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Tesla and Nvidia Lead the Charge: High Trading Volumes Amid Key Announcements

AInvestTuesday, Jul 23, 2024 6:31 pm ET
2min read
1. Tesla (Nasdaq: TSLA)
Tesla dipped mildly by -2.04%, with the trading volume of 24.95B. Tesla CEO Elon Musk announced plans to seek regulatory approval for FSD in China and Europe, targeting year-end approval. Roadster production is expected next year. The Mexican factory project is paused pending US elections. Robotaxi launch delayed to October. Tesla reported second-quarter revenue above expectations but missed on adjusted EPS.

2. Nvidia (Nasdaq: NVDA)
Nvidia dipped mildly by -0.77%, with the trading volume of 20.86B. NVIDIA announced a new AI foundry service and NIM inference microservice. Elon Musk stated xAI's data center demand for NVIDIA GPUs is so high that Tesla struggles to obtain necessary GPUs. NVIDIA disclosed 11 insider transactions on July 23, 2024.

3. Crowdstrike Holdings (Nasdaq: CRWD)
Crowdstrike Holdings gained mildly by 1.88%, with the trading volume of 9.05B. CrowdStrike Holdings's CEO George Kurtz is set to testify before Congress regarding a global outage caused by a software update. Analysts have mixed opinions, with Truist Securities maintaining a Buy rating and HSBC downgrading to Hold. Baird updated the price target to $335.00.

4. Amazon (Nasdaq: AMZN)
Amazon.Com gained mildly by 2.12%, with the trading volume of 8.84B. Amazon.com's Q2 revenue reached $88.72 billion. Morgan Stanley and JMP Securities reiterated their overweight ratings, with price targets of $240 and $225, respectively. Truist Securities raised Amazon’s price target to $230. Italian authorities seized €121 million from Amazon's Italian subsidiary over tax and labor violations.

5. Apple (Nasdaq: AAPL)
Apple gained mildly by 0.47%, with the trading volume of 8.61B. Apple is developing a foldable iPhone, expected to debut in 2026. Additionally, Apple's AirPods Pro service notification method is under scrutiny. Furthermore, India's reduction of mobile import duties will save Apple up to $50 million annually.

6. Alphabet (Nasdaq: GOOGL)
Alphabet gained mildly by 0.07%, with the trading volume of 6.25B. Alphabet Inc.'s Q2 revenue exceeded analyst expectations, driven by cloud services and search ads demand. H1 2024 net profit increased 41.48% YoY to $47.28 billion, with revenue reaching $165.28 billion. Google Cloud's Q2 revenue hit $10.35 billion.

7. Microsoft (Nasdaq: MSFT)
Microsoft gained mildly by 0.43%, with the trading volume of 5.79B. A recent Microsoft update error caused a global "7/19 Blue Screen" event, impacting nearly ten million devices worldwide. This network security incident affected operations of multiple airlines and airports due to technical issues. Piper Sandler reaffirmed Microsoft's overweight rating with a $485 target price.

8. Advanced Micro Devices (Nasdaq: AMD)
Advanced Micro Devices dipped mildly by -1.20%, with the trading volume of 4.91B. AMD announced its roadmap including Zen6 and Zen6c. AMD's president retired. AMD is set to release RDNA4 graphics cards with enhanced ray tracing performance. SoftBank and AMD accelerate the acquisition of AI chip companies. Samsung Electro-Mechanics to supply high-performance FCBGA substrates to AMD.

9. Meta Platforms (Nasdaq: META)
Meta Platforms gained mildly by 0.27%, with the trading volume of 4.53B. Meta Platforms launched the latest version of its Llama 3 AI model, supporting eight languages and improved math problem-solving. The EU accused Meta of misleading users, potentially resulting in fines. CEO Mark Zuckerberg confirmed a new AR glasses launch by year-end. Insider trading and Bernstein's price target adjustment reported.

10. Alphabet (Nasdaq: GOOG)
Alphabet gained mildly by 0.14%, with the trading volume of 4.05B. Alphabet Inc. reported Q2 2024 net profit growth of 41.48% YoY with revenue of $165.28 billion and net profit of $47.28 billion. Google Cloud revenue was $10.35 billion, beating estimates. Search and cloud services boosted total revenue to $84.74 billion.
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