Here are five things you need to know this morning:

Nvidia joins $3T club: The dizzying rise of chipmaker Nvidia passed a new waypoint yesterday, with the total value of the company topping US$3 trillion for the first time ever. It joins only two other companies in that valuation tier: tech giants Microsoft and Apple. The speed with which the company accomplished the feat is truly breathtaking. Consider that less than two years ago it was worth about one tenth of what it is today. It joined the $1 trillion club in the summer of 2023, when its blowout earnings forecast signaled how much potential the AI boom had. In a matter of months it has chased down the $2 trillion level, and now $3 trillion today. Technically Nvidia accomplished the $3 trillion feat in 31 years, even if the vast majority of the heavy lifting came in the last two. Even by that charitable timeline, it managed to accumulate a $3 trillion valuation 15 years faster than Apple did, and almost 18 years faster than Microsoft.

Parkland selling propane biz: Parkland Fuels has struck a deal to sell its Canadian commercial propane business to Avenir Energy for $115 million. The company says the deal is a big step toward its goal of selling off $500 million worth of non-core assets by the end of next year to focus on the main part of its business. The company has been under pressure from activist investors to turn its operations around or consider strategic alternatives, including a sale of the business. The company’s shares are down by about 18 per cent since February.

Lululemon shares surge on upgraded forecast: Shares of Lululemon are surging this morning after the Vancouver-based maker of athleisure raised its full-year profit forecast, and topped earnings expectations in its latest quarter. Comparable store sales were flat for the first quarter in the Americas, but offset by strong growth elsewhere. Sales grew 25 per cent internationally, in keeping with the company’s strategy to focus on Asian markets while consumer spending in the North American economy shows signs of cooling.

TD’s money laundering fines could cost US$4B, Jefferies says: Fines against Toronto-Dominion bank related to U.S. money-laundering probes could total as much as US$4 billion following fresh allegations, analysts at Jefferies say. Bloomberg reports that following new allegations in Florida that came to light this week, the total bill may come in twice as high as was previously forecast. “Although a $4 billion fine does seem a bit high at this juncture, we cannot deny that it is still within the realm of possibilities, potentially eroding all of TD’s excess capital,” John Aiken said.

Air Transat loss widens despite higher demand and revenue: The second-quarter loss at airline and travel operator Transat A.T. widened despite higher revenue. The company revealed quarterly earnings this morning; numbers that showed a net loss of $54.4 million for the three months up until the end of April. That’s up from $29.2 million the same time last year. The loss came despite revenues increasing to $973.2 million. That’s a 12 per cent increase and better than analysts were expecting.