Russia’s record Ukraine attack; Nvidia cracks $4 trillion

Mōrena and welcome to Thursday's wrap of the main business and political news from around the world.

First up, Russia has hit Ukraine with what has been described by President Volodymyr Zelensky as the heaviest aerial attack yet, with claims 728 drones and 13 cruise or ballistic missiles struck the country in multiple waves.

The attack came after US President Donald Trump said it would be sending more weapons to Ukraine, with Trump increasingly frustrated with Russian President Vladimir Putin. 

The BBC reported Zelensky condemned the attack, saying: "It comes precisely at a time when so many efforts have been made to achieve peace, to establish a ceasefire, and yet only Russia continues to rebuff them all."

At the same time, Ukraine's ambassador to the US, Oksana Markarova, is being recalled from Washington after four years in the role. She has been heavily criticised by leading Republicans, the Guardian reported, with the move part of a reshuffle aimed at strengthening ties with the Trump administration.

Staying with Trump, tariff letters have been sent to a further six countries, after 14 countries were targeted with new tariffs yesterday. Algeria (30%), Brunei (25%), Iraq (30%), Libya (30%), Moldova (25%), and the Philippines (20%) were the latest to be hit by tariffs.

US President Donald Trump.

Moving to markets, and chipmaker Nvidia has become the first company to reach a market capitalisation of US$4 trillion, after its shares traded 2% higher today. Other tech majors including Meta, Microsoft, and Alphabet were all also up as markets downplayed the impact of the latest tariff moves.

Overall, the S&P500 was trading 0.3% higher, the Nasdaq was up 0.7%, and the Dow Jones Industrial Average rose 0.1%.

“The market is just shrugging these tariff threats off and presuming that there is room for deals and negotiations to be made,” Baird investment strategist Ross Mayfield told CNBC. 

CNBC also reported today that Starbucks China has attracted bids that value the coffee chain at up to US$10 billion. A Starbucks spokesperson said the company remained committed to China and wanted to retain a "meaningful stake" in the business.

"Any deal must make sense for Starbucks business and partners," the spokesperson said.

Moving to X, the social media platform formerly known as Twitter, where its boss Linda Yaccarino has quit two years after the company's owner Elon Musk hired her.

The resignation comes less than three months after X was absorbed by Musk's artificial intelligence startup, xAI, Bloomberg reported.

Yaccarino was a former NBCUniversal executive who Musk hired to try reverse an advertiser exodus from the platform following his acquisition of the business. Advertising sales had been projected to increase 16.5% at X this year but the platform continues to attract criticism.

“After two incredible years, I’ve decided to step down as CEO of X,” Yaccarino said in a post on X. “I’ll be cheering you all on as you continue to change the world.”

Christian Horner.

Finally today, in what could be good news for Kiwi F1 driver Liam Lawson, the team principal at Red Bull Christian Horner has been sacked after 20 years in the role.

The 51-year-old Englishman has led the team since its inception in 2005, recording eight drivers' championship and six constructors' championship titles. His dismissal, however, follows months of declining form and comes 17 months after he was accused of sexual harassment by a female employee – claims he was twice cleared of.

Red Bull driver and reigning world champion Max Verstappen, whose future at the team has been subject to speculation, thanked Horner on social media. "From my first race win, to four world championships, we have shared incredible successes. Winning memorable races and breaking countless records."

He will be replaced by 48-year-old Frenchman Laurent Mekies, who has been promoted from the group's second team, Racing Bulls.