Magnificient 7: Amazon dipped 2.22%, Prime Day sales hit $14.2B

1. Meta (Nasdaq: META)
Meta gained solidly by 3.00%. Meta Platforms will not offer its multi-modal AI model, Llama, to EU clients due to regulatory uncertainties. Meta also disclosed 18 internal transactions, including a major sale by shareholder Mark Zuckerberg. Additionally, Meta is exploring a multi-billion euro investment in EssilorLuxottica for its AI eyeglasses.

2. Nvidia (Nasdaq: NVDA)
Nvidia gained mildly by 2.63%. NVIDIA participated in an $80 million funding round for Israeli AI medical startup Cytoreason. Google, NVIDIA, and other tech giants have formed the Coalition for Safe AI (CoSAI). Counterpoint Research reports a projected 3.1% global PC shipment growth in Q2 2024. Guoguang Electric’s Hall electric propulsion core components are now in mass production.

3. Tesla (Nasdaq: TSLA)
Tesla gained mildly by 0.29%. Tesla saw a 24% drop in Q2 2024 California sales, reiteration of overweight by Morgan Stanley, and released Q1 2024 results with $21.3 billion in revenue and $1.144 billion net profit. Cantor Fitzgerald and Barclays maintained ratings, and a new app update aimed at reducing stationary power consumption was introduced.

4. Microsoft (Nasdaq: MSFT)
Microsoft dipped mildly by -0.71%. Microsoft's target price raised to $495 by TD Cowen. Google and Microsoft among 14 tech firms creating the Coalition for Safeguarding AI. UK investigates Microsoft's deal with Inflection AI for antitrust concerns.

5. Alphabet (Nasdaq: GOOG)
Alphabet dipped mildly by -1.86%. Google disclosed three insider transactions on July 18th, 2024, including director Sundar Pichai selling 12,400 shares on July 17th. Additionally, Google and other tech giants formed the Coalition for Safe AI (CoSAI). Italian antitrust authorities are investigating Google for alleged unfair commercial practices.

6. Apple (Nasdaq: AAPL)
Apple dipped mildly by -2.05%. Apple's trading volume on July 18 reached $14.826 billion, ranking first on the day in the US stock market. Goldman Sachs maintains a buy rating on Apple, setting a price target of $265. Apple is negotiating for more movie rights to expand its Apple TV+ library.

7. Amazon (Nasdaq: AMZN)
Amazon dipped mildly by -2.22%. Amazon's Prime Day saw U.S. online sales surge to a record $14.2 billion over the two-day event, driven by back-to-school shopping. Amazon is also a founding member of the newly established Coalition for Safe AI along with other tech giants.