Magnificent 7: NVDA plunged 6.36%, Apple to tax Chinese iOS games

1. Meta (Nasdaq: META)
Meta dipped mildly by -2.54%. Meta reported a transaction volume of $100.42 billion on August 5, 2024, ranking sixth among US stocks that day. Mark Zuckerberg revealed major investments in training Llama 4 with 240,000 GPUs, expected by 2025.

2. Microsoft (Nasdaq: MSFT)
Microsoft dropped solidly by -3.27%. Microsoft's trading volume reached $15.643 billion on August 5, 2024, ranking fourth on the US market that day. Pre-market, its stock price dropped over 6%, contributing to an estimated collective market value loss of nearly $1 trillion for the top seven US tech giants.

3. Amazon (Nasdaq: AMZN)
Amazon dropped solidly by -4.10%. Amazon reported a transaction volume of $13.233 billion on August 5, 2024. On the same day, an insider trade was disclosed: Executive Herrington Douglas J sold 3,500 shares on August 1, 2024. Amazon also introduced new fees for sellers, significantly increasing costs.

4. Tesla (Nasdaq: TSLA)
Tesla dropped solidly by -4.23%. Tesla's August 5th trading volume reached $19.536 billion, ranking third in the U.S. stock market. Cantor Fitzgerald maintained a neutral rating for Tesla, adjusting its price target to $245. New Model Y is rumored to feature a 95kWh battery pack with an 800km range.

5. Alphabet (Nasdaq: GOOG)
Alphabet dropped solidly by -4.61%. A U.S. federal judge ruled that Google's actions to maintain its online search monopoly are illegal, significantly affecting major tech companies' operations. Google plans to appeal the decision. The court found that payments to make Google the default search engine on smartphones violated antitrust laws.

6. Apple (Nasdaq: AAPL)
Apple dropped solidly by -4.82%. Apple to tax Chinese iOS games; WeChat and TikTok resist. Needham reiterates Buy on Apple with a $260 target. Apple’s Q3 2024 revenue was $296.05B, net income $79B, EPS $5.13. Despite plans to expand Indian production, analysts say high-end iPhones will remain made in China. Apple Music user growth has stagnated at 60M since 2019.

7. Nvidia (Nasdaq: NVDA)
Nvidia plunged by -6.36%. Nvidia announced a new workflow combining Apple Vision Pro with its AI and simulation technologies to accelerate humanoid robot development. Nvidia's CEO sold approximately $5 billion in stock over June and July. Media reports indicate Nvidia's next-gen AI chip production faces challenges, potentially delaying this year's shipment plans.