Explosive Trading Volumes Shake Up Tech Giants: Nvidia Under Scrutiny, Amazon Plunges
Friday, Aug 2, 2024 6:31 pm ET
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.
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.