In 2024, Nvidia has cemented its position as the most profitable company of the year, marking a significant milestone in the tech industry. The American company, renowned for its AI chips, has capitalized on the artificial intelligence boom, driving market value and demand for its products to record highs. Nvidia’s rapid ascent underscores the massive growth of AI technologies globally and its central role in shaping the sector’s future.

Explosive Growth in Market Value

Nvidia’s market capitalization has skyrocketed by over $2 trillion in just one year, reaching a staggering $3.28 trillion by the end of 2024. This impressive jump follows a market value of $1.2 trillion at the end of 2023. The tech giant is now the second most valuable company in the world, trailing only Apple, which maintains its lead with a market valuation approaching $4 trillion.

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While Nvidia briefly overtook Apple as the most valuable company in 2024, it quickly lost that lead. Despite this, Nvidia’s rise has been nothing short of remarkable. The company’s tremendous success highlights the growing reliance on AI-driven technologies, which are increasingly integrated into industries worldwide.

The Tech Landscape in 2024

The year 2024 proved to be transformative for the entire tech sector. Significant investments in artificial intelligence and its growing demand have helped propel tech companies to new heights. This AI boom has also had a ripple effect on global stock indices. The S&P 500 experienced a 23.3% increase, while the Nasdaq soared by 28.6%. As the year draws to a close, forecasts for 2025 point to continued growth in the sector.

Nvidia’s success mirrors the overall tech industry’s flourishing financial performance. It is not alone in benefiting from AI, as other tech giants have also seen their valuations soar. However, Nvidia’s dominance in AI chip production has positioned it at the forefront of this technological revolution.

Stock Volatility and Resilience

While Nvidia’s growth has been exceptional, it has not been without volatility. In November 2024, the company’s stock experienced a significant dip, falling by up to 3% and wiping out nearly $100 billion in market value. Despite these fluctuations, Nvidia’s stock price has surged by over 830% in the past two years. This meteoric rise has delivered returns that more than double the performance of the next best-performing company in the S&P 500 index during the same period—Meta, which saw a 400% increase.

Despite the occasional setbacks, Nvidia has shown remarkable resilience, proving its ability to navigate the volatile stock market while maintaining its leadership in the AI space.

The Journey of Nvidia

Nvidia’s journey from a humble beginning to industry dominance is a story of innovation and foresight. Founded 31 years ago by three co-founders in a Denny’s diner in Silicon Valley, the company has grown into a powerhouse in the tech world. One of those co-founders, Jensen Huang, who worked as a Denny’s employee before his rise to fame, now serves as Nvidia’s CEO. His leadership has been instrumental in shaping the company’s success, and Huang’s net worth has skyrocketed to $127 billion, placing him among the ten richest people in the world.

Today, Nvidia stands as a testament to the transformative power of artificial intelligence, with its chips driving the AI revolution. The company’s profitability in 2024 reflects its pivotal role in the rapidly evolving tech landscape, and its growth is expected to continue as demand for AI technologies shows no signs of slowing.

Looking Ahead

As Nvidia continues to lead the charge in AI chip production, the company is poised to maintain its position as one of the most influential players in the tech industry. With forecasts for further AI-driven growth in the coming years, Nvidia’s market position is expected to remain strong. As it navigates the challenges and opportunities of a rapidly changing market, the company’s remarkable success story is far from over.

Apple has agreed to pay $95 million to resolve a class-action lawsuit accusing its Siri voice assistant of violating users’ privacy by illegally recording private conversations and sharing the information with advertisers. The settlement, filed in a federal court in Oakland, California, marks a significant case in the ongoing debate over data privacy and corporate responsibility.

Key Allegations Against Apple

The lawsuit alleges that Siri was inadvertently activated on Apple devices, including iPhones and Apple Watches, leading to private conversations being recorded without user consent. These recordings, according to the plaintiffs, were shared with third parties, including advertisers.

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Some plaintiffs reported receiving targeted ads for products shortly after discussing them in private, fuelling suspicions about how their data was being used.

Apple denies the claims, maintaining that it does not intentionally eavesdrop on users or share their conversations with advertisers. Nevertheless, the company chose to settle the case to avoid prolonged litigation.

Settlement Details

• Apple has agreed to pay $95 million in cash to affected users as part of the settlement.
• Individuals included in the class action could receive up to $20 per eligible device.
• Devices covered include iPhones, Apple Watches, and other products with Siri functionality.

The preliminary settlement was filed on Tuesday and awaits approval from U.S. District Judge Jeffrey White.

