Hi! Binge-watching the same old sitcoms over and over? You’ll be pleased to know that the spin-off of “The Office,” called “The Paper,” will debut September 4th. Oh, and “Scrubs” is getting a reboot, too. Today we’re exploring:

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After topping the $4 trillion market cap milestone, Nvidia’s valuation per employee is reaching new heights

Per a ChatGPT response from this morning, which poetically was probably only made possible by an Nvidia GPU, there are a few American towns with a population of around 36,000: Westerville, Ohio and Haverhill, Massachusetts being two of the options provided.

If you’re unfamiliar with those places, that’s no surprise; they aren’t that big in the grand scheme of America. And yet, those towns each represent approximately the entire workforce of the world’s most valuable company, which this week passed the $4 trillion market cap milestone, becoming the first public company ever to do so.

As we’ve written before, Nvidia’s execution has been nothing short of remarkable. Very, very few companies get to put up the kind of revenue growth numbers that Jensen Huang’s company has printed. Even fewer make huge margins while growing that fast. None have done it on this scale, or with just 36,000 employees at the latest count.

Indeed, compared to the rest of its Big Tech peers, Nvidia’s revenue and net profit per employee are in a league of their own. And now, with its valuation at $4 trillion, the market is ascribing more than $111 million of equity value per employee to Nvidia. That’s even more than the frothy value ascribed to Palantir’s tiny workforce (4,000 people).

Now, obviously, the ratio of market-cap-to-employees should never be the first port of call for equity analysts trying to value a company. Price-to-earnings multiples, discounted cash flow analysis, EV-to-EBITDA multiples — or even just a vibe check — are arguably better places to start if you’re looking for predictive power. But for a 30,000-foot zoomed out view, it’s a good place to measure a fundamental goal of capitalism: turn employed people into valuable equity.

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Corporate America is reconsidering Delaware... sort of

America’s first state, Delaware, has had a vice-like grip on corporate America for decades. But that hold appears to be fading as Andreessen Horowitz — the $45 billion VC powerhouse that’s backed Airbnb and Coinbase — said Wednesday it would reincorporate in Nevada, criticizing Delaware’s business court for creating “legal uncertainty.”

The so-called “Dexit” gained momentum after Delaware judges voided Elon Musk’s $56 billion Tesla pay package in early 2024, signaling the court’s tougher stance on executive pay and insider-led deals. “Never incorporate your company in the state of Delaware," Musk warned after the ruling, later reincorporating Tesla and SpaceX in Texas. In the first half of 2025, eight public firms — including Roblox and AMC — have voted to reincorporate elsewhere, according to Freshfields. All of them opted for Nevada, a rising challenger to Delaware’s domination.

But, despite some high-profile exits, the state with a population of just over a million remains America’s corporate paperwork capital.

With no income tax on out-of-state business, no sales tax, no capital stock tax, and a specialized corporate court with decades of legal precedent, Delaware has long been known as the “business-friendly” state.

Per FactSet, 323 S&P 500 companies — worth a staggering ~$39 trillion — remain incorporated in Delaware. That’s hundreds more than any other state, with Maryland and New York trailing at 21 and 12 companies, respectively. Six of the Mag 7 are incorporated in Delaware.

And Delaware’s incorporation engine keeps humming despite the noise: last year, it added nearly 290,000 new entities, including 80% of all US IPOs. In March, the state amended its corporate code to reassure those weighing exits, with Delaware drawing roughly a third of its budget from incorporation fees and related tax revenues.

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Substack.com got more traffic than The Wall Street Journal and CBS News in June

For creators looking to reach their audience directly whenever they like, and maybe even make millions in the process, Substack has been one of the places to be since its launch in 2017. Now, it’s becoming a go-to for news- and content-hungry readers, too, as US site visits hit a record 73.9 million in June, per new monthly data from Similarweb.

Last month, Substack’s site visits outweighed The Wall Street Journal and CBS News — the first time the platform has drawn more American eyeballs than both news sites in the same month, as millions more people flocked to substack.com to explore free and paid publications across business, tech, and culture, or perhaps even to look into starting their own outlets. Interestingly, traffic-tracking site Similarweb actually crowned Substack as its “Digital Winner” in January, after it notched 88% growth across its website and app last year.

For context, Similarweb told Chartr that Substack authors with their own custom domains, such as Matthew Yglesias’ “slowboring.com” aren’t included in the 73.9 million figure — meaning that the dominance of Substack and its legion of writers, podcasters, and video makers is maybe even undersold by that headline stat.

Stacked up

Though it’s nowhere near the size of YouTube in the “creator economy,” Substack has carved out a solid spot in the modern media landscape, attracting top writing talent who have, in turn, managed to draw in tens and even hundreds of thousands of paying subscribers. It’s a nice flywheel where the platform attracts writers, who bring their audience, which attracts more writers... and so on and so forth.

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Off the charts: Which Chinese chatbot, having almost come out of nowhere earlier this year, has recently made headlines on the back of ban chat in Europe? [Answer below].

Answer here.

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Sherwood Media, LLC produces fresh and unique perspectives on topical financial news and is a fully owned subsidiary of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate... See more