Magnificient 7: NVDA surged 13%, setting a record

1. Nvidia (Nasdaq: NVDA)
Nvidia surged by 12.81%. Man Group stated that the "seven giants" are reasonably valued after recent sell-offs. Nvidia surged 13%, setting a record with a $329 billion market cap increase. Morgan Stanley remains optimistic about Nvidia, listing it as a "top pick" with a $144 target price.

2. Tesla (Nasdaq: TSLA)
Tesla gained solidly by 4.24%. The humanoid robot concept surged over 6% with major index growth on July 31. Man Group stated the valuations of the "Big Seven" are acceptable after recent price corrections. Tesla's trading volume on July 31 was $155.34 billion. Tesla recalled nearly 1.85 million vehicles in the US and faced scrutiny after a fatal FSD accident.

3. Amazon (Nasdaq: AMZN)
Amazon gained mildly by 2.90%. Man Group stated that current valuations for the "Big Seven" are acceptable and justified by reasonable returns. Amazon reported Q1 2024 revenue of $143.13 billion with a net profit of $10.43 billion. UBS raised Amazon's price target to $224. Amazon filed a lawsuit against Nokia for patent infringement related to cloud computing.

4. Meta (Nasdaq: META)
Meta gained mildly by 2.51%. Meta's second-quarter fiscal 2024 sales exceeded expectations, driven by AI-assisted ad growth. Meta agreed to pay $1.4 billion to Texas to settle a biometric data lawsuit. Meta introduced a new AI tool, SAM 2, for video segmentation. JMP Securities reaffirmed an "outperform" rating with a target price of $525.

5. Apple (Nasdaq: AAPL)
Apple gained mildly by 1.50%. Apple is developing a "heartbeat unlock" technology, with a recent patent revealing details. iPhone 16 Pro and Pro Max will support Wi-Fi 7. Epic Games CEO criticized Apple’s "Find My" feature for privacy concerns. Apple’s new call recording feature will notify users first, sparking debate.

6. Alphabet (Nasdaq: GOOG)
Alphabet gained mildly by 0.75%. Alphabet A reported Q2 2024 revenue of $165.28 billion, up 14.47% YoY, with net income at $47.28 billion. Needham reiterated a Buy rating with a $210.00 target price, and JMP Securities reiterated an Outperform rating with a $200.00 target price.

7. Microsoft (Nasdaq: MSFT)
Microsoft dipped mildly by -1.08%. Man Group has indicated that the valuations of the "Magnificent Seven" are not excessively high and are reasonable if they deliver returns. Microsoft reported $245.1 billion in revenue for the fiscal year ending June 2024. Multiple firms, including RBC Capital, maintained their positive outlook on Microsoft with revised target prices.