World Street | Boeing's Bold Move, Volkswagen charges up, Nvidia rebounds and more

World Street offers a sneak peek into the world of business and the economy.

Volkswagen's $5 billion investment in Rivian, boosting shares by 50 percent, while Nvidia rebounds 7 percent. FedEx surges 15 percent on strong earnings. All this and more on this edition of World Street.

Volkswagen plans to invest up to $5 billionin Rivian, a competitor of Tesla. This partnership forms a joint venture for sharing technology between Volkswagen and the US-based electric vehicle (EV) company. Initially, Volkswagen will invest $1 billion in Rivian, with an additional $4 billion expected by 2026. Following the announcement, Rivian's shares surged by about 50 percent.

On Tuesday, Nvidia's stock rebounded after a decline that took away the US chipmaker's title as the world's most valuable company.

The stock surged nearly 7 percent, recovering from three consecutive days of losses that had raised concerns among investors about declining enthusiasm for the AI rally. On June 18, Nvidia's market cap touched $3.34 trillion, surpassing Microsoft's. However, during the next three trading days, the market-cap saw a loss of $430 billion.

FedEx shares jumped over 15 percent in after-hours trading on Tuesday after the company announced better-than-expected earnings and revenue for the quarter ending May 31. The company reported a net income of  $1.47 billion, down slightly from $1.54 billion the previous year.

For fiscal 2024, FedEx's capital spending was $5.2 billion, a 16 percent drop from $6.2 billion in fiscal 2023. This decrease is part of their plan to reduce costs by $4 billion by the end of fiscal 2025.

A U.S. judge has rejected a proposed $30 billion antitrust settlement involving Visa and Mastercard. The settlement aimed to limit the fees these companies charge merchants for accepting their credit and debit cards.

The judge indicated she is unlikely to grant final approval to the settlement and denied the request for preliminary approval. This decision suggests that Visa and Mastercard may need to offer additional concessions to resolve their longstanding dispute with merchants.

Boeing has proposed acquiring Spirit AeroSystems primarily through a stock-based transaction, estimating the value of the 737 fuselage supplier at about $35 per share, according to Bloomberg.

Based on Spirit's outstanding shares as of May 7, suggest the offer amounts to approximately $4.08 billion. This per-share offer represents a premium of nearly 6 percent over Spirit's closing stock price on Monday and a 22.4 percent increase from its closing price on February 29, the day before Boeing's plans to acquire Spirit became public.