Magnificent 7: Tesla facing EU duties amid global expansion efforts

1. Meta (Nasdaq: META)
Meta gained mildly by 2.62%. Meta is developing an AI search engine for Facebook, Instagram, and WhatsApp to capture Google’s market share, aiming to reduce dependency on Microsoft and Google and compete with OpenAI.

2. Alphabet (Nasdaq: GOOG)
Alphabet gained mildly by 1.66%. Alphabet's Q3 revenue reached $88.27 billion with net income up 34%, driven by Google Cloud. CFO expressed enthusiasm about Waymo's progress and envisioned geographic expansion. The CEO announced a 2025 AI assistant launch and noted Gemini API usage surge. Capital expenditure is set to increase.

3. Amazon (Nasdaq: AMZN)
Amazon gained mildly by 1.30%. Amazon.com-DR is set to release its third-quarter financial results for fiscal 2024 on October 31 after market close. Additionally, Amazon introduced a new logo and launched Amazon Lambda SnapStart in China.

4. Microsoft (Nasdaq: MSFT)
Microsoft gained mildly by 1.26%. Microsoft's GitHub will integrate Anthropic and Alphabet's Google AI models into its code assistant, offering alternatives to OpenAI. Microsoft also accused Google of undermining its reputation in Europe. Additionally, Microsoft overhauled its EMEA leadership to enhance AI infrastructure focus.

5. Nvidia (Nasdaq: NVDA)
Nvidia gained mildly by 0.52%. NVIDIA collaborates with Broadcom and OpenAI on an AI inference chip, and a new NVIDIA AI workflow on AWS helps detect credit card fraud. SoftBank's Masayoshi Son suggests NVIDIA is underestimated, and NVIDIA's Q3 report is expected to hit record revenue.

6. Apple (Nasdaq: AAPL)
Apple gained mildly by 0.12%. Apple's iPhone shipments from India grew by one-third from March to June, with exports nearing $6 billion. Piper Sandler predicts no iPhone 16 "super cycle." Apple launched Mac Mini with M4 chips. iOS 18.1 now supports 5G messaging.

7. Tesla (Nasdaq: TSLA)
Tesla dipped mildly by -1.14%. Tesla's Full Self-Driving could generate $1 billion in revenue over the next year. Piper Sandler maintains an overweight rating on Tesla. The EU imposes a 7.8% anti-subsidy duty on Tesla's imported Chinese cars. Barclays maintains an equal-weight rating and raises the target price to $235.