The Big Number

Apple’s market capitalization, standing at $93.74 billion, highlights the scale of its financial resources. Analysts estimate it will take Apple just nine hours of market activity to recoup the settlement amount.

Wider Implications for Big Tech

This lawsuit is part of a broader trend of legal actions against major tech companies for alleged privacy violations. Google’s parent company Alphabet is facing a similar lawsuit, with plaintiffs accusing its Voice Assistant of eavesdropping on private conversations. That case is being heard in a federal court in San Jose, California, the same district as the Apple lawsuit.

Both lawsuits are being handled by the same law firms, underscoring a growing legal focus on protecting user privacy and holding tech companies accountable.

What’s Next?

The Apple settlement sheds light on how tech giants handle sensitive user data and raises questions about the safeguards in place to protect privacy. As legal scrutiny intensifies, companies like Apple and Google may face increasing pressure to enhance transparency and security measures, setting a new standard for user privacy in the digital age.

The settlement also serves as a reminder for users to remain vigilant about the privacy settings on their devices and to hold corporations accountable for upholding their commitments to data protection.

Tesla’s performance in China reached new heights in 2024, with sales climbing 8.8% to surpass 657,000 vehicles, marking a record-breaking year in the world’s largest auto market. This growth came despite the company experiencing its first annual global delivery decline, down by 1.1%.

China as Tesla’s Growth Engine

China accounted for 36.7% of Tesla’s total deliveries in 2024, solidifying its position as the automaker’s second-largest market. In December alone, Tesla China achieved record monthly sales of 83,000 units, a 12.8% increase from November.

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John Zeng, market forecast head at GlobalData, noted that Tesla’s success in China underscores the country’s pivotal role in the global EV market. “China is the only major market showing consistent EV growth, while other regions face stagnation or decline,” he explained.

Indeed, 70% of global EV and hybrid sales in the first 11 months of 2024 came from China, contributing to over 90% of the worldwide growth in the sector during that period.

Global Challenges for Tesla

While China thrived, Tesla faced significant headwinds in other markets:

• Reduced subsidies in Europe hampered demand.
• A U.S. shift toward more affordable hybrid models diverted buyers.
• Increasing competition from Chinese automakers, notably BYD, weighed on global sales.

Despite these challenges, Tesla managed 1.79 million global deliveries, narrowly maintaining its lead over BYD, which sold 1.76 million EVs globally, marking a 12.1% growth.

China’s Competitive EV Market

China’s ongoing EV price war, now entering its third year, has driven Tesla to implement aggressive promotional strategies. The automaker extended a 10,000 yuan ($1,370) discount on loans for its popular Model Y and offered zero-interest financing for some Model 3 and Model Y vehicles. These offers will continue through the end of January.

Meanwhile, BYD continues to dominate with its cost-effective Dynasty and Ocean series. The company exceeded expectations with 4.25 million passenger vehicle sales, a 41% increase from the previous year. However, BYD’s overseas growth faced hurdles, including a 17% EU tariff and investigations in Brazil regarding the treatment of Chinese workers at a factory construction site.

Tesla and BYD in Global EV Leadership

Tesla and BYD remain locked in a fierce battle for EV market dominance. Tesla’s ability to harness China’s surging demand while grappling with global challenges demonstrates its strategic reliance on the Chinese market. However, as competition intensifies and global dynamics shift, Tesla’s adaptability will be key to sustaining its leadership position.

For 2025, all eyes will be on Tesla’s ability to leverage its Chinese success while addressing weaknesses in other regions.

House prices across Europe are set to continue climbing in 2025, propelled by an ongoing supply-demand imbalance. While most countries will see growth, France stands out as an exception, with prices expected to dip temporarily due to affordability issues and political uncertainties. Fitch Ratings’ housing and mortgage outlook for 2025 predicts that nominal home prices will rise in the low to mid-single digits in most countries over the next two years.

Top European Markets to Watch

• Netherlands: House price growth is projected to slow from the current 13% to 8%-10% in 2025, and 6%-8% in 2026. This still represents one of the fastest growth rates globally, driven by a limited housing supply due to rising material and labour costs. Population growth and shrinking household sizes further fuel demand. Government programmes aimed at supporting first-time buyers could also boost the market, although tighter fiscal policies may temper purchasing power.
  
• Spain: House prices are expected to increase by 4%-6% in 2025 compared to 2024, with further growth of 5%-7% anticipated in 2026. Falling interest rates and improving consumer confidence are key drivers, while the housing shortage remains acute, with new construction meeting only half the needs of new household formations.
  
