Daily Business Report: Aug. 29, 2023
Visual Capitalist
The 50 Most Valuable Companies
in the World in 2023
By Marcus Lu
Market capitalization, or market cap, is one measure of a company’s value as determined by the stock market. It is easily calculated by multiplying the company’s outstanding shares by its current share price.
there are only a handful of trillion dollar companies in the world, including Apple, Microsoft, Saudi Aramco, Amazon, Alphabet, and Nvidia.
Two former members of the trillion dollar club are Meta and Tesla, but both companies currently hover around the $700 billion range in terms of market capitalization. In 2022, Meta lost significant value as its earnings fell, while Tesla suffered from demand concerns.
Altogether, the 50 most valuable companies represent over $26.5 trillion in shareholder value. At a sector level, Information Technology is the most represented in the top 50, with $9.3 trillion in combined market cap. The next biggest sectors are Consumer Discretionary ($4.0 trillion) and Health Care ($3.3 trillion).
At a geographical level, the majority of the 50 most valuable companies are American. The following chart shows each country’s tally.
Topaz construction delay without temporary
housing leaves SDSU students ‘frustrated’
By Madison McGill | Staff Writer, The Daily Aztec
A delay on the Topaz Apartments development has forced more than 100 students who signed pre-leasing agreements to find other living arrangements — just two months before the start of the fall 2023 semester at San Diego State University.
Topaz informed pre-lessees (via email in May) that the apartments would not be ready for the start of the semester. Construction on Montezuma Road first began in fall 2021.
The development has 53 units, totaling up to 169 beds for individual leasing, five retail tenants on the ground level and other amenities for residents are still under construction.
Viasat to provide fast, streaming-capable Wi-Fi for new Vancouver ferry service
Viasat Inc., a Carlsbad-based global communications company, and Hullo by the Vancouver Island Ferry Company, announced they have partnered to offer fast passenger connectivity aboard Hullo’s two new high-speed ferries, Spuhéls and Sthuqi’, which have recently entered service connecting passengers between Downtown Vancouver and Downtown Nanaimo.
Offering full streaming Wi-Fi on a passenger ferry is uncommon and further differentiates Hullo’s premium onboard experience from other ferry services. From streaming sports, TV shows, and movies to catching up on work or web browsing with full internet, the service will enable passengers to stay connected during the 70-minute journey between Vancouver and Nanaimo, much of which is out of range of a cellular connection.
Photo: Viasat to Provide Fast, Streaming-Capable Wi-Fi for New Ferry Service on Hullo, by Vancouver Island Ferry Company (VIFC)
Northrop Grumman demonstrates the future for Deep Sensing for the U.S. Army
Northrop Grumman Corporation successfully demonstrated its Deep-Sensing and Targeting (DsaT) platform at the Experimental Demonstration Gateway Event (EDGE) ’23, hosted by the U.S. Army. During a simulated, real-world tactical scenario, the company successfully:
• Gathered and fused multi-domain data for rapid dissemination to the Tactical Operations Center;
• Collected and analyzed data from commercial satellites onboard the aircraft;
• Met 100-percent of the criteria for the experimentation.
DSaT is a multi-domain deep-sensing architecture integrated into a civilian aircraft, providing intelligence collection that reaches beyond the visual line of sight of local sensors.
Scripps Oceanography to develop sewage contamination tool
In front of Imperial Beach’s deserted shoreline dotted with red “warning” signs, members of San Diego’s legislative delegation announced Friday that $3 million from the state budget will fund a new model aimed at more accurately predicting sewage contamination days in advance at South County beaches.
UC San Diego’s Scripps Institution of Oceanography will develop the Tijuana River Estuary and Coastal Ocean Pathogen Forecast Model, which scientists said can inform decision makers when beach closures are necessary as work continues to stop sewage spilling over the border from Mexico.
The inaugural Del Mar Wine & Food Festival
The inaugural Del Mar Wine & Food Festival will be staged Sept. 6-11 with a lineup that will feature 20 action events, a two-day Grand Tasting event led by culinary greats, and appearances by a host of professional athletes and Hollywood celebrities. Feeding San Diego, the county’s leading hunger-relief and food rescue organization, is the beneficiary of the six-day event.
Events will include an opening nigh party hosted by San Diego Wave FC, a beach cleanupwith Rob Machado, a celebrity pickleball tournament and event hosted by Drew Brees, yoga and brunch with celebrity chef Catherine McCord, an afterparty hosted by Richard Blais at the Pendryn Hotel, and many other attractions.
“San Diego has always been California’s perfect-weather beach getaway. Now it’s getting national headlines for food, drink, sports, and culture,” says festival co-founder Troy Johnson, Food Network TV host and San Diego native.
