Magnificient 7: Microsoft Declines 4%, New Open-Source AI Standard Unveiled
Market BriefWednesday, Oct 30, 2024 7:00 pm ET
1min read1. Alphabet (Nasdaq: GOOG)
Alphabet gained mildly by 2.92%. On October 29, 2024, Alphabet Inc. reported Q3 revenue of $253.549 billion, up 14.68% year-over-year, with net profit at $73.582 billion. Several firms adjusted their ratings, including BMO Capital, and Seaport Global, highlighting consistent market confidence in Alphabet A.
2. Amazon (Nasdaq: AMZN)
Amazon gained mildly by 1.00%. Microsoft and Meta experienced significant declines at the market close, dropping over 4% and 2% respectively. Major firms including Microsoft, Google, Meta, and Intel jointly released the world’s first open-source AI standard.
3. Microsoft (Nasdaq: MSFT)
Microsoft gained mildly by 0.13%. Microsoft's post-market decline of over 4% follows disappointing second-quarter outlook, indicating slowing cloud revenue growth, shrinking profit margins, and increased spending. Microsoft will report OpenAI investment losses in Q2, forecasting productivity sales between $28.7-29 billion, and intelligent cloud sales between $25.55-25.8 billion.
4. Meta (Nasdaq: META)
Meta dipped mildly by -0.25%. Meta Platforms reported Q3 fiscal 2024 revenue of $405.9 billion, exceeding expectations; advertising revenue reached $398.9 billion, up 19%. Operating profit rose 26% to $173.5 billion. CEO highlighted over 500 million monthly AI users. Meta faces legal issues in Brazil.
5. Tesla (Nasdaq: TSLA)
Tesla dipped mildly by -0.76%. BYD's quarterly revenue surpassed Tesla's for the first time, with Q3 revenue at 201.1 billion yuan, increasing 24% year-on-year. Tesla's Q3 revenue was $25.182 billion, up 8% from the previous year.
6. Nvidia (Nasdaq: NVDA)
Nvidia dipped mildly by -1.36%. Microsoft drops after-hours over 4%; Meta falls more than 2%. Google's cloud revenue grows by 35% year-on-year, while Eli Lilly's Q3 revenue misses expectations, causing a drop of over 6%. Several chip stocks, including AMD and Qualcomm, experience declines.
7. Apple (Nasdaq: AAPL)
Apple dipped mildly by -1.53%. Apple unveils new MacBook Pro models with M4, M4 Pro, and M4 Max chips, incorporating faster processing speeds and enhanced AI functionality, aiming to attract consumers. Additionally, MacBook Air now includes 16GB memory as standard with unchanged pricing.
Alphabet gained mildly by 2.92%. On October 29, 2024, Alphabet Inc. reported Q3 revenue of $253.549 billion, up 14.68% year-over-year, with net profit at $73.582 billion. Several firms adjusted their ratings, including BMO Capital, and Seaport Global, highlighting consistent market confidence in Alphabet A.
2. Amazon (Nasdaq: AMZN)
Amazon gained mildly by 1.00%. Microsoft and Meta experienced significant declines at the market close, dropping over 4% and 2% respectively. Major firms including Microsoft, Google, Meta, and Intel jointly released the world’s first open-source AI standard.
3. Microsoft (Nasdaq: MSFT)
Microsoft gained mildly by 0.13%. Microsoft's post-market decline of over 4% follows disappointing second-quarter outlook, indicating slowing cloud revenue growth, shrinking profit margins, and increased spending. Microsoft will report OpenAI investment losses in Q2, forecasting productivity sales between $28.7-29 billion, and intelligent cloud sales between $25.55-25.8 billion.
4. Meta (Nasdaq: META)
Meta dipped mildly by -0.25%. Meta Platforms reported Q3 fiscal 2024 revenue of $405.9 billion, exceeding expectations; advertising revenue reached $398.9 billion, up 19%. Operating profit rose 26% to $173.5 billion. CEO highlighted over 500 million monthly AI users. Meta faces legal issues in Brazil.
5. Tesla (Nasdaq: TSLA)
Tesla dipped mildly by -0.76%. BYD's quarterly revenue surpassed Tesla's for the first time, with Q3 revenue at 201.1 billion yuan, increasing 24% year-on-year. Tesla's Q3 revenue was $25.182 billion, up 8% from the previous year.
6. Nvidia (Nasdaq: NVDA)
Nvidia dipped mildly by -1.36%. Microsoft drops after-hours over 4%; Meta falls more than 2%. Google's cloud revenue grows by 35% year-on-year, while Eli Lilly's Q3 revenue misses expectations, causing a drop of over 6%. Several chip stocks, including AMD and Qualcomm, experience declines.
7. Apple (Nasdaq: AAPL)
Apple dipped mildly by -1.53%. Apple unveils new MacBook Pro models with M4, M4 Pro, and M4 Max chips, incorporating faster processing speeds and enhanced AI functionality, aiming to attract consumers. Additionally, MacBook Air now includes 16GB memory as standard with unchanged pricing.
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