• Germany: Modest growth of 2%-4% is forecast for both 2025 and 2026, up from Fitch’s estimate of 1.5% for 2024. Rising rents are making homeownership increasingly attractive, despite moderate wage growth limiting affordability.
  
• UK: House prices are predicted to grow by 2%-4% in 2025 and 2026. Declining mortgage rates and strong labour market conditions will support the market, with lenders pricing in policy rates reaching 3.5% in 2025.
  
• Denmark: Similar to the UK, house prices in Denmark are expected to rise by 2%-4% in 2025 and 2026, driven by lower interest rates and moderate growth in disposable income.
  
• Italy: Slower growth of 0.5%-2.5% is expected in 2025 and 2026. High mortgage rates are dampening demand, while most transactions involve older properties rather than new builds, contributing to limited price increases.

Key Drivers of Price Growth

1. Limited Supply: High land, labour, and material costs, along with regulatory barriers, are restricting new housing developments in most markets.
2. Improved Economic Conditions: Low unemployment, real wage growth, and easing inflation are leaving consumers with more disposable income, driving demand.
3. Falling Mortgage Rates: Fitch Ratings expects mortgage rates to decline to around 2.5% over the next two years, which will enhance affordability for buyers.

Market Exceptions and Challenges

• France: House prices are expected to decline in 2025 due to strained affordability and political uncertainties. However, the pace of decline will slow compared to 2024, and prices are projected to rebound in 2026 as the market stabilises.
• Climate and Regulatory Concerns: Flood risks and EU regulations promoting sustainable construction practices could influence market dynamics, increasing costs while boosting demand for energy-efficient homes.

Global Perspective and Risks

Globally, the strongest home price growth is forecast in the Netherlands, Canada, Brazil, and Mexico. In these markets, factors such as government programmes for first-time buyers and rising construction costs are key drivers.

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Despite the expected growth, Fitch warns that unexpected economic challenges, such as higher-than-expected inflation or weaker household income, could disrupt these trends. Rising property taxes, insurance, and maintenance costs may also deter potential buyers.

Europe’s housing market in 2025 will be shaped by the interplay of supply constraints, economic conditions, and regulatory factors. For buyers, investors, and policymakers, staying attuned to these trends will be crucial in navigating an increasingly competitive landscape.

Tourism revenue in Cyprus reached an impressive €407.9 million in October 2024, showcasing a robust 17.7% year-on-year growth compared to October 2023, according to the Cyprus Statistical Service.

Record-Breaking Figures for October

Average expenditure per tourist climbed to €888.47 in October 2024, up 9.3% from €812.95 in the same month last year. The United Kingdom continued to dominate as the largest source market, contributing 36.3% of total tourist arrivals.

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Key Tourist Markets

• United Kingdom: Tourists spent an average of €114.99 per day.
• Poland: The second-largest market, accounting for 8.1% of arrivals, with daily spending at €85.41.
• Germany: The third-largest market, representing 7.6% of arrivals, with tourists spending €109.22 daily.

Broader Trends in 2024

From January to October 2024, total tourism revenue is estimated at €2,983.8 million, reflecting a 6.5% increase from €2,802.6 million during the same period in 2023.

Additional Insights

In October alone, Cyprus welcomed 459,106 tourist arrivals. Visitors stayed an average of 8.4 days, with a daily expenditure of €105.77.

These figures underscore the continued growth of Cyprus’ tourism sector, driven by higher spending per visitor and strong performance from key source markets.

Inflation in Cyprus stood at 1.8% for 2024, according to the latest figures from the Statistical Service. The Consumer Price Index (CPI) for the year saw a modest increase compared to 2023, reflecting subtle but notable shifts in specific economic categories.

In December 2024, the CPI edged up by 0.10 points, reaching 118.31 points from 118.21 points in November. On an annual basis, inflation for December accelerated to 2.6%.

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Noteworthy Category Changes

Among the most significant annual shifts, Agricultural Goods recorded a dramatic increase of 16.8% compared to December 2023. Month-on-month, the same category also saw a 2.6% rise, highlighting its continued volatility.

Other prominent contributors included Food and Non-Alcoholic Beverages, which rose by 7.6% year-on-year, and Restaurants and Hotels, up by 4.4% over the same period. On a monthly basis, Food and Non-Alcoholic Beverages also led the way with a 0.7% increase in December 2024.

For the full year, the Restaurants and Hotels category exhibited the most substantial change, growing by 5.4% compared to 2023.

Driving Forces Behind the CPI

The categories that contributed the most to the annual CPI increase were Food and Non-Alcoholic Beverages (1.69 units) and Restaurants and Hotels (0.45 units). Conversely, Clothing and Footwear exerted the most significant downward pressure, subtracting 0.21 units from the index.

