Magnificient 7: MSFT plunged 6%, NVDA acquisition under EU scrutiny
Thursday, Oct 31, 2024 7:00 pm ET
1min read 1. Apple (Nasdaq: AAPL)
Apple dipped mildly by -1.82%. Apple reported fourth-quarter fiscal 2024 results with revenue of $94.9 billion, exceeding expectations. The iPhone revenue reached $46.2 billion. Despite a robust performance, net income was impacted by an EU fine. The company anticipates modest growth in the first fiscal quarter.
2. Alphabet (Nasdaq: GOOG)
Alphabet dipped mildly by -1.96%. Russia fined Google approximately 35-digit dollars, far exceeding global GDP. Waymo's valuation surpassed $45 billion after new funding. Alphabet announced new AI features in its map apps. Saudi PIF and Google Cloud partnered for an AI center focusing on Arabic models.
3. Tesla (Nasdaq: TSLA)
Tesla dipped mildly by -2.99%. Tesla dominates California EV market despite a sales decline and releases track mode improvement via system update 2024.38.4.
4. Amazon (Nasdaq: AMZN)
Amazon dropped solidly by -3.28%. Amazon.com reported Q3 fiscal 2024 results with a net income of \$392.44 billion for the first three quarters, reflecting a 98.19% increase year-over-year. The company projects strong Q4 revenue (\$181.5B to \$188.5B) and operating profit (\$16B to \$20B), exceeding analyst expectations.
5. Meta (Nasdaq: META)
Meta dropped solidly by -4.09%. Meta Platforms inked a deal with Engie to purchase 260 megawatts of renewable energy from the Sypert solar plant, which is projected to be operational by late 2025. Multiple firms, including JP Morgan and Roth MKM, raised Meta's price target, reflecting positive sentiment.
6. Nvidia (Nasdaq: NVDA)
Nvidia dropped solidly by -4.72%. NVIDIA's acquisition of Israeli AI startup Run:ai is under scrutiny by the EU due to competition concerns, with Italy expressing worries under its competition law. Additionally, NVIDIA, Broadcom, ON Semiconductor, and Micron Technology saw significant declines.
7. Microsoft (Nasdaq: MSFT)
Microsoft plunged by -6.05%. Microsoft continues to increase AI infrastructure investment and reported better-than-expected Q3 results in AI. Multiple firms updated Microsoft's target prices, with UBS lowering it to $500 and Morgan Stanley raising it to $548. TD Cowen maintains a Buy rating.
Apple dipped mildly by -1.82%. Apple reported fourth-quarter fiscal 2024 results with revenue of $94.9 billion, exceeding expectations. The iPhone revenue reached $46.2 billion. Despite a robust performance, net income was impacted by an EU fine. The company anticipates modest growth in the first fiscal quarter.
2. Alphabet (Nasdaq: GOOG)
Alphabet dipped mildly by -1.96%. Russia fined Google approximately 35-digit dollars, far exceeding global GDP. Waymo's valuation surpassed $45 billion after new funding. Alphabet announced new AI features in its map apps. Saudi PIF and Google Cloud partnered for an AI center focusing on Arabic models.
3. Tesla (Nasdaq: TSLA)
Tesla dipped mildly by -2.99%. Tesla dominates California EV market despite a sales decline and releases track mode improvement via system update 2024.38.4.
4. Amazon (Nasdaq: AMZN)
Amazon dropped solidly by -3.28%. Amazon.com reported Q3 fiscal 2024 results with a net income of \$392.44 billion for the first three quarters, reflecting a 98.19% increase year-over-year. The company projects strong Q4 revenue (\$181.5B to \$188.5B) and operating profit (\$16B to \$20B), exceeding analyst expectations.
5. Meta (Nasdaq: META)
Meta dropped solidly by -4.09%. Meta Platforms inked a deal with Engie to purchase 260 megawatts of renewable energy from the Sypert solar plant, which is projected to be operational by late 2025. Multiple firms, including JP Morgan and Roth MKM, raised Meta's price target, reflecting positive sentiment.
6. Nvidia (Nasdaq: NVDA)
Nvidia dropped solidly by -4.72%. NVIDIA's acquisition of Israeli AI startup Run:ai is under scrutiny by the EU due to competition concerns, with Italy expressing worries under its competition law. Additionally, NVIDIA, Broadcom, ON Semiconductor, and Micron Technology saw significant declines.
7. Microsoft (Nasdaq: MSFT)
Microsoft plunged by -6.05%. Microsoft continues to increase AI infrastructure investment and reported better-than-expected Q3 results in AI. Multiple firms updated Microsoft's target prices, with UBS lowering it to $500 and Morgan Stanley raising it to $548. TD Cowen maintains a Buy rating.
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