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Nvidia was crowned the smartest company in the world by MIT.

The graphic processing unit (GPU) manufacturer was announced as the smartest among all public and private companies by MIT because of its business savvy and innovative technologies.

The list, produced by MIT, listed other companies like SpaceX and Amazon at the top of the list, but neither could match the prowess of Nvidia.

"The list is our best guess as to which firms will be the dominant companies of the future. Amazon and Facebook and Google are on it, but so are plenty of newcomers," David Rotman wrote about the list.

The main advantage Nvidia has over its competition comes from the explosive growth in artificial intelligence.

As giant companies like Google and Apple try to develop their AI technologies, they often need huge data centers to speed along their research. Nvidia profits from this because these companies use its data-center and GPU chips when building and upgrading these centers. MIT says the company spent $3 billion to develop its new data-center chip, a bet that has paid off for the company. The company's chips are used by every major player in the AI game, according to Nvidia.

Self-driving cars have been dominating the news recently. Many of the same names working on AI technology are also working on self-driving cars. Nvidia has partnered with a slate of car manufacturers to use the company's autonomous-driving chipset.

Though not mentioned by MIT, the exciting field of cryptocurrencies could be another big business for Nvidia. The company is rumored to be producing a cryptocurrency mining-specific chip that could help it capitalize on the hype around currencies like Bitcoin and Ethereum.

All these areas have no doubt contributed to the companies impressive rise. Nvidia shares are up 37.51% this year. The company is also no stranger to MIT's smartest companies list, as it made an appearance in 2015 and 2016 as well.

Click here to see Nvidia's stock price move in real time...

SEE ALSO: A Wall Street bank is betting Nvidia will win the cryptocurrency battle

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NOW WATCH: An economist explains what could happen if Trump pulls the US out of NAFTA

The Dow Jones industrial average surged in a holiday-shortened trading day on Monday, but finished just shy of a record close.

The Dow and S&P 500 both gained, while the tech-heavy Nasdaq, on the other hand, slipped.

As a reminder, US markets will be closed tomorrow in observance of Independence Day.

We've got all the headlines, but first, the scoreboard:

• Dow: 21,507.81, +159.89, (+0.75%)
• S&P 500: 2,431.67, +8.31, (+0.34%)
• Nasdaq: 6,114.41, -25.79, (-0.41%)
• US 10-year yield: 2.343%, (+0.041)

1. Two out of the three big US automakers beat sales expectations. The big US automakers all saw their sales decline, but Chrysler and Ford came in slightly above expectations while GM dropped more than economists forecasted.
2. Tesla announced its release date for the Model 3. CEO Slon Musk announced that the new Tesla model will begin deliveries on July 28 after the car passed regulatory hurdles. The stock popped on the news, but finished the day slightly in the red.
3. Steve Bannon is pushing for a tax hike on rich Americans. The nationalist, populist chief strategist reportedly wants to raise taxes on the top income bracket from the current 39.6% to somewhere in the 40's according to Axios.
4. Chinese president Xi Jinping warned Trump 'negative factors' are weighing on the US-China relationship. Xi's comments in a phone call with Trump follow Beijing's displeasure over US arms sales to China's rival Taiwan, US sanctions against a Chinese bank over its dealings with North Korea, and, most recently, the sailing of a US destroyer within the territorial seas limit of a Chinese-claimed island in the South China Sea.

Additionally:

BANK OF AMERICA: We may have just witnessed the 'first step' towards the end of the bull market

GOLDMAN SACHS: Bitcoin could see a big drop then surge to almost $4,000

Here's how much health insurance premiums could increase under the Senate healthcare bill

Tesla is about to do something it's never done before

The Fed’s rosy worldview rests on a misleading premise

SEE ALSO: The 19 hottest housing markets in the world

Join the conversation about this story »

NOW WATCH: An economist explains what could happen if Trump pulls the US out of NAFTA

Nvidia was crowned the smartest company in the world by MIT.

The graphic processing unit (GPU) manufacturer was announced as the smartest among all public and private companies by MIT because of its business savvy and innovative technologies.

The list, produced by MIT, listed other companies like SpaceX and Amazon at the top of the list, but neither could match the prowess of Nvidia.

"The list is our best guess as to which firms will be the dominant companies of the future. Amazon and Facebook and Google are on it, but so are plenty of newcomers," David Rotman wrote about the list.

The main advantage Nvidia has over its competition comes from the explosive growth in artificial intelligence.

As giant companies like Google and Apple try to develop their AI technologies, they often need huge data centers to speed along their research. Nvidia profits from this because these companies use its data-center and GPU chips when building and upgrading these centers. MIT says the company spent $3 billion to develop its new data-center chip, a bet that has paid off for the company. The company's chips are used by every major player in the AI game, according to Nvidia.

Self-driving cars have been dominating the news recently. Many of the same names working on AI technology are also working on self-driving cars. Nvidia has partnered with a slate of car manufacturers to use the company's autonomous-driving chipset.

