas Holding is now leaving the "climate-smart steel" project following Harald Mix's departure as board chairman. Instead, Just Climate is stepping in as the new principal owner, according to reports to Schibsted-owned Svenska Dagbladet.
Just Climate is an investment company founded by prominent activist Al Gore, and belongs to the asset management firm Generation Investment Management. Since its launch in 2021, the company has attracted approximately €1.3 billion from investors for climate projects, with Stegra being one of them.
Harald Mix will be replaced by Shaun Kingsbury, who according to reports will become the new board chairman for Stegra. However, Mix will continue to work with and advocate for the project.
— My confidence in the company remains unshaken and I will continue to support the company financially as an investor and in my work as an active board member, Harald Mix stated to Dagens Industri.
Al Gore at a World Economic Forum meeting in 2020. Photo: World Economic Forum/CC BY-NC-SA 2.0
Large pension funds behind the fund
Among the investors in Just Climate are two Swedish state-owned AP funds, Second AP Fund and Fourth AP Fund, which together manage tens of billions of euros in pension assets.
The funds' investment in Just Climate is currently estimated at approximately €55 million – a relatively modest amount compared to their total capital, but still a source of concern as the project finds itself in deep crisis.
The fact that Swedish pension money has once again been invested in a high-risk project has sparked reactions, not least after the Northvolt fiasco – a corporate collapse that cost Swedish taxpayers billions.
Den gröna omställningen blir återigen en stor grushög denna gång heter grushögen Stegra pic.twitter.com/WYh5cMYQ7g
Stegra has not yet begun production of fossil-free steel at the factory to be built in Boden, northern Sweden. The production start is currently postponed until the turn of 2026/2027, while both costs and debts have skyrocketed.
According to reports from Financial Times, Stegra is burning through approximately €270 million per month and risks running out of money within two months unless credit facilities are granted. Major bank Citigroup has reportedly also withdrawn from the financing.
The crisis at Stegra has been compared to the bankruptcy of battery manufacturer Northvolt earlier this year, and a source with insight says: — This is starting to look more and more like Northvolt. It's hard to see anything other than investments being written off.
If the project collapses, Swedish pension savers risk major losses once again. Among others, AMF Pension (a major Swedish pension fund) has invested €165 million in the company, and Third AP Fund is involved as an investor through private equity firm Altor – founded by Mix and Stegra's second-largest owner.
Al Gore, born March 31, 1948 in Washington D.C., served as US Vice President under Bill Clinton from 1993 to 2001. After the controversial 2000 presidential election, he devoted himself entirely to climate issues. The documentary An Inconvenient Truth (2006) made him a global climate alarmist figure, and in 2007 he shared the Nobel Peace Prize with the UN's climate panel, the IPCC.
Parallel to his activism, Gore has built up significant economic interests. He is co-founder of Generation Investment Management, a London-based investment firm focused on "sustainability", and its subsidiary Just Climate, now the largest owner in Stegra, has raised billions of euros from institutional investors, including Swedish pension funds.
Critics question whether Gore's economic involvement undermines the credibility of his activism, while supporters argue that investments in sustainable companies are necessary for the so-called green transition.
Gore is also founder of The Climate Reality Project, which works with opinion formation and education on environmental and climate issues globally. At the same time, he has established close connections to international power networks, including the World Economic Forum and other influential global economic and political platforms. This strengthens his influence, but has also raised questions about how close cooperation with major economic and political interests actually affects his role as an activist and opinion leader.
