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Explosive Trading Volumes Shake Up Tech Giants: Nvidia Under Scrutiny, Amazon Plunges

AInvestFriday, Aug 2, 2024 6:31 pm ET
2min read
1. Nvidia (Nasdaq: NVDA)
Nvidia dipped mildly by -1.78%, with the trading volume of 50.11B. Nvidia disclosed 24 insider transactions on August 2, 2024. CEO Jen-Hsun Huang sold 34,100 shares on August 1, 2024. Nvidia is reportedly under an antitrust investigation by the US government. Hedge fund Elliott claims Nvidia is in a "bubble" and AI capabilities have been exaggerated.

2. Amazon (Nasdaq: AMZN)
Amazon.Com plunged by -8.79%, with the trading volume of 22.82B. Amazon's Q2 2024 revenue was $291.29 billion, up 11.29% year-over-year, with a net profit of $23.916 billion. Recently, Benchmark, Wedbush, and Barclays reiterated positive ratings on Amazon. However, Amazon's Q3 revenue guidance fell short, leading to a significant stock drop.

3. Apple (Nasdaq: AAPL)
Apple gained mildly by 0.69%, with the trading volume of 21.76B. Apple reported Q3 revenue of $296.1 billion and net profit of $79 billion. Goldman Sachs maintains a Buy rating with a $275 price target. Wedbush and Maxim Group also reaffirm their positive outlooks. Analysts highlight Apple's AI and iPhone strategy.

4. Tesla (Nasdaq: TSLA)
Tesla dropped solidly by -4.24%, with the trading volume of 17.15B. Tesla has established a new insurance brokerage company in China with a registered capital of 50 million yuan. Cantor Fitzgerald reaffirms Tesla's neutral rating with a target price of $245. Tesla's July sales in China grew by 47%, with Model 3 deliveries at a record high.

5. Microsoft (Nasdaq: MSFT)
Microsoft dipped mildly by -2.07%, with the trading volume of 11.94B. Microsoft forms a new team to develop small-scale "AA" games based on Blizzard IP. Microsoft's gaming division laid off 1,900 employees in January. Microsoft listed OpenAI as a competitor in search and news advertising. Windows 11 market share exceeded 30% for the first time since its launch, reaching 30.83%.

6. Meta Platforms (Nasdaq: META)
Meta Platforms dipped mildly by -1.93%, with the trading volume of 11.31B. Meta Platforms proposed paying Hollywood stars millions for AI voice usage rights and reported Q2 revenue of $75.53 billion with 24.54% growth. Q2 metaverse projects faced a $4.5 billion loss. Revenue from AI investments increased significantly. RBC, Deutsche Bank, and UBS maintain buy ratings.

7. Advanced Micro Devices (Nasdaq: AMD)
Advanced Micro Devices dipped mildly by -0.03%, with the trading volume of 10.50B. Advanced Micro Devices (AMD) reported Q2 2024 net profit of $265 million, up 881% year-on-year and 115% quarter-on-quarter, with revenue of $5.835 billion, up 9% year-on-year and 7% quarter-on-quarter. AI chip sales exceeded $1 billion for the first time.

8. Intel (Nasdaq: INTC)
Intel plunged by -26.06%, with the trading volume of 6.41B. Intel disclosed two internal transactions on August 2, 2024. Northland Capital Markets maintains Outperform rating on Intel, lowers price target to $42.00. Raymond James downgraded Intel to Market Perform. Deutsche Bank maintains Hold rating, price target at $27.00. B of A Securities downgraded Intel to Underperform, target price at $23.00. Wedbush maintains Neutral, lowers price target to $25.00. Intel is cutting over 15% of its workforce due to gloomy outlook.

9. Alphabet (Nasdaq: GOOGL)
Alphabet dipped mildly by -2.40%, with the trading volume of 4.80B. Google agreed to pay licensing fees to chatbot maker Character.AI. Google's parent company Alphabet has a crucial task in the Q2 earnings season for tech giants including Amazon and Microsoft, crucial for determining the continuation of stock valuation trends. Google Pixel 9 Pro Fold may face release delays.

10. Super Micromputer (Nasdaq: SMCI)
Super Micromputer plunged by -7.08%, with the trading volume of 4.74B. Wedbush reaffirms its Neutral rating for Super Micro Computer.
Disclaimer: the above is a summary showing certain market information. AInvest is not responsible for any data errors, omissions or other information that may be displayed incorrectly as the data is derived from a third party source. Communications displaying market prices, data and other information available in this post are meant for informational purposes only and are not intended as an offer or solicitation for the purchase or sale of any security. Please do your own research when investing. All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk, it does not assure a profit, or protect against loss in a down market.