General Motors Co. is recalling some Chevrolet Bolt battery-powered electric cars because they are at risk of catching fire, three years after a larger callback of the all-electric model for a similar hazard.
The latest action targets 107 Bolts for the 2020 to 2022 model years, the company said in documents posted Tuesday on the U.S. National Highway Traffic Safety Administration’s website. That’s a fraction of the 142,000 Bolt models that were subject to a previous recall due to a battery flaw.
The two recalls are related. A software glitch was triggered by a “malfunction in the software programming tool during servicing” for the prior recall, the NHTSA documents said. That might fail to notify drivers of defective battery parts that need to be replaced, according to the filing.
The move comes as GM shifts its approach from a one-type-fits-all battery strategy for its EVs.
Nvidia passes Apple as world’s largest
Nvidia became the largest company in the world Tuesday, surpassing Apple and underscoring just how dominant artificial intelligence has become on Wall Street.
Shares rose 2.9% to $139.93, resulting in a market capitalization of $3.43 trillion, ahead of Apple at $3.38 trillion. Microsoft, which Nvidia passed last month, has a market cap of $3.06 trillion. Nvidia has soared more than 850% since the end of 2022.
“Over the past several quarters, it has felt like people basically care about inflation numbers, job numbers, and Nvidia numbers,” said Fall Ainina, director of research at James Investment Research. “Nvidia overtaking Apple in market cap not only conveys that it is the biggest beneficiary of the AI infrastructure cycle, but it suggests people expect the AI boom will continue.”
The chipmaker accounts for 7% of the weight of the S&P 500 Index and is responsible for about a quarter of the benchmark’s 21% gain this year. Nvidia previously closed with the title of largest company in June, although it only held the record for a day.
Home Depot co-founder Bernie Marcus dies
Bernard “Bernie” Marcus, the co-founder of Home Depot, the world’s largest home improvement chain, a billionaire philanthropist and a big Republican donor, has died. He was 95.
Marcus died Monday in Boca Raton, Florida, surrounded by family, according to a Home Depot spokesperson.
Marcus was Home Depot’s CEO as it grew rapidly during its first two decades, and was chair of the board until his retirement in 2002. In recent years, he became an outspoken supporter of former president Donald Trump.
“We owe an immeasurable debt of gratitude to Bernie,” the company said in a statement. “He was a master merchant and a retail visionary. But even more importantly, he valued our associates, customers and communities above all. ”
The son of Russian Jewish immigrants, Marcus was born in 1929 and grew up in a tenement in Newark, New Jersey, according to a biography on the company’s website.
At age 49, Marcus, along with Arthur Blank, founded Home Depot. Investment banker Ken Langone helped to secure financing to get Home Depot started, according to the company.
The company said Marcus’ philanthropic work will continue through The Marcus Foundation, with a focus on Jewish causes, children, medical research, free enterprise and the community.
Compiled from Bloomberg and Associated Press reports.