On a month-to-month basis, the Food and Non-Alcoholic Beverages category had the greatest influence, contributing 0.16 units to the CPI increase.

Drilling down further, Fresh Vegetables emerged as the leading driver of the December 2024 CPI, with a positive impact of 0.90 units compared to December 2023. Catering Services (0.45 units) and Meat (0.23 units) also played significant roles. However, Potatoes acted as a drag on the index, contributing -0.17 units to the monthly change.

A Closer Look at Inflation’s Roots

Cyprus’s relatively low inflation rate in 2024 masks nuanced economic pressures. Rising food and hospitality costs are shaping consumer experiences, while agricultural price fluctuations add complexity to the inflation narrative. These trends underscore the evolving landscape for both consumers and businesses as the nation heads into 2025.

After an impressive 150% surge in 2024, Bitcoin has captured the attention of investors and industry experts alike. As the world’s largest cryptocurrency crosses the $100,000 mark, the stage is set for new milestones in 2025. From regulatory shifts to institutional adoption, here are the boldest forecasts shaping Bitcoin’s future:

A Year of Transformation: Bitcoin’s 2024 Journey

In December 2024, Bitcoin soared past $100,000, fuelled by regulatory advancements and political changes. The victory of Donald Trump in the U.S. presidential election brought promises of a more crypto-friendly administration, including the replacement of SEC Chairman Gary Gensler. Trump’s proposed creation of a strategic Bitcoin reserve and broader deregulation sent ripples of optimism through the market.

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Key events like the approval of the first U.S. Bitcoin exchange-traded funds (ETFs) and the halving cycle—a supply-reducing event occurring every four years—further bolstered Bitcoin’s rally. Despite lingering concerns from the 2023 scandals involving FTX and Binance, the cryptocurrency rebounded strongly, doubling in value.

What’s Ahead: Predictions for 2025

CoinShares: $80,000–$150,000

James Butterfield, head of research at CoinShares, anticipates Bitcoin trading between $80,000 and $150,000. The price trajectory hinges on regulatory actions under the Trump administration, which could amplify institutional interest. Butterfield notes the potential for Bitcoin to eventually reach 25% of gold’s market capitalization, aligning with a $250,000 long-term target.

Matrixport: $160,000

Crypto financial services provider Matrixport predicts Bitcoin could hit $160,000, spurred by the sustained demand for spot ETFs, favourable macroeconomic conditions, and growing global liquidity. The firm also expects Bitcoin’s notorious volatility to ease, resulting in less severe corrections compared to previous cycles.

Galaxy Digital: $185,000

Alex Thorne of Galaxy Digital sees Bitcoin surpassing $150,000 in early 2025 and closing the year at $185,000. Thorne attributes this growth to a confluence of factors, including institutional adoption, corporate integration, and even national-level investments. Galaxy Digital projects that spot Bitcoin ETFs will manage over $250 billion in assets by 2025.

Standard Chartered: $200,000

Standard Chartered’s Jeffrey Kendrick envisions Bitcoin doubling to $200,000 by the end of 2025. The prediction hinges on accelerating institutional inflows, which have already added 683,000 BTC to portfolios this year. Kendrick expects pension funds to play a pivotal role as reforms under the Trump administration facilitate broader ETF adoption.

Carol Alexander: $200,000

University of Sussex finance professor Carol Alexander shares the $200,000 forecast, though she warns that volatility will remain a challenge. While favourable regulation in the U.S. may boost prices, the unregulated nature of crypto exchanges will keep uncertainty alive.

Bit Mining: $180,000–$190,000

Yuwei Yang of Bit Mining projects Bitcoin will peak between $180,000 and $190,000, driven by lower interest rates, Trump administration policies, and increased institutional adoption. However, Yang cautions that sharp corrections could bring the price as low as $80,000.

Opportunities and Risks

While optimism reigns, experts highlight potential risks, including geopolitical tensions, market disruptions, and unexpected regulatory measures. Tightening trade relations between the U.S. and China or shifts in Federal Reserve policies could temper Bitcoin’s bullish momentum.

The Bottom Line

As Bitcoin continues its ascent, 2025 could mark a pivotal year for the cryptocurrency. Whether it’s reaching $200,000 or navigating the challenges of a rapidly evolving market, Bitcoin remains a transformative force in the financial world. Investors and enthusiasts alike are watching closely, ready for what promises to be another groundbreaking chapter.

