Thursday's Big Stock Stories: What's Likely to Move the Market

As the trading week comes to a close, several significant stock stories have emerged that could influence market movements in the next session. Investors should keep an eye on these developments as they assess their portfolios and consider strategic moves.

Firstly, Apple Inc. reported its fiscal 2024 third-quarter results, posting quarterly revenue of $85.8 billion, up 5 percent year over year, and quarterly earnings per diluted share of $1.40, up 11 percent year over year. The company's strong performance was driven by record business performance, generating EPS growth of 11 percent and nearly $29 billion in operating cash flow. Apple's board of directors declared a cash dividend of $0.25 per share, payable on August 15, 2024, to shareholders of record as of the close of business on August 12, 2024.

Apple's stock price has been volatile in recent months, with a 52-week low of $164.08 and a 52-week high of $237.23. As of Wednesday's close, the stock was trading at $226.78, with a market capitalization of $3.45 trillion. Analysts have a consensus buy rating on the stock, with a price target of $245.00.

Another significant development is OpenAI's latest funding round, which raised $6.6 billion at a $157 billion valuation. The startup behind ChatGPT is now one of the three largest venture-backed startups, alongside Elon Musk's SpaceX and TikTok owner ByteDance Ltd. The funding round was led by Thrive Capital, with Microsoft Corp. contributing $750 million on top of its previous $13 billion investment. Other investors included Khosla Ventures, Fidelity Management & Research Co., Nvidia Corp., Tiger Global Management, Altimeter Capital, SoftBank Group Corp., and MGX.

OpenAI's valuation has skyrocketed, reflecting the tech industry's belief in the power of AI and its appetite for costly research. The company plans to use the funds to drive forward AI research and increase its computing capacity. As the AI race intensifies, investors should monitor the progress of companies like OpenAI and their impact on the broader market.

In conclusion, Apple's strong quarterly results and OpenAI's massive funding round are two key stories that could influence market movements in the next trading session. Investors should stay informed about these developments and assess their portfolios accordingly.