Though not mentioned by MIT, the exciting field of cryptocurrencies could be another big business for Nvidia. The company is rumored to be producing a cryptocurrency mining-specific chip that could help it capitalize on the hype around currencies like Bitcoin and Ethereum.

All these areas have no doubt contributed to the companies impressive rise. Nvidia shares are up 37.51% this year. The company is also no stranger to MIT's smartest companies list, as it made an appearance in 2015 and 2016 as well.

Click here to see Nvidia's stock price move in real time...

SEE ALSO: A Wall Street bank is betting Nvidia will win the cryptocurrency battle

Join the conversation about this story »

NOW WATCH: An economist explains the key issues that Trump needs to address to boost the economy

Bitcoin startup Bitwage, which focuses on the international payroll market, is expanding its European footprint with a launch in the UK.

Source

LONDON — The Financial Stability Board has set its sights on fintech as a potential source of future global financial instability and is monitoring the sector closely, its chairman Mark Carney told journalists on Monday.

Speaking in his capacity as the head of the FSB, not as Bank of England governor, Carney made clear that the board is looking carefully at developments in the financial technology sector and how they could possibly impact the stability of the global financial system in the future.

"Turning to new, emerging risks to financial stability, we’re studying the financial stability implications of the rapid growth of fintech, we’re looking at addressing the implications of the withdrawal of corresponding banking services in vulnerable countries," he said at a briefing in London.

"On fintech, our report published last week sets out the opportunities and risks from a purely financial stability perspective. It concludes that while potential risks to financial stability are well covered by existing frameworks, we will continue to need to monitor developments closely."

"The financial system is evolving, so the FSB will continue to scan the horizon to identify, assess and address new and emerging risks to financial stability," the FSB said in a statement corresponding with the release of a report to the G20 conference in Hamburg later in the week.

The FSB, set up by the G20 during the tail end of the crisis in 2009, is tasked with monitoring and making recommendations about the health of the global financial system, and making sure that a crisis like 2008 never happens again.

Carney's comments come the week after the FSB released a report detailing a 10 step list of areas in fintech where international cooperation is needed to ensure that fintech does not threaten global stability. Three of those steps, the FSB said at the time, "are seen as priorities for international collaboration," while seven others "merit authorities' attention."

The big issues stemming from fintech include:

• "managing operational risk from third-party service providers,"
• "mitigating cyber risks; and"
• "monitoring macrofinancial risks that could emerge as FinTech activities increase."

Carney is not the first major figure in central banking to warn about the potential for financial instability caused by new technologies, and his comments follow soon after Jens Weidmann, head of Germany’s central bank, the Bundesbank, warned that the rise of cryptocurrencies like bitcoin has the potential to make future financial crises even worse.

"Allowing the public to hold claims on the central bank might make their liquid assets safer, because a central bank cannot become insolvent," Weidmann said in a speech in June.

"This is a feature which will become relevant especially in times of crisis – when there will be a strong incentive for money holders to switch bank deposits into the official digital currency simply at the push of a button. But what might be a boon for savers in search of safety might be a bane for banks, as this makes a bank run potentially even easier."

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NOW WATCH: Harvard Business School professor explains the most important problem we have in finance today and how to fix it

Bitcoin had a blistering first half of 2017. It rallied from about $1,000 a coin to a record high of near $3,000 before finishing June near $2,500. It booked a first half gain of about 168%.

The historic run for the cryptocurrency has prompted observers in both the tech world and on Wall Street to talk about the cryptocurrncy being in a "bubble."

Last week, Jeffrey Kleintop, the chief global investment strategist at Charles Schwab, suggested bitcoin's bubble was unlike anything we have ever seen before. Kleintop's warning came just a few weeks after tech billionaire Mark Cuban tweeted, "I think it's in a bubble. I just don't know when or how much it corrects. When everyone is bragging about how easy they are making $=bubble."

But Goldman Sachs thinks bitcoin still has more room to run. In a note to clients sent out on Sunday, Sheba Jafari, head of technical strategy at Goldman Sachs, suggested that while bitcoin's correction hasn't run its course, it's ultimately heading higher.

Jafari wrote bitcoin is "still in a corrective 4th wave" that "shouldn't go much further than 1,857."

However, bitcoin enthusuasts shouldn't worry too much. From there, Jafari sees the fifth wave of the move taking the cryptocurrency to a new record high.

"From current levels, this has a minimum target that goes out to 3,212 (if equal to the length of wave I)," Jafari wrote. "There’s potential to extend as far as 3,915 (if 1.618 times the length of wave I). It just might take time to get there."

SEE ALSO: John McAfee's latest gambit is mining Ethereum — the cryptocurrency that's up nearly 4,000% this year

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NOW WATCH: An economist explains the key issues that Trump needs to address to boost the economy

This fallout could help set up carmakers as the next industry to be upended by Silicon Valley.