Magnificient 7: Nvidia plunged 7% amid AI competition with AMD

1. Alphabet (Nasdaq: GOOG)
Alphabet gained mildly by 0.43%. Alphabet's AI image editing feature is now available globally in English for all advertisers, with more languages to come. JMP Securities and Wedbush reiterated their Market Outperform ratings on Alphabet. The UK's CMA is investigating Alphabet's partnership with AI startup Anthropic. Apple utilizes Alphabet's chips for training AI models.

2. Apple (Nasdaq: AAPL)
Apple gained mildly by 0.26%. Apple's trading volume reached $9.057 billion on July 30. Apple revealed Apple Intelligence beta including iOS 18.1, iPadOS 18.1, and macOS Sequoia. Apple Vision Pro now integrates Synchron’s brain-machine interface. Apple will assemble high-end iPhone 16 in India. Apple-DR will report Q3 financial results on August 1, 2024.

3. Meta (Nasdaq: META)
Meta dipped mildly by -0.54%. Meta Platforms reported a major failure in Meta Management Center. Meta will pay Texas $1.4 billion to settle facial recognition claims. Meta announced AI Studio for user-created AI characters. Meta introduced Quest development tools with Mac support. Jensen Huang and Mark Zuckerberg discussed Meta's AI strategies.

4. Amazon (Nasdaq: AMZN)
Amazon dipped mildly by -0.81%. Amazon's trading volume on July 30, 2024, was $7.033 billion, ranking sixth in the US stock market that day. Amazon has filed a lawsuit against Nokia alleging patent infringement. UBS maintained a Buy rating on Amazon.com, raising the price target to $224.

5. Microsoft (Nasdaq: MSFT)
Microsoft dipped mildly by -0.89%. Microsoft reported fiscal 2024 revenue grew 65%, net income $88.1 billion. Azure cloud service revenue growth slowed in Q4, disappointing investors. The company faced a service outage on July 30. Microsoft projects Q1 intelligent cloud revenue at $28.6-$28.9 billion.

6. Tesla (Nasdaq: TSLA)
Tesla dropped solidly by -4.08%. Tesla traded $22.485 billion on July 30, 2024, ranking 2nd in the US market. Tesla faces a recall for over 1.8 million vehicles in the US due to an issue with the hood latch notification system. Tesla (Shanghai) Co. will be in court on August 12 over product liability disputes.

7. Nvidia (Nasdaq: NVDA)
Nvidia plunged by -7.04%. NVIDIA's July 30 trading volume reached $49.43 billion, ranking first in the US stock market. AMD CEO stated MI350 chip will compete with NVIDIA's Blackwell chip. NVIDIA's stock decreased over 7%, marking its lowest close since May. NVIDIA introduced generative AI into OpenUSD workflow and announced a humanoid robot training platform with ByteDance among initial adopters.