Market Volatility: Nvidia and Broadcoms Volume Surge Amid Big Tech Gains
Wednesday, Jul 31, 2024 6:31 pm ET
1. Nvidia (Nasdaq: NVDA)
Nvidia surged by 12.81%, with the trading volume of 53.60B. Man Group stated that the current valuation levels of "The Seven Giants" are acceptable. Nvidia’s market capitalization skyrocketed by $329 billion in one day, driven by strong support from Morgan Stanley. Analysts suggest the tech stock downturn in July might signal a prolonged downward trend.
2. Microsoft (Nasdaq: MSFT)
Microsoft dipped mildly by -1.08%, with the trading volume of 17.77B. Man Group believes the "Seven Giants" valuations are reasonable post-market adjustment. Reddit CEO stated Microsoft needs to pay for using search data. UBS, RBC Capital, and Piper Sandler maintained favorable ratings for Microsoft, setting target prices between $485 and $510.
3. Advanced Micro Devices (Nasdaq: AMD)
Advanced Micro Devices gained solidly by 4.36%, with the trading volume of 16.65B. Advanced Micro Devices reported Q2 2024 revenue of $113.08 billion and net profit of $3.88 billion. Truist Securities maintains a hold rating with a target price of $156.00. Baird maintains outperform with a target price of $175.00. AMD unveiled new Ryzen 5800XT and 5900XT processors.
4. Tesla (Nasdaq: TSLA)
Tesla gained solidly by 4.25%, with the trading volume of 15.54B. Man Group stated that the current valuations of the "Big Seven" are reasonable following last week's market selloff. Tesla is recalling nearly 1.85 million vehicles in the US due to software issues. A Tesla Model S in Full Self-Driving mode fatally struck a motorcyclist in Seattle.
5. Apple (Nasdaq: AAPL)
Apple gained mildly by 1.50%, with the trading volume of 10.99B. Apple is developing a "heartbeat unlock" feature as revealed in a new patent. Additionally, the upcoming iPhone 16 Pro and Pro Max are expected to support WiFi 7. The company's call recording feature has stirred privacy debates.
6. Meta Platforms (Nasdaq: META)
Meta Platforms gained mildly by 2.51%, with the trading volume of 10.51B. Meta reported better-than-expected second-quarter revenue, boosting advertising through AI. JMP Securities reaffirmed its "outperform" rating for Meta with a target price of $525. Meta agreed to a $1.4 billion settlement with Texas over unauthorized biometric data collection. Meta introduced the SAM 2 AI tool for video segmentation.
7. Amazon (Nasdaq: AMZN)
Amazon.Com gained mildly by 2.90%, with the trading volume of 7.70B. Man Group reports that the "Big Seven" valuation levels remain reasonable post-market sell-off. JMP Securities reiterates a Market Outperform rating on Amazon.com. UBS maintains a Buy rating for Amazon with a revised target price of $224, projecting increased investments in AWS and new ventures. Amazon sues Nokia for cloud computing patent infringement in a Delaware federal court.
8. Broadcom (Nasdaq: AVGO)
Broadcom surged by 11.96%, with the trading volume of 7.20B. Broadcom's trading volume on July 31, 2024, reached $7.223 billion, marking a 59.31% increase from the previous day. Broadcom's stock rose over 7% alongside gains in the semiconductor sector.
9. Alphabet (Nasdaq: GOOGL)
Alphabet gained mildly by 0.73%, with the trading volume of 4.38B. Alphabet A affirmed a Buy rating by Needham with a $210 target and an Outperform rating by JMP Securities with a $200 target. For H1 2024, Alphabet A reported $1652.81 billion in revenue (up 14.47%) and $472.81 billion in net profit.
10. Super Micromputer (Nasdaq: SMCI)
Super Micromputer gained solidly by 5.30%, with the trading volume of 3.42B. Advanced Micro Devices reported a trading volume of $3.423 billion on July 31, 2024.
Nvidia surged by 12.81%, with the trading volume of 53.60B. Man Group stated that the current valuation levels of "The Seven Giants" are acceptable. Nvidia’s market capitalization skyrocketed by $329 billion in one day, driven by strong support from Morgan Stanley. Analysts suggest the tech stock downturn in July might signal a prolonged downward trend.
2. Microsoft (Nasdaq: MSFT)
Microsoft dipped mildly by -1.08%, with the trading volume of 17.77B. Man Group believes the "Seven Giants" valuations are reasonable post-market adjustment. Reddit CEO stated Microsoft needs to pay for using search data. UBS, RBC Capital, and Piper Sandler maintained favorable ratings for Microsoft, setting target prices between $485 and $510.
3. Advanced Micro Devices (Nasdaq: AMD)
Advanced Micro Devices gained solidly by 4.36%, with the trading volume of 16.65B. Advanced Micro Devices reported Q2 2024 revenue of $113.08 billion and net profit of $3.88 billion. Truist Securities maintains a hold rating with a target price of $156.00. Baird maintains outperform with a target price of $175.00. AMD unveiled new Ryzen 5800XT and 5900XT processors.
4. Tesla (Nasdaq: TSLA)
Tesla gained solidly by 4.25%, with the trading volume of 15.54B. Man Group stated that the current valuations of the "Big Seven" are reasonable following last week's market selloff. Tesla is recalling nearly 1.85 million vehicles in the US due to software issues. A Tesla Model S in Full Self-Driving mode fatally struck a motorcyclist in Seattle.
5. Apple (Nasdaq: AAPL)
Apple gained mildly by 1.50%, with the trading volume of 10.99B. Apple is developing a "heartbeat unlock" feature as revealed in a new patent. Additionally, the upcoming iPhone 16 Pro and Pro Max are expected to support WiFi 7. The company's call recording feature has stirred privacy debates.
6. Meta Platforms (Nasdaq: META)
Meta Platforms gained mildly by 2.51%, with the trading volume of 10.51B. Meta reported better-than-expected second-quarter revenue, boosting advertising through AI. JMP Securities reaffirmed its "outperform" rating for Meta with a target price of $525. Meta agreed to a $1.4 billion settlement with Texas over unauthorized biometric data collection. Meta introduced the SAM 2 AI tool for video segmentation.
7. Amazon (Nasdaq: AMZN)
Amazon.Com gained mildly by 2.90%, with the trading volume of 7.70B. Man Group reports that the "Big Seven" valuation levels remain reasonable post-market sell-off. JMP Securities reiterates a Market Outperform rating on Amazon.com. UBS maintains a Buy rating for Amazon with a revised target price of $224, projecting increased investments in AWS and new ventures. Amazon sues Nokia for cloud computing patent infringement in a Delaware federal court.
8. Broadcom (Nasdaq: AVGO)
Broadcom surged by 11.96%, with the trading volume of 7.20B. Broadcom's trading volume on July 31, 2024, reached $7.223 billion, marking a 59.31% increase from the previous day. Broadcom's stock rose over 7% alongside gains in the semiconductor sector.
9. Alphabet (Nasdaq: GOOGL)
Alphabet gained mildly by 0.73%, with the trading volume of 4.38B. Alphabet A affirmed a Buy rating by Needham with a $210 target and an Outperform rating by JMP Securities with a $200 target. For H1 2024, Alphabet A reported $1652.81 billion in revenue (up 14.47%) and $472.81 billion in net profit.
10. Super Micromputer (Nasdaq: SMCI)
Super Micromputer gained solidly by 5.30%, with the trading volume of 3.42B. Advanced Micro Devices reported a trading volume of $3.423 billion on July 31, 2024.