The Daily Chase: Contentious capital gains tax plan set to go to a vote

Here are five things you need to know this morning.

Feds to call vote on capital gains tax changes: Prime Minister Justin Trudeau’s government will call for a vote on its proposed changes to Canada’s capital gains tax regime; a controversial plan that was initially supposed to be in the budget but has instead been hived off. Bloomberg reports that the move, which has drawn a slew of criticism, will be unveiled in a motion published in parliament today. With the house set to go on summer break on the 21st, the bill is likely to be formally introduced in September.

Apple’s annual developer’s conference kicks off: Apple’s annual conference for developers is set to open in California today, and AI is expected to be a major theme. While still a leader in the consumer space, Apple has uncharacteristically fallen behind a little in artificial intelligence, which is why the topic is expected to feature prominently at the event. While Apple launched Siri more than a decade ago, it has since been overtaken by other services including Amazon’s Alexa, and ChatGPT. The company is expected to lay out a suit of new features available on forthcoming devices which will be called Apple Intelligence, according to Bloomberg.

Nvidia 10-for-1 stock split set to go live: Shares of fast-growing chip company Nvidia are easing lower in premarket trading this morning, but that might just be until the dust settles on the company’s recent stock split. Anyone who had a share in the company on Friday will own 10 shares in the firm today, with the stock price correspondingly lower. The move does nothing for the company operationally, but historically it’s a tactic that companies employ after or during major stock run-ups. Evercore analyst Julian Emanuel said in a note to clients this weekend that historically with big tech stock splits, the price does indeed ease in the initial period, before resuming the upward rally. "The history of other 'marquee' tech stock splits has been 'rally first' then selloff/volatility after the split,” Emanuel said. “Such volatility resets the generational buying opportunity, time after time.”