Magnificient 7: Italian Authorities Seize €121M from Amazon

1. Amazon (Nasdaq: AMZN)
Amazon gained mildly by 2.11%. Amazon's trading volume on July 23 was $8.872 billion, ranking fifth in the U.S. market. Morgan Stanley and JMP Securities maintained their overweight/outperform ratings on Amazon, while Truist Securities raised the price target to $230. Italian authorities seized €121 million from Amazon's subsidiary over tax and labor violations.

2. Apple (Nasdaq: AAPL)
Apple gained mildly by 0.47%. Apple is developing a foldable iPhone expected to launch in 2026. Apple faced controversy over replacement policies for AirPods Pro due to sound issues. India reducing import duties on phones is expected to save Apple $35 million to $50 million annually.

3. Microsoft (Nasdaq: MSFT)
Microsoft gained mildly by 0.43%. Microsoft experienced a global Blue Screen of Death incident attributed to a CrowdStrike update, affecting millions of devices worldwide. Piper Sandler reiterated Microsoft's rating as Overweight, with a new target price of $485.00. A new Xbox controller with a blue, semi-transparent design is set to release on July 31.

4. Meta (Nasdaq: META)
Meta gained mildly by 0.26%. Meta Platforms launched the latest version of Llama 3 with multi-language abilities. The EU accused Meta of misleading users, threatening fines. CEO Zuckerberg confirmed new AR glasses by year-end. Bernstein maintained an outperform rating, raising the price target to $575. 00.

5. Alphabet (Nasdaq: GOOG)
Alphabet gained mildly by 0.14%. Alphabet Inc. reported Q2 FY2024 results with revenue of $84.7 billion and operating profit of $27.4 billion. Google Cloud revenue was $10.35 billion, search ad revenue was strong, and AI-driven cloud demand boosted overall performance. The company did not comment on the Wiz acquisition's collapse.

6. Nvidia (Nasdaq: NVDA)
Nvidia dipped mildly by -0.77%. NVIDIA reported a trading volume of $208.44 billion on July 23, ranked second in U.S. stock markets that day. Elon Musk highlighted Tesla's difficulty in acquiring NVIDIA GPUs due to high demand, stressing the need to double down on Dojo. NVIDIA also launched a new AI foundry service and NIM microservices.

7. Tesla (Nasdaq: TSLA)
Tesla dipped mildly by -2.04%. Tesla delays RoboTaxi release to October 10. CEO Elon Musk expects FSD approval in China by year-end. Construction of the Mexico factory is paused until after the US election in November. Roadster production is anticipated to start next year.