Samsung Electronics has made a game-changing move by becoming the largest shareholder of Rainbow Robotics, a South Korean robotics company. With this $181 billion investment, Samsung now holds a 35% stake in the firm, signaling its determination to dominate the robotics industry.

Key Facts

• Strategic Acquisition: Samsung’s stake, previously under 15%, has now expanded to 35%, with Rainbow Robotics set to become a subsidiary by February 2025.
• Humanoid Focus: This move will bolster Samsung’s robotics division and fast-track the development of humanoid robots.
• Global Expansion: The deal opens doors for Rainbow Robotics to leverage Samsung’s vast global network to enter international markets.
• Future Robotics Office: Samsung will establish a dedicated Future Robotics Office, reporting directly to the CEO, to oversee its robotics ventures.

About Rainbow Robotics

Founded in 2011 by KAIST researchers, Rainbow Robotics specializes in advanced robotics, including dual-arm mobile manipulators and autonomous robots for manufacturing and logistics.

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The Bigger Picture

Samsung’s investment positions it alongside tech giants like Microsoft, OpenAI, Tesla, and Nvidia in the race to develop autonomous humanoid robots. Notable competitors include Tesla’s Optimus and Nvidia’s upcoming Jetson Thor compact computers for humanoid applications.

This investment also aligns with Samsung’s 2022 announcement that robotics, AI, 5G, and automotive electronics would be central to its long-term strategy. The deal underscores Samsung’s vision of becoming a leader in transformative technologies.

Cyprus’ industrial production continues to climb, with the manufacturing sector showing notable gains. Compared to October 2023, the production of rubber and plastic products surged by 12.5%, while machinery, equipment, motor vehicles, and other transport equipment posted an impressive 9.1% growth. Other key contributors included non-metallic mineral products, up by 7.7%, and food, beverages, and tobacco products, which saw a 6.3% increase.

However, not all areas experienced growth. The manufacturing of paper, paper products, and printing took a significant hit, declining by 17.9%. Similarly, the production of textiles, apparel, and leather products dropped by 11.5%, highlighting challenges in these segments.

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These shifts reflect a dynamic industrial landscape, where some sectors thrive while others face mounting pressures. The latest data showcases the resilience and adaptability of key industries as they navigate a changing economic environment.

Jimmy Carter, the 39th President of the United States, passed away at the age of 100, confirmed The Carter Center.

The former peanut farmer and Georgia governor had the longest life span of any US president, celebrating his centennial birthday in October. The Carter Center, which he founded to promote democracy and human rights globally, announced that he died on Sunday afternoon at his home in Plains, Georgia.

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Carter served as president from 1977 to 1981, a tenure marked by economic challenges and diplomatic crises. After leaving office with low approval ratings, his reputation grew through extensive humanitarian work, culminating in a Nobel Peace Prize.

“My father was a hero, not only to me but to everyone who believes in peace, human rights, and unselfish love,” said his son, Chip Carter, in a statement. “The world is our family because of the way he brought people together.”

Carter is survived by his four children, 11 grandchildren, and 14 great-grandchildren. His wife, Rosalynn, who was married to him for 77 years, passed away in November 2023.

Carter, who became the oldest living former US president after George H.W. Bush died in 2018, ceased medical treatment for an undisclosed illness last year and entered hospice care at home.

President Joe Biden and First Lady Jill Biden praised Carter as an extraordinary leader and humanitarian, highlighting his principles, faith, and humility. “He showed that we are a great nation because we are a good people – decent, honorable, courageous, compassionate, humble, and strong,” they said.

Donald Trump, the 45th President of the US, also reflected on Carter’s presidency, acknowledging his dedication to improving American lives and expressing gratitude for his service.

Carter’s presidency was marked by challenges like the Iran hostage crisis, but also by a diplomatic triumph with the Camp David Accords between Egypt and Israel in 1978. Despite his achievements, Carter faced a resounding defeat in the 1980 election to Ronald Reagan, with just six states and Washington D.C. supporting his re-election bid.

Over time, Carter’s post-presidency humanitarian efforts and simple lifestyle reshaped his legacy. Rejecting the lucrative opportunities offered to former presidents, he focused on global issues of inequality and disease, co-founding The Elders with Nelson Mandela to promote peace and human rights.

In 2002, Carter became the third US president to receive the Nobel Peace Prize, stressing the widening gap between the rich and poor as a pressing global concern.

Carter’s commitment to service was echoed by former presidents, including Bill and Hillary Clinton, Barack Obama, and George W. Bush, who praised his humanitarian and diplomatic efforts.

President Biden announced that a state funeral will be held in Washington, D.C., to honor Carter’s life and legacy.