Explosive Nvidia Volume Leads Market Surge Amid AI Dominance
Tuesday, Aug 6, 2024 6:31 pm ET
1. Nvidia (Nasdaq: NVDA)
Nvidia gained solidly by 3.78%, with the trading volume of 41.81B. Nvidia's post-market trading reversed despite a 4% intraday rally. Analysts underscore Nvidia's AI dominance, following an early Tuesday rise after Blackwell AI chip production delay news, yet expect increased output later this year. New Street Research upgrades Nvidia to Buy with a $120 target.
2. Tesla (Nasdaq: TSLA)
Tesla gained mildly by 0.89%, with the trading volume of 14.53B. Tesla CEO Elon Musk's platform X sued advertisers over a massive boycott reducing revenue by billions, alleging antitrust violations. Additionally, Tesla plans in Thailand have been shelved to focus on charging infrastructure, and their insurance brokerage in China is operational again. Tesla is also recalling vehicles in China.
3. Apple (Nasdaq: AAPL)
Apple dipped mildly by -0.97%, with the trading volume of 14.34B. Apple reported Q3 2024 revenue of $2961.05 billion and net profit of $790 billion. Morgan Stanley maintains its overweight rating with a target price of $273. CEO Tim Cook noted uncertainty about AI's impact on sales. Analysts believe Google’s monopoly verdict will not significantly affect Apple.
4. Meta Platforms (Nasdaq: META)
Meta Platforms gained solidly by 3.86%, with the trading volume of 10.30B. Meta reported Q2 2024 revenue of $75.53 billion, up 24.54% year on year, and net profit of $25.83 billion. Loop Capital maintained a Buy rating on Meta, raising the price target to $575.00. On August 1, Meta executive Olivan Javier sold 412 shares.
5. Microsoft (Nasdaq: MSFT)
Microsoft gained mildly by 1.13%, with the trading volume of 9.97B. Microsoft launched the Surface Pro 11 "5G Commercial Edition," featuring Qualcomm Snapdragon X Elite, 16GB RAM, and 512GB SSD for ¥14,388, available from September 11. Microsoft announced future versions of Windows 10 and Windows 11 will no longer support Adobe PostScript Type 1 fonts.
6. Amazon (Nasdaq: AMZN)
Amazon.Com gained mildly by 0.56%, with the trading volume of 9.39B. Amazon.com's Q2 2024 report shows revenue of $291.29 billion, up 11.29% YoY, with net income of $239 million. Morgan Stanley maintains an Overweight rating on Amazon but lowers the price target to $210. High-ranking executive Herrington Douglas J sold 3,500 shares on August 1, 2024.
7. Advanced Micro Devices (Nasdaq: AMD)
Advanced Micro Devices dropped solidly by -3.44%, with the trading volume of 8.33B. AMD is set to release two new entry-level GPUs and has formed a strategic partnership with ThunderSoft to develop intelligent vehicle cockpits.
8. Alphabet (Nasdaq: GOOGL)
Alphabet dipped mildly by -0.60%, with the trading volume of 7.76B. Google was found guilty of monopolizing the search market by a US district court and plans to appeal. Alphabet's Google announced the Google TV Streamer for $99.99, launching on September 24. BMO Capital and Needham maintain positive ratings on Alphabet A.
9. Super Micromputer (Nasdaq: SMCI)
Super Micromputer gained mildly by 1.33%, with the trading volume of 5.81B. Super Micro Computer's Q4 earnings show adjusted EPS of $6.25, below analyst expectations of $8.25. Net sales were $53.1 billion, just shy of the anticipated $53.2 billion. Full-year net sales outlook is $260-$300 billion, higher than the expected $236.4 billion.
10. Alphabet (Nasdaq: GOOG)
Alphabet dipped mildly by -0.06%, with the trading volume of 5.79B. A U.S. District Court ruled that Google illegally monopolized the search market, prompting Alphabet to plan an appeal. BMO Capital and Needham both maintain positive ratings on Alphabet A. Google introduced the Google TV Streamer set-top box priced at $99.99.
