Magnificient 7: NVDA plunged 6.67%, AI Showcases at SIGGRAPH

1. Meta (Nasdaq: META)
Meta gained solidly by 4.82%. Meta's Q2 revenue was $755.27 billion, up 24.54% YOY, with a net profit of $258 billion. Wells Fargo, Truist Securities, Goldman Sachs, Evercore ISI Group maintained positive ratings on Meta, adjusting price targets to $647, $570, $555, and $600, respectively. Oppenheimer’s new target is $615.

2. Microsoft (Nasdaq: MSFT)
Microsoft dipped mildly by -0.30%. Microsoft's trading volume on August 1 reached $12.558 billion, ranking sixth on the day. Wedbush reaffirmed an outperform rating with a $550 target. Microsoft reported FY24 revenue of $245.122 billion, up 15.67%, and net income of $88.136 billion. Morgan Stanley maintained an overweight rating with a $506 target. Microsoft reduced its AI collaboration with UAE's G42.

3. Alphabet (Nasdaq: GOOG)
Alphabet dipped mildly by -0.40%. Google announced three new AI-based features for the Mac version of Chrome, slated for the upcoming browser update. Google Pixel 9 series, featuring Tensor G4 chips, is set to launch next year running Android 14.

4. Amazon (Nasdaq: AMZN)
Amazon dipped mildly by -1.56%. Amazon.com reported Q2 fiscal 2024 results with net income increasing 141.04% year-to-date. Revenue for the first half of fiscal 2024 was $291.29 billion, with net profit at $23.916 billion. Operating income for Q2 was $14.67 billion.

5. Apple (Nasdaq: AAPL)
Apple dipped mildly by -1.68%. Apple opposed Tata Group's acquisition of Vivo’s India business due to conflict of interest. Apple reported Q3 fiscal 2024 results with net income up by 6.7% YoY to $790.00 billion. Apple asked a US judge to dismiss the government's antitrust case.

6. Tesla (Nasdaq: TSLA)
Tesla plunged by -6.55%. Tesla's daily trading volume reached $18.44 billion on August 1, 2024, ranking third in US markets. The company rolled out its 10 millionth electric drive unit at its Shanghai Gigafactory. Cantor Fitzgerald reiterated a Neutral rating on Tesla. Elon Musk challenged Mark Zuckerberg again.

7. Nvidia (Nasdaq: NVDA)
Nvidia plunged by -6.67%. NVIDIA's trading volume reached $57.674 billion on August 1, leading the US market. NVIDIA and Arm plunged 8.3% and 17% respectively amid broader market declines. NVIDIA's GeForce NOW will cease Windows 7 and 8.1 support by November. NVIDIA showcased AI-generated immersive desert worlds at SIGGRAPH 2024.