Tech Giants Surge: Nvidia Hits Record Market Cap, Constellation Energy and Broadcom Soar
AInvestWednesday, Jul 31, 2024 6:30 pm ET
1min read
MAN --
NVDA --
1. Nvidia (Nasdaq: NVDA)
Nvidia surged by 12.81%. Man Group stated that the valuations of major tech firms, including Nvidia, are acceptable and reflect reasonable return rates. Nvidia's market cap surged by a record $329 billion in a single day, while analysts from Morgan Stanley remain optimistic about its long-term growth potential.

2. Constellation Energy (Nasdaq: CEG)
Constellation Energy surged by 12.51%. Constellation Energy declared a cash dividend of $0.3525 per share. Morgan Stanley and UBS maintain positive ratings on Constellation Energy, with price targets of $241.00 and $249.00, respectively. Constellation Energy disclosed 10 insider transactions on July 2.

3. Broadcom (Nasdaq: AVGO)
Broadcom surged by 11.96%. Broadcom saw a trading volume of $7.223 billion on July 31, 2024, marking an increase from the previous day. Broadcom’s AI-related stocks experienced significant declines amid investor skepticism, dropping over 2%. Broadcom is also negotiating a partnership with OpenAI for custom ASIC chips, positioning itself against NVIDIA.

4. Arista Networks (NYSE: ANET)
Arista Networks surged by 11.26%. Arista Networks reported Q2 2024 results with adjusted EPS of $2.10 beating estimates and revenue of $1.69 billion. Jefferies, Needham, and Wells Fargo maintain buy/overweight ratings with target prices of $380 and $390 respectively. Rosenblatt maintains sell with a target of $265.

5. Monolithic Power Systems (Nasdaq: MPWR)
Monolithic Power Systems surged by 10.39%. Monolithic Power will report its fiscal 2024 second-quarter financial results on August 1, 2024. Rosenblatt and Keybanc maintain their ratings on Monolithic Power, setting target prices at $880 and $975, respectively. Multiple insider trading activities have been disclosed throughout July 2024.
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.