Nvidia gained solidly by 3.78%, with the trading volume of 41.81B. Nvidia's post-market trading reversed despite a 4% intraday rally. Analysts underscore Nvidia's AI dominance, following an early Tuesday rise after Blackwell AI chip production delay news, yet expect increased output later this year. New Street Research upgrades Nvidia to Buy with a $120 target.
2. Tesla (Nasdaq: TSLA)
Tesla gained mildly by 0.89%, with the trading volume of 14.53B. Tesla CEO Elon Musk's platform X sued advertisers over a massive boycott reducing revenue by billions, alleging antitrust violations. Additionally, Tesla plans in Thailand have been shelved to focus on charging infrastructure, and their insurance brokerage in China is operational again. Tesla is also recalling vehicles in China.
3. Apple (Nasdaq: AAPL)
Apple dipped mildly by -0.97%, with the trading volume of 14.34B. Apple reported Q3 2024 revenue of $2961.05 billion and net profit of $790 billion. Morgan Stanley maintains its overweight rating with a target price of $273. CEO Tim Cook noted uncertainty about AI's impact on sales. Analysts believe Google’s monopoly verdict will not significantly affect Apple.
4. Meta Platforms (Nasdaq: META)
Meta Platforms gained solidly by 3.86%, with the trading volume of 10.30B. Meta reported Q2 2024 revenue of $75.53 billion, up 24.54% year on year, and net profit of $25.83 billion. Loop Capital maintained a Buy rating on Meta, raising the price target to $575.00. On August 1, Meta executive Olivan Javier sold 412 shares.
5. Microsoft (Nasdaq: MSFT)
Microsoft gained mildly by 1.13%, with the trading volume of 9.97B. Microsoft launched the Surface Pro 11 "5G Commercial Edition," featuring Qualcomm Snapdragon X Elite, 16GB RAM, and 512GB SSD for ¥14,388, available from September 11. Microsoft announced future versions of Windows 10 and Windows 11 will no longer support Adobe PostScript Type 1 fonts.
6. Amazon (Nasdaq: AMZN)
Amazon.Com gained mildly by 0.56%, with the trading volume of 9.39B. Amazon.com's Q2 2024 report shows revenue of $291.29 billion, up 11.29% YoY, with net income of $239 million. Morgan Stanley maintains an Overweight rating on Amazon but lowers the price target to $210. High-ranking executive Herrington Douglas J sold 3,500 shares on August 1, 2024.
7. Advanced Micro Devices (Nasdaq: AMD)
Advanced Micro Devices dropped solidly by -3.44%, with the trading volume of 8.33B. AMD is set to release two new entry-level GPUs and has formed a strategic partnership with ThunderSoft to develop intelligent vehicle cockpits.
8. Alphabet (Nasdaq: GOOGL)
Alphabet dipped mildly by -0.60%, with the trading volume of 7.76B. Google was found guilty of monopolizing the search market by a US district court and plans to appeal. Alphabet's Google announced the Google TV Streamer for $99.99, launching on September 24. BMO Capital and Needham maintain positive ratings on Alphabet A.
9. Super Micromputer (Nasdaq: SMCI)
Super Micromputer gained mildly by 1.33%, with the trading volume of 5.81B. Super Micro Computer's Q4 earnings show adjusted EPS of $6.25, below analyst expectations of $8.25. Net sales were $53.1 billion, just shy of the anticipated $53.2 billion. Full-year net sales outlook is $260-$300 billion, higher than the expected $236.4 billion.
10. Alphabet (Nasdaq: GOOG)
Alphabet dipped mildly by -0.06%, with the trading volume of 5.79B. A U.S. District Court ruled that Google illegally monopolized the search market, prompting Alphabet to plan an appeal. BMO Capital and Needham both maintain positive ratings on Alphabet A. Google introduced the Google TV Streamer set-top box priced at $99.99.