Explosive Shifts: Nvidia, Meta, and Tesla Lead with Tremendous Trading Volumes!
Thursday, Aug 1, 2024 6:31 pm ET
2min read 1. Nvidia (Nasdaq: NVDA)
Nvidia plunged by -6.67%, with the trading volume of 57.70B. NVIDIA reported a trading volume of $57.674 billion on August 1, 2024, leading the market. The company will end GeForce NOW support for Windows 7 and 8.1 in November. At SIGGRAPH 2024, NVIDIA showcased real-time generative AI advancements for 3D world creation.
2. Meta Platforms (Nasdaq: META)
Meta Platforms gained solidly by 4.83%, with the trading volume of 21.74B. Meta reported Q2 2024 revenue of $755.27 billion, up 24.54% YoY, and net profit of $258.3 billion. Wells Fargo, Truist Securities, Goldman Sachs, and Evercore ISI Group maintained positive ratings on Meta with updated price targets at $647, $570, $555, and $600, respectively.
3. Tesla (Nasdaq: TSLA)
Tesla plunged by -6.55%, with the trading volume of 18.44B. Tesla delivered its 10 millionth electric drive system at its Shanghai Gigafactory, while Cantor Fitzgerald reiterated a Neutral rating on the company.
4. Apple (Nasdaq: AAPL)
Apple dipped mildly by -1.68%, with the trading volume of 12.82B. Apple reported third-quarter fiscal 2024 revenue of $85.8 billion, surpassing analyst estimates of $84.5 billion. CEO Tim Cook expressed long-term confidence in China and announced continued investments in AI technology. Apple seeks dismissal of the government's antitrust case.
5. Advanced Micro Devices (Nasdaq: AMD)
Advanced Micro Devices plunged by -8.26%, with the trading volume of 12.73B. Advanced Micro Devices published its mid-year report on July 31, 2024, revealing revenues of $113.08 billion and net profits of $3.88 billion as of June 29, 2024. Wedbush, B of A Securities, Truist Securities, and Baird have all reiterated their ratings for AMD with target prices of $200, $180, $156, and $175, respectively.
6. Microsoft (Nasdaq: MSFT)
Microsoft dipped mildly by -0.30%, with the trading volume of 12.56B. Microsoft reported FY2024 revenue of $245.12 billion, up 15.67% year-over-year, with net income of $88.14 billion. Wedbush reiterated its Outperform rating with a target price of $550. Morgan Stanley maintained its Overweight rating at $506. Microsoft reduced AI collaboration with UAE's G42. Xbox ecosystem has 500 million monthly active users.
7. Amazon (Nasdaq: AMZN)
Amazon.Com dipped mildly by -1.56%, with the trading volume of 12.08B. Amazon reported Q2 net sales of $147.98 billion, missing analyst expectations of $148.78 billion. AWS net sales were $26.28 billion, above the anticipated $25.98 billion. Amazon's CEO highlighted customer approval of their low-price strategy. JMP Securities maintains an outperform rating with a $225 target price.
8. Broadcom (Nasdaq: AVGO)
Broadcom plunged by -8.50%, with the trading volume of 5.94B. Broadcom's trading volume on August 1, 2024, amounted to $6.027 billion.
9. Alphabet (Nasdaq: GOOGL)
Alphabet dipped mildly by -0.46%, with the trading volume of 4.15B. Amazon drops 5.5%, Snap drops 19%, Intel remains down 20%. Google announced new AI-powered Chrome features for Mac, and updated its search algorithm to combat deepfake content. Additionally, Google Maps introduced features highlighting destination entrances and parking locations.
10. Qualcomm Incorporated (Nasdaq: QCOM)
Qualcomm Incorporated plunged by -9.37%, with the trading volume of 4.10B. Qualcomm's Q3 2024 earnings report showed revenue of $93.93 billion, up 11%. Piper Sandler and Rosenblatt reiterated overweight and buy ratings, with price targets of $205 and $250, respectively. Qualcomm continues innovation in 5G and AI to improve digital entertainment experiences.
