California experienced an unexpected tax windfall this summer, with corporate tax receipts exceeding forecasts by nearly $2 billion, including $844 million in July alone. Experts attribute this surge primarily to a small number of tech companies, with Nvidia being a leading candidate. This increase in tax revenue followed significant budget cuts implemented by Governor Gavin Newsom in June to address a budget deficit. The additional receipts are believed to stem from a tax change aimed at mitigating the deficit and point to Silicon Valley.