Hello, Thursday-N2K’ers!

Today I promise only to obliquely mention the results of New York’s mayoral primary. I’m in the West Village writing this and Pride Weekend starts on Friday—suffice to say the atmosphere is already ramping up somewhat, and I expect celebrations this weekend to be markedly more effusive, especially since the heat wave is breaking.

—Matt Davis, Need2Know Chedditor

News You Need2Know

Companies mentioned in today’s newsletter

$NVDA ( ▲ 4.33% )   $TSLA ( ▼ 3.8% )  

Don’t panic but Nvidia’s CEO is selling shares

Maybe he’ll finally be able to afford a decent stylist? [Ouch! —ed.]

Jensen Huang, the leather-jacketed CEO of Nvidia $NVDA ( ▲ 4.33% ) , has initiated the sale of nearly $1 billion worth of company stock. While headlines like these might spark, let’s say… concerns among investors — because CEOs tend to do this at the peak of a company’s powers, you know? — would you believe that Mr. Huang insists the move is far from troubling?

Huang’s decision is part of a structured 10b5-1 trading plan, which allows executives to sell shares under predetermined conditions, ensuring transparency and avoiding insider trading concerns. According to filings with the SEC, Huang has so far sold 100,000 shares for $14.4 million as part of the plan, with a broader goal of offloading up to six million shares by December 31, 2025. Clearly, he’s planning to buy a container load of Labubus.

Other Nvidia executives are executing similar share sales under their own plans. The market is keeping calm so far because of what it sees as Nvidia’s robust financial health. Huang’s sales coincide with Nvidia’s stellar growth, marked by a 12% quarter-over-quarter and 69% year-over-year revenue surge in Q1 2023. With AI rapidly becoming essential infrastructure (or so the robots tell me), Nvidia’s position as a leader in AI tech is driving investor confidence.

With a market cap of $3.515 trillion, Nvidia is now the world’s second-most valuable company. Perhaps Jensen will now take a lead out of Jeff Bezos’s book and rent Venice for a trophy wedding that everyone will hate.

Song of the day: ‘Nani’ by NYC’s next mayor (probably)

"Nani” is a 2019 rap track by the Democratic nominee for New York City mayor, Zohran Mamdani. Better yet, the video stars Madhur Jaffrey, who taught my mum (and millions of others) how to cook Indian food through her books and TV shows—i.e., not in person. The rap is… dare I say it… quite good, actually? #NotPoliticalCommentary

‘Obliteration’? Perhaps not…

A new damage report into the Iranian nuclear program suggests American bombs may have blocked the entrances to a couple of bunkers rather than “obliterating” the country’s nuclear program over the weekend.

President Donald Trump had triumphantly declared the bombings a “spectacular success,” claiming the facilities at Fordow, Natanz, and Isfahan were “obliterated.” Yet, according to a new Defense Intelligence Agency report, Iran’s nuclear program was barely scratched — set back by no more than six months. That’s only slightly worse than the damage tariffs have wrought on your 401(k), incidentally.

Remember this? No?

Me either.

Apparently, the bombs caused more mess aboveground than below. Subterranean facilities remained intact, enriched uranium was moved well in advance, and Iran’s centrifuges are still spinning like a contestant on “Dancing with the Stars.”

Iranian officials have also said the sites were evacuated days prior. It makes you wonder if perhaps Iran scored an invite to Signal? [Zing! —ed.]

The president, meanwhile, continues to stick to the “obliteration” narrative, even if the intelligence on the ground (and under it) might throw off the groove.

Today on the ‘gram: Economics