Click here for a complete rundown of attractions, events, and ticket prices.
SDG& E pioneers virtual power plant to ease strain on power grid
San Diego Gas & Electric is piloting a new cleantech innovation known as a virtual power plant (a VPP) to reduce energy demand and put electricity back on the grid during peak hours – all through leveraging the capabilities of customer-owned smart thermostats, rooftop solar, energy storage and other connected resources such as water pumps. A VPP network can comprise a wide range of devices and resources – everything from home appliances such as electric vehicles and chargers to HVAC equipment and solar plus battery energy storage systems.
Downtown’s newest high-rise Radian, opens in Ballpark District
Cisterra Development, a San Diego-based office, technology, residential and mixed-use real estate development firm, joined together with property management firm Avenue5 and various city and business leaders to celebrate the Aug. 16 grand opening of Downtown San Diego’s newest high-rise tower in the Ballpark District – Radian. Radian is a 255,000-square-foot, 22-story retail and residential development that brings new Downtown residential apartment offerings ranging in size from one-bedrooms to three-bedroom units.
DexCom appoints Rimma Driscoll to board of directors
DexCom Inc., a leader in real-time continuous glucose monitoring, has appointed Rimma Driscoll to its board of directors. Driscoll is an accomplished leader with significant experience developing, guiding and executing organic and inorganic growth strategies for global organizations. She currently serves as executive VP and head of global strategy, commercial and business development, and global biodevices for Zoetis.
Resilience to develop Saudi Arabia manufacturing facility with Lifera
National Resilience Inc., a technology-focused biomanufacturing company dedicated to broadening access to complex medicines, and Lifera, a biopharmaceutical company wholly owned by the Public Investment Fund (PIF), have entered into a non-binding term sheet for the development of biopharma manufacturing capacity in Riyadh, Saudi Arabia. This new facility, which Lifera would be controlling owner of with Resilience owning a minority stake, aims to produce more than 125 million units annually.
Guild Mortgage acquires Illinois mortgage lender
San Diego-based Guild Mortgage has acquired First Centennial Mortgage, a privately held residential mortgage lender headquartered in Illinois with branches predominantly located in the Midwest whose culture, growth path and customer-centric business approach closely aligns with Guild’s. First Centennial Mortgage was founded by brothers Steven and David McCormick in 1995.
USD shines in Princeton Review’s annual college rankings
The University of San Diego made the top 10 in four categories of The Princeton Review’s 2024 Best 389 Colleges, the publication’s national rankings edition that was released earlier this month. Nationall, USD was ranked the second-most beautiful campus. The university also ranked No. 3 in Best Quality of Life, No. 9 in Green Matters: Everyone Cares About Conservation; and No. 10 for Best-Run Colleges.
Sunset Cliffs Car show to be held Sept. 9
A family-friendly car show at Sunset Cliffs will be held Saturday, Sept. 9 from 10 a.m.-5 p.m. at the corner of Sunset Cliffs Boulevard and Point Loma Boulevard in the church parking lot, in Trinidad Motor’s parking lot, and in the parking area of Inn at Sunset Cliffs. There will be a $1,000 cash prize for best show vehicle. Vehicles including cars, trucks, motorcycles and golf carts are welcome. Sponsors include Inn at Sunset Cliffs, Trinidad Motors, St. Peter’s By The Sea, Olive Tree Market Place, Ulivo, and Ocean Beach MainStreet Association.
Feeding San Diego receives a hunger-relief grant
Feeding San Diego, a partner food bank of Feeding America, has received a Food Security Equity Impact grant from Feeding America alongside local community-based organization
San Diego Food System Alliance. Together, the two nonprofits will use the funds to work alongside one another to continue to address the root causes of hunger and food insecurity in San Diego County. The Food Security Equity Impact Fund is part of Feeding America’s broader grantmaking strategy to intentionally support communities of color and rural communities known to be disproportionately impacted by food insecurity.
Trust & Will one of America’s fastest-growing companies
Trust & Will announced its placement as No. 363 on the 2023 Inc. 5000 list. This recognition by Inc. reaffirms Trust & Will’s position as one of America’s fastest-growing private companies. This is the first time Trust & Will is included in the Inc. 5000 list, ranked as No. 21 in Financial Services and No. 59 in California.
New San Diego Humane Society chief
Jace Huggins was sworn in at San Diego Superior Court as San Diego Humane Society’s new chief of Humane Law Enforcement. In his role, Huggins will oversee one of the largest teams of Humane Law Enforcement Officers in California, which includes 56 sworn officers and 18 dispatchers, along with investigations and case management, emergency response, officer training and collaborations with local courts and law enforcement.