Nvidia plunged by -6.67%, with the trading volume of 57.70B. NVIDIA reported a trading volume of $57.674 billion on August 1, 2024, leading the market. The company will end GeForce NOW support for Windows 7 and 8.1 in November. At SIGGRAPH 2024, NVIDIA showcased real-time generative AI advancements for 3D world creation.
2. Meta Platforms (Nasdaq: META)
Meta Platforms gained solidly by 4.83%, with the trading volume of 21.74B. Meta reported Q2 2024 revenue of $755.27 billion, up 24.54% YoY, and net profit of $258.3 billion. Wells Fargo, Truist Securities, Goldman Sachs, and Evercore ISI Group maintained positive ratings on Meta with updated price targets at $647, $570, $555, and $600, respectively.
3. Tesla (Nasdaq: TSLA)
Tesla plunged by -6.55%, with the trading volume of 18.44B. Tesla delivered its 10 millionth electric drive system at its Shanghai Gigafactory, while Cantor Fitzgerald reiterated a Neutral rating on the company.
4. Apple (Nasdaq: AAPL)
Apple dipped mildly by -1.68%, with the trading volume of 12.82B. Apple reported third-quarter fiscal 2024 revenue of $85.8 billion, surpassing analyst estimates of $84.5 billion. CEO Tim Cook expressed long-term confidence in China and announced continued investments in AI technology. Apple seeks dismissal of the government's antitrust case.
5. Advanced Micro Devices (Nasdaq: AMD)
Advanced Micro Devices plunged by -8.26%, with the trading volume of 12.73B. Advanced Micro Devices published its mid-year report on July 31, 2024, revealing revenues of $113.08 billion and net profits of $3.88 billion as of June 29, 2024. Wedbush, B of A Securities, Truist Securities, and Baird have all reiterated their ratings for AMD with target prices of $200, $180, $156, and $175, respectively.
6. Microsoft (Nasdaq: MSFT)
Microsoft dipped mildly by -0.30%, with the trading volume of 12.56B. Microsoft reported FY2024 revenue of $245.12 billion, up 15.67% year-over-year, with net income of $88.14 billion. Wedbush reiterated its Outperform rating with a target price of $550. Morgan Stanley maintained its Overweight rating at $506. Microsoft reduced AI collaboration with UAE's G42. Xbox ecosystem has 500 million monthly active users.
7. Amazon (Nasdaq: AMZN)
Amazon.Com dipped mildly by -1.56%, with the trading volume of 12.08B. Amazon reported Q2 net sales of $147.98 billion, missing analyst expectations of $148.78 billion. AWS net sales were $26.28 billion, above the anticipated $25.98 billion. Amazon's CEO highlighted customer approval of their low-price strategy. JMP Securities maintains an outperform rating with a $225 target price.
8. Broadcom (Nasdaq: AVGO)
Broadcom plunged by -8.50%, with the trading volume of 5.94B. Broadcom's trading volume on August 1, 2024, amounted to $6.027 billion.
9. Alphabet (Nasdaq: GOOGL)
Alphabet dipped mildly by -0.46%, with the trading volume of 4.15B. Amazon drops 5.5%, Snap drops 19%, Intel remains down 20%. Google announced new AI-powered Chrome features for Mac, and updated its search algorithm to combat deepfake content. Additionally, Google Maps introduced features highlighting destination entrances and parking locations.
10. Qualcomm Incorporated (Nasdaq: QCOM)
Qualcomm Incorporated plunged by -9.37%, with the trading volume of 4.10B. Qualcomm's Q3 2024 earnings report showed revenue of $93.93 billion, up 11%. Piper Sandler and Rosenblatt reiterated overweight and buy ratings, with price targets of $205 and $250, respectively. Qualcomm continues innovation in 5G and AI to improve digital entertainment experiences.
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