High Trading Volumes as Nvidia and Microsoft Face Market Pressures amid AI Developments
Market BriefThursday, Oct 31, 2024 6:31 pm ET
2min read1. Nvidia (Nasdaq: NVDA)
Nvidia dropped solidly by -4.72%, with the trading volume of 35.68B. NVIDIA's acquisition of Israeli AI startup Run:ai is under scrutiny by the European Union due to competition concerns, despite not meeting the EU Merger Regulation's notification thresholds, following Italy's concerns under its competition laws.
2. Microsoft (Nasdaq: MSFT)
Microsoft plunged by -6.05%, with the trading volume of 21.85B. Microsoft's Q1 2025 earnings report shows a 16.04% increase in revenue to $65.58 billion and $24.67 billion in net profit, with rising capital expenditures due to AI investments. UBS and TD Cowen adjust Microsoft's price targets, maintaining buy ratings.
3. Tesla (Nasdaq: TSLA)
Tesla dipped mildly by -2.99%, with the trading volume of 16.27B. Tesla remains a leader in California's electric vehicle market despite declining sales. It launched the 2024.38.4 update, enhancing track mode with an endurance option.
4. Meta Platforms (Nasdaq: META)
Meta Platforms dropped solidly by -4.09%, with the trading volume of 15.30B. Meta's Q3 revenue increased by 19% to $405 billion, with net income up 35% to $156 billion. The company announced a renewable energy deal with Engie for 260 megawatts. Several firms including JP Morgan and Susquehanna raised their stock price targets for Meta.
5. Apple (Nasdaq: AAPL)
Apple dipped mildly by -1.82%, with the trading volume of 13.63B. Apple accelerates iPhone 17 development with standard models produced by Foxconn India. CEO Tim Cook claims the new MacBook Pro sets industry standards. CFO anticipates low to mid-single-digit revenue growth for Q1. EU fines impact net profits while AI features expected to boost holiday hardware sales.
6. Amazon (Nasdaq: AMZN)
Amazon.Com dropped solidly by -3.39%, with the trading volume of 13.20B. Amazon's Q3 net income rose 98.19% year-over-year, with revenue of $4501.67 billion. The company's holiday season profit outlook exceeds analyst expectations, forecasting $160-200 billion operating profit. Zoox, Amazon's subsidiary, will launch autonomous vehicles in San Francisco and Las Vegas.
7. Alphabet (Nasdaq: GOOGL)
Alphabet dipped mildly by -1.92%, with the trading volume of 7.68B. Russia fined Google an astronomical amount. Alphabet's Waymo unit reached a $450 billion valuation post-funding. Google added AI features to its maps apps. Saudi PIF and Google Cloud are collaborating on an AI center for Arabic language models.
8. Advanced Micro Devices (Nasdaq: AMD)
Advanced Micro Devices dropped solidly by -3.06%, with the trading volume of 6.39B. Cantor Fitzgerald and Benchmark reiterated their "Buy" ratings for Advanced Micro Devices (AMD) with a target price of $180. AMD's Q3 2024 revenue was $68.19 billion, with data center business contributing significantly. The next-gen X3D chips will launch on November 7.
9. Alphabet (Nasdaq: GOOG)
Alphabet dipped mildly by -1.98%, with the trading volume of 5.71B. Russia fined Alphabet's Google $20000000000000000000000000000000000 for closing Russian YouTube channels. Waymo, Alphabet's autonomous unit, is valued over $45 billion after new financing. Google introduces new AI features in its map apps. Saudi PIF and Google Cloud will open an AI center.
10. Eli Lilly Andmpany (NYSE: LLY)
Eli Lilly Andmpany dipped mildly by -2.01%, with the trading volume of 5.40B. Eli Lilly's third-quarter sales for its weight-loss drug Zepbound and diabetes treatment Mounjaro fell short of expectations due to wholesaler inventory cuts, despite recovery from shortages. Additionally, Eli Lilly terminated its PD-1 agonist candidate research, impacting AnaptysBio. BofA Securities maintains a Buy rating with a $1100 target.
