Magnificient 7: Meta dropped 3.15%, Microsoft posts $245B revenue in 2024 report

1. Microsoft (Nasdaq: MSFT)
Microsoft dipped mildly by -0.68%. Microsoft's October 23 trading volume was $8.341 billion, ranked fourth among US stocks. Citigroup maintained a "buy" rating with a price target of $497. The company announced its 2024 annual report with $245.122 billion in revenue, up 15.67%, and $88.136 billion net profit.

2. Alphabet (Nasdaq: GOOG)
Alphabet dipped mildly by -1.40%. Alphabet and Qualcomm are collaborating to develop an automotive AI system, enabling car manufacturers to leverage AI technology for voice assistants. Google's Pixel 10 phone features a Tensor G5 chip manufactured using TSMC's N3E process.

3. Tesla (Nasdaq: TSLA)
Tesla dipped mildly by -1.98%. Tesla's Q3 earnings exceeded expectations with a significant rise in net profit and the Cybertruck's margin turning positive. CEO Elon Musk emphasized strong demand for the Tesla Semi and announced that affordable models will be priced below $30,000. CFO Vaibhav Taneja highlighted cost reduction and increased profits due to FSD functionality.

4. Apple (Nasdaq: AAPL)
Apple dipped mildly by -2.16%. Apple has cut iPhone 16 orders by 10 million units, impacting 2024 Q2 production. Tim Cook states Vision Pro isn't mainstream due to high cost. Updates to iOS 18.2 integrate ChatGPT features. Cook emphasizes Apple's AI strategy values quality over speed.

5. Amazon (Nasdaq: AMZN)
Amazon dipped mildly by -2.63%. Amazon is closing its same-day delivery service from malls, halting new developments, with a phased reduction beginning. Separately, Amazon-backed AI startup Anthropic launched an advanced AI agent capable of executing complex computer tasks, marking a significant achievement in AI capabilities.

6. Nvidia (Nasdaq: NVDA)
Nvidia dipped mildly by -2.81%. NVIDIA CEO Jensen Huang announced that the design flaw in the company's Blackwell AI chip has been rectified with TSMC's assistance, and it is expected to ship in Q4. Huang also unveiled the Gefion supercomputer in Denmark for life sciences.

7. Meta (Nasdaq: META)
Meta dropped solidly by -3.15%. Meta Platforms successfully dismissed a lawsuit alleging it misled shareholders about child safety on Facebook and Instagram. Additionally, Poland's antitrust authority launched an investigation into Meta's changes in news link display. Meta also developed a 210-degree field of view headset prototype.