Magnificient 7: Tesla surged 5.6%, releases FSD 12.5 in U.S.

1. Tesla (Nasdaq: TSLA)
Tesla gained solidly by 5.60%. Truist Securities maintains a Hold rating on Tesla. Morgan Stanley reiterates Overweight on Tesla with a target price of $310. Analyst William Stein test drives FSD. Tesla may reapply for insurance brokerage in China. Tesla released its mid-year report with $46.8 billion revenue. Tesla's FSD 12.5 impresses in the U.S.

2. Alphabet (Nasdaq: GOOG)
Alphabet gained mildly by 1.45%. Apple indicated that its AI models for Apple Intelligence were pretrained on custom Google-designed cloud chips, highlighting tech companies seeking alternatives to Nvidia for cutting-edge AI training.

3. Amazon (Nasdaq: AMZN)
Amazon gained mildly by 0.38%. Amazon stores face closures due to counterfeit compliance certificates. Amazon's new AI chip promises up to a 50% performance boost. Amazon to announce Q2 results on August 1, expected revenue of $148.6 billion and EPS of $1.02. GE Healthcare partners with Amazon to explore generative AI.

4. Microsoft (Nasdaq: MSFT)
Microsoft gained mildly by 0.34%. Microsoft's LinkedIn agrees to pay approximately $6.63 million to settle an ad overcharging lawsuit. Microsoft's Xbox 360 store officially closes today. A recent Windows 11 update added black borders to selected files, which Microsoft claims is a feature, not a bug. Major downtime incidents highlight global IT security concerns.

5. Apple (Nasdaq: AAPL)
Apple gained mildly by 0.13%. Apple revealed its AI models were pre-trained on Google-designed cloud chips. Apple released the latest developer betas for iOS, iPadOS, and macOS. TD Cowen maintained its Buy rating for Apple, raising the price target to $250. Apple signed the US voluntary AI safety commitment.

6. Meta (Nasdaq: META)
Meta dipped mildly by 0.00%. Meta Platforms (META.US) achieved a trading volume of $5.267 billion on July 29, ranking 7th on the NASDAQ. Meta will report its Q2 2024 financial results on July 31. Meta launched the Llama 3.1 series, enhancing its AI model offerings, despite frequent GPU failures during training.

7. Nvidia (Nasdaq: NVDA)
Nvidia dipped mildly by -1.30%. NVIDIA reported that RTX 4070 and above graphics cards will face supply constraints in August due to GDDR6X memory shortages. Also, NVIDIA collaborated with Colorful and Mars Era Education to launch an RTX AI creation acceleration zone.