Nvidia on m-cap podium; Flipkart's block deals

Time of India

2 days ago

Nvidia on m-cap podium; Flipkart's block deals
Also in the letter:
Nvidia overtakes Microsoft to become world's most valuable company
Photo finish:
Q1 performance:
For the quarter ended April 27, Nvidia reported revenue of $44.1 billion, up 12% from the previous quarter and 69% year-on-year.
Geopolitical and regulatory headwinds, including US president Donald Trump's tariffs targeting its H20 product line, have yet to dent momentum.
H20 sales alone accounted for $4.6 billion in Q1 FY26, highlighting Nvidia's grip on the AI and advanced chip markets.
Peer partnerships:
In its latest earnings report, Nvidia highlighted collaborations with Google on agentic AI, robotics and drug discovery.
Nvidia's Blackwell cloud instances are now integrated across Amazon's AWS, Google Cloud, Microsoft Azure, and Oracle Cloud Infrastructure.
Google is also expected to be an early adopter of Nvidia's GB300 NVL72 and RTX PRO 6000 Blackwell Server Edition GPUs.
Also Read:
Flipkart exits Blackbuck, Aditya Birla Fashion in block deals worth over Rs 1,250 crore
ABFRL exit:
Blackbuck stake sale:
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Swiggy may recover quick commerce share despite widening losses: Morgan Stanley
Driving the news:
Expanding footprint:
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Profitability woes:
Sector overview:
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Chinese mobile companies making more in India to dim regulatory glare
Why are they doing this?
Government pressure: There's no official directive, but the Indian government has been giving these firms 'unofficial nudge' to localise manufacturing.
There's no official directive, but the Indian government has been giving these firms 'unofficial nudge' to localise manufacturing. Less risk: By outsourcing, Chinese brands sidestep regulatory hurdles and scrutiny, with their Indian partners taking on the compliance burden.
By outsourcing, Chinese brands sidestep regulatory hurdles and scrutiny, with their Indian partners taking on the compliance burden. PLI scheme: Indian firms in the government's production-linked incentive (PLI) scheme qualify for financial benefits, another advantage for Chinese brands tapping into the network.
Indian firms in the government's production-linked incentive (PLI) scheme qualify for financial benefits, another advantage for Chinese brands tapping into the network.
Reduced costs: Running factories is capital intensive, and with liquidity under strain, outsourcing lets these companies cut overheads and refocus on core operations.
Yes, but:
Starlink to get licence to operate in India soon: Jyotiraditya Scindia
What's happening?
Yes, but:
Tell me more:
Rising competition:
GPU giant Nvidia has once again become the most valued publicly traded company in the world. This and more in today's ETtech Top 5.■ Swiggy's qcomm dividends■ China's outsourcing play■ Starlink's India greenlightNvidia has reclaimed its position as the world's most valuable publicly traded company, overtaking Microsoft on the back of surging share prices driven by relentless investment in artificial intelligence (AI).Nvidia shares closed 2.8% higher on Tuesday, lifting its market capitalisation to around $3.45 trillion, edging past Microsoft's $3.44 trillion. The chipmaker last held the top spot on January 24. Despite the rally, Nvidia's current share price remains 7.77% below its 52-week high of $153.13, recorded earlier this year.Nvidia tech continues to power its rivals as well:Flipkart has exited its holdings in Aditya Birla Fashion and Retail (ABFRL) and Zinka Logistics, the owner of trucking platform Blackbuck, offloading shares worth several hundred crores this week.On Wednesday, Walmart-owned Flipkart Investments sold its entire 6% stake in ABFRL through a block deal worth Rs 587.7 crore. The transaction involved 73.17 million ABFRL shares changing hands at Rs 80.32 per share, a 6.6% discount to the previous closing price.A day earlier, Quickroutes International, another Flipkart subsidiary, offloaded its entire 9% stake in Blackbuck, according to exchange data. The shares were sold in the Rs 420.06–420.25 range, with the deal totalling Rs 671.76 crore.In separate trades, Peak XV Partners and Accel also exited Blackbuck. Buyers included a mix of institutional investors, such as the Abu Dhabi Investment Authority, Massachusetts Institute of Technology, ICICI Prudential Mutual Fund, SBI Mutual Fund, and Nomura India.These block deals come amid a broader trend of promoters, private equity funds, and strategic investors trimming stakes as the markets recover.ETtech Top 5 and Morning Dispatch are must-reads for India's tech and business leaders, including startup founders, investors, policy makers, industry insiders and employees.Interested? Reach out to us at [e-mail] to explore sponsorship opportunities.Swiggy could regain ground in the fast-growing quick commerce market, even as heavy spending in the segment drags down its bottom line.Morgan Stanley analysts believe competitive pressure in quick commerce will persist in the medium term, but Swiggy should be able to defend its relative market share.Swiggy hit its target of 1,000 dark stores in the March quarter, and plans to grow the network further. The focus is now on 'megapods', warehouses two-and-a-half times the size of typical dark stores, as CFO Rahul Bothra believes future 'store additions will be a derivative of growth'.While the expansion has driven revenue growth , it continues to keep profitability out of reach. Swiggy's quick delivery business saw gross order value (GOV) rise 101% year-on-year (YoY) to Rs 4,670 crore. However, the adjusted Ebitda loss also widened to Rs 840 crore during the same period.Morgan Stanley has raised its estimate for quick commerce's total addressable market to $57 billion by 2030, from $42 billion earlier.Chinese smartphone makers are increasingly outsourcing production to Indian companies like Dixon Technologies and Bhagwati Products (Micromax), despite having unused capacity at their own facilities.Only entry-level models are being outsourced. Chinese firms continue to manufacture premium and flagship phones in-house.Elon Musk's Starlink is set to secure official clearance to operate in India, union minister of telecommunications Jyotiraditya Scindia told The Print.The satellite internet firm has already received a Letter of Intent (LOI) from the Department of Telecommunications (DoT), Scindia added.Starlink is still awaiting final approval from IN-SPACe (Indian National Space Promotion and Authorisation Centre). The green light from India's private space sector regulator is essential before the company can begin commercial operations, Scindia said.For now, OneWeb and Reliance have been granted limited spectrum to run trials. Starlink will also undergo such testing once the regulatory formalities are completed. Following that, the Telecom Regulatory Authority of India (TRAI) will begin work on a regulatory framework to govern the commercial allocation of satellite spectrum.Starlink's main competitor, Amazon-backed Project Kuiper , is awaiting an LOI for a Global Mobile Personal Communication by Satellite (GMPCS) permit to enter the Indian market.