Nvidia becomes world’s first chipmaker worth more than $1tn – as it happened

Nvidia's Grace Hopper superchips are displayed at one of the world's largest computer and technology trade shows, in Taipei. Photograph: Ann Wang/Reuters

3.48pm BST

Closing summary

We started off the day with Asda’s much-anticipated acquisition of petrol station operator EG Group in a £2.3bn deal that will value the combined group at £10bn.

Elsewhere, it emerged that the Confederation for British Industry had drafted in lawyers to prepare for potential insolvency, with Sky News reporting that it was part of directors seeking advice on their duties in case the lobby group needed to be wound down

And in further bad news for homebuyers, rising interest rate expectations have meant that UK lenders have pulled more than 800 deals off the market.

And to round off the day, we finally saw the value of US chipmaker Nvidia rise above $1tn for the first time as it continues to ride the AI boom.

Here’s a round-up of our other business stories out today:

Thanks for tuning in – we’ll be back tomorrow.

3.28pm BST

Our full story on Nvidia reaching a valuation of $1tn is now live