Italy probes Revolut over alleged unfair practices in investment services

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Italy’s competition authority (AGCM) has launched an investigation into British fintech giant Revolut, focusing on allegations of unfair commercial practices related to its investment and banking services. The watchdog claims Revolut misled users by promoting zero-commission investments without clearly disclosing additional costs and limitations.

According to AGCM, Revolut failed to inform customers that its zero-fee products involve fractional shares, which differ significantly from whole stocks in voting and transfer rights. The regulator also highlighted that Revolut did not clearly warn crypto asset investors that stop-loss and take-profit settings—tools typically used to manage investment risks—could not be modified.

AGCM further accused Revolut of adopting an aggressive stance by suspending and blocking financial accounts without sufficient notice or assistance, restricting customer access to cash and related services for prolonged periods.

Inspections were carried out at Revolut Bank UAB’s Italian offices by AGCM and Italy’s finance police. Revolut said it is fully cooperating with the probe and remains committed to compliance and customer protection but declined to comment on specific details as the investigation is ongoing.

Revolut, valued at $45 billion last year, is one of the most successful European digital-only fintechs. The company aims to expand into mortgages and consumer lending to compete with traditional banks and grow its presence in the U.S.

Under Italian law, violations of consumer rights can result in fines ranging from €5,000 to €10 million.

Ukraine to launch Starlink mobile internet in 2026, becoming Europe’s first

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Ukraine is set to become the first European country to offer Starlink mobile services, with telecom operator Kyivstar planning to roll out messaging by the end of 2025 and mobile satellite broadband by mid-2026, Kyivstar CEO Oleksandr Komarov announced.

Under a deal with SpaceX signed in late 2024, field tests have already started for direct-to-cell satellite services, which connect smartphones directly to satellites without relying on traditional cell towers. This technology allows satellite constellations to function like mobile networks from space.

Komarov told Reuters that the initial phase will focus on over-the-top (OTT) messaging platforms such as WhatsApp and Signal, expected to be operational by the end of this year. Full mobile satellite broadband data and voice services are targeted for launch by the second quarter of 2026.

While SpaceX did not comment, the announcement follows a related plan by U.S. carrier T-Mobile, which will offer data services on its Starlink-powered satellite-to-cell network starting October.

Komarov made these remarks ahead of a Ukraine recovery conference hosted by Italy, marking three years since Russia’s invasion. Ukrainian President Volodymyr Zelenskiy is also attending the event. Komarov emphasized his goal to support the Ukrainian government and foster new business relations, including partnerships with Italian firms aiming to invest in Ukraine.

Kyivstar, part of telecom group VEON, is progressing with plans for a U.S. stock market listing on NASDAQ, aiming to complete the direct placement of a Ukrainian entity during wartime by Q3 2025 — a first in history, Komarov noted.

Despite ongoing Russian attacks on Ukraine’s energy infrastructure causing widespread blackouts last year, Komarov said telecom services have become more resilient. Currently, Kyivstar can maintain fixed and mobile services for up to 10 hours even during national blackouts.

Nvidia briefly hits $4 trillion market value, cementing AI leadership

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Nvidia (NVDA.O) briefly reached a market capitalization of $4 trillion on Wednesday, becoming the first company ever to hit this milestone and reaffirming its dominance in the artificial intelligence (AI) sector. Shares surged as much as 2.8% to an all-time high of $164.42 before closing up 1.8%, giving Nvidia a market value of approximately $3.97 trillion.

This milestone reflects Wall Street’s strong confidence in Nvidia’s leading role in powering AI innovation, with its high-performance chips crucial to advancements in the technology. Robert Pavlik, senior portfolio manager at Dakota Wealth, remarked that the rally “highlights the fact that companies are shifting their asset spend in the direction of AI,” which he sees as the future of technology.

Nvidia’s stock has seen a remarkable recovery after a slow start in 2025, which was rattled by competition from Chinese AI models like DeepSeek. The company reached a $1 trillion valuation in June 2023 and has since nearly quadrupled in value within about a year—outpacing other tech giants like Apple and Microsoft, the only other U.S. firms with market caps above $3 trillion.

Microsoft, the second most valuable U.S. company, closed Wednesday at $503.51 per share with a $3.74 trillion market cap. Nvidia’s rally has lifted it by approximately 74% from its April lows, coinciding with renewed optimism about U.S. trade relations.

Currently, Nvidia represents 7.3% of the S&P 500 index, slightly more than Apple’s 7% and Microsoft’s 6%. Its valuation now surpasses the combined stock market value of Canada and Mexico, as well as all publicly listed companies in the UK.

Despite its high valuation, Nvidia’s 12-month forward price-to-earnings ratio stands at 32, below its three-year average of 37.

While Nvidia’s GPUs dominate AI workloads, rivals such as Advanced Micro Devices (AMD) and others are seeking to chip away at its market share by offering more affordable alternatives. Meanwhile, major customers like Amazon, Microsoft, and Alphabet face investor pressure to moderate their AI spending.

Nvidia posted $44.1 billion in revenue for the first quarter of 2025, a 69% increase year-on-year. For the second quarter, the company projects revenue around $45 billion, plus or minus 2%, with earnings due on August 27.

Year-to-date, Nvidia’s stock is up about 22%, outperforming the Philadelphia Semiconductor Index’s roughly 15% gain.