Nvidia dropped solidly by -4.72%, with the trading volume of 35.68B. NVIDIA's acquisition of Israeli AI startup Run:ai is under scrutiny by the European Union due to competition concerns, despite not meeting the EU Merger Regulation's notification thresholds, following Italy's concerns under its competition laws.
2. Microsoft (Nasdaq: MSFT)
Microsoft plunged by -6.05%, with the trading volume of 21.85B. Microsoft's Q1 2025 earnings report shows a 16.04% increase in revenue to $65.58 billion and $24.67 billion in net profit, with rising capital expenditures due to AI investments. UBS and TD Cowen adjust Microsoft's price targets, maintaining buy ratings.
3. Tesla (Nasdaq: TSLA)
Tesla dipped mildly by -2.99%, with the trading volume of 16.27B. Tesla remains a leader in California's electric vehicle market despite declining sales. It launched the 2024.38.4 update, enhancing track mode with an endurance option.
4. Meta Platforms (Nasdaq: META)
Meta Platforms dropped solidly by -4.09%, with the trading volume of 15.30B. Meta's Q3 revenue increased by 19% to $405 billion, with net income up 35% to $156 billion. The company announced a renewable energy deal with Engie for 260 megawatts. Several firms including JP Morgan and Susquehanna raised their stock price targets for Meta.
5. Apple (Nasdaq: AAPL)
Apple dipped mildly by -1.82%, with the trading volume of 13.63B. Apple accelerates iPhone 17 development with standard models produced by Foxconn India. CEO Tim Cook claims the new MacBook Pro sets industry standards. CFO anticipates low to mid-single-digit revenue growth for Q1. EU fines impact net profits while AI features expected to boost holiday hardware sales.
6. Amazon (Nasdaq: AMZN)
Amazon.Com dropped solidly by -3.39%, with the trading volume of 13.20B. Amazon's Q3 net income rose 98.19% year-over-year, with revenue of $4501.67 billion. The company's holiday season profit outlook exceeds analyst expectations, forecasting $160-200 billion operating profit. Zoox, Amazon's subsidiary, will launch autonomous vehicles in San Francisco and Las Vegas.
7. Alphabet (Nasdaq: GOOGL)
Alphabet dipped mildly by -1.92%, with the trading volume of 7.68B. Russia fined Google an astronomical amount. Alphabet's Waymo unit reached a $450 billion valuation post-funding. Google added AI features to its maps apps. Saudi PIF and Google Cloud are collaborating on an AI center for Arabic language models.
8. Advanced Micro Devices (Nasdaq: AMD)
Advanced Micro Devices dropped solidly by -3.06%, with the trading volume of 6.39B. Cantor Fitzgerald and Benchmark reiterated their "Buy" ratings for Advanced Micro Devices (AMD) with a target price of $180. AMD's Q3 2024 revenue was $68.19 billion, with data center business contributing significantly. The next-gen X3D chips will launch on November 7.
9. Alphabet (Nasdaq: GOOG)
Alphabet dipped mildly by -1.98%, with the trading volume of 5.71B. Russia fined Alphabet's Google $20000000000000000000000000000000000 for closing Russian YouTube channels. Waymo, Alphabet's autonomous unit, is valued over $45 billion after new financing. Google introduces new AI features in its map apps. Saudi PIF and Google Cloud will open an AI center.
10. Eli Lilly Andmpany (NYSE: LLY)
Eli Lilly Andmpany dipped mildly by -2.01%, with the trading volume of 5.40B. Eli Lilly's third-quarter sales for its weight-loss drug Zepbound and diabetes treatment Mounjaro fell short of expectations due to wholesaler inventory cuts, despite recovery from shortages. Additionally, Eli Lilly terminated its PD-1 agonist candidate research, impacting AnaptysBio. BofA Securities maintains a Buy rating with a $1100 target.
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