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Massive Market Moves: Nvidia and Tesla Lead High-Volume Declines

AInvestWednesday, Jul 24, 2024 6:31 pm ET
2min read
1. Nvidia (Nasdaq: NVDA)
Nvidia plunged by -6.80%, with the trading volume of 36.97B. NVIDIA launched the NVIDIA AI Foundry service and NVIDIA NIMTM inference microservices. The company will integrate Samsung HBM3E memory into its AI chips and introduced the GB200 NVL72 server, utilizing Blackwell architecture and high-speed copper cables for AI server interconnections.

2. Tesla (Nasdaq: TSLA)
Tesla plunged by -12.34%, with the trading volume of 36.40B. Tesla's Q2 2024 revenue fell 3.02% YoY to $46.8 billion, net profit at $2.63 billion. New Street Research downgrades Tesla to neutral with a $225 price target. Piper Sandler maintains an overweight rating at $300. Citigroup rates neutral at $258. Energy storage revenue doubles. Elon Musk proposes $5 billion Tesla investment in xAI.

3. Apple (Nasdaq: AAPL)
Apple dipped mildly by -2.88%, with the trading volume of 13.10B. Apple unveiled a beta version of its web-based Maps application. JP Morgan maintains an overweight rating on Apple, setting the new price target at $265. Ming-Chi Kuo predicts Apple will remove iPhone 17 Plus. In Q2, 17% of new iPhone users switched from Android, the highest rate in five years.

4. Microsoft (Nasdaq: MSFT)
Microsoft dropped solidly by -3.59%, with the trading volume of 11.50B. Microsoft's trade volume on July 24 was $11.502 billion. Microsoft announced the launch of Bing generative search blog. Microsoft reaffirmed no plans to restrict CrowdStrike's access to Windows OS. Lumen Technologies announced a strategic partnership with Microsoft. Malaysia urged Microsoft to consider compensating affected firms.

5. Alphabet (Nasdaq: GOOGL)
Alphabet dropped solidly by -5.04%, with the trading volume of 8.58B. Alphabet A reported Q2 2024 revenue of $165.28 billion, up 14.47% YoY, with net profit at $47.28 billion. JMP Securities, Citigroup, Truist Securities, Needham, and Morgan Stanley all maintain buy ratings. Google's $23 billion acquisition offer for Wiz was declined.

6. Meta Platforms (Nasdaq: META)
Meta Platforms dropped solidly by -5.61%, with the trading volume of 8.06B. Meta has deleted approximately 63,000 Facebook accounts in Nigeria involved in financial extortion scams targeting U.S. adult males. Meta launched the powerful open-source AI model Llama 3.1, and announced AI features for its Quest VR headset, ahead of Apple's Vision Pro.

7. Amazon (Nasdaq: AMZN)
Amazon.Com dipped mildly by -2.99%, with the trading volume of 7.53B. Amazon and NBA announce a long-term broadcasting agreement. Morgan Stanley maintains Amazon's rating as overweight with a target price of $240. Amazon reported Q1 2024 revenue of $143.31 billion, up 12.53% year-over-year. Amazon’s Alexa unit lost $25 billion from 2017 to 2021, aiming to launch a paid version.

8. Advanced Micro Devices (Nasdaq: AMD)
Advanced Micro Devices plunged by -6.08%, with the trading volume of 7.23B. AMD Ryzen 9 9900X processor’s performance resembles Ryzen 7 7800X3D in testing by Italian YouTube channel SaddyTech. AMD unveils roadmap featuring Zen6 and Zen6c. AMD's president announces retirement.

9. Alphabet (Nasdaq: GOOG)
Alphabet dropped solidly by -5.03%, with the trading volume of 5.30B. Alphabet A reports Q2 2024 revenue of $165.28 billion, up 14.47%, and net profit of $47.28 billion. Citigroup, Truist Securities, Needham, and Morgan Stanley maintain buy ratings with targets ranging from $196 to $212. Google's acquisition attempt of Wiz Inc. was rejected.

10. Broadcom (Nasdaq: AVGO)
Broadcom plunged by -7.59%, with the trading volume of 5.25B. Broadcom's transaction value on July 24, 2024, was $5.247 billion, ranking it 10th among U.S. stocks. Investors are concerned about the time required to see returns from AI investments. Broadcom, alongside Nvidia and Arm, experienced significant declines amid doubts about AI's future.
Disclaimer: the above is a summary showing certain market information. AInvest is not responsible for any data errors, omissions or other information that may be displayed incorrectly as the data is derived from a third party source. Communications displaying market prices, data and other information available in this post are meant for informational purposes only and are not intended as an offer or solicitation for the purchase or sale of any security. Please do your own research when investing. All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk, it does not assure a profit, or protect against loss in a down market.