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Tesla Surges on Heavy Trading, Analysts Cautiously Optimistic

AInvestMonday, Jul 29, 2024 6:31 pm ET
2min read
1. Tesla (Nasdaq: TSLA)
Tesla gained solidly by 5.60%, with the trading volume of 29.64B. Tesla analysts tried FSD on Elon Musk's suggestion, nearly crashing. Morgan Stanley reiterated an Overweight rating with a target of $310. Tesla might reapply for an insurance brokerage license in China after a previous deregistration. Tesla replaced Ford as Morgan Stanley's top U.S. auto stock.

2. Nvidia (Nasdaq: NVDA)
Nvidia dipped mildly by -1.30%, with the trading volume of 27.86B. NVIDIA experiences supply constraints for RTX 4070 graphics cards due to GDDR6X memory shortages. NVIDIA collaborates with Colorful and Mars Era Education to establish an RTX AI creative zone. NVIDIA's H100 and HBM3 memory faced issues during LLama 3 training by Meta engineers.

3. Apple (Nasdaq: AAPL)
Apple gained mildly by 0.13%, with the trading volume of 7.90B. Apple's AI models were pre-trained on custom Google-designed cloud chips for the Apple Intelligence system. Apple released new developer betas for iOS, iPadOS, and macOS, and signed the US AI safety voluntary commitment. TD Cowen maintains a Buy rating with a $250.00 target price.

4. Advanced Micro Devices (Nasdaq: AMD)
Advanced Micro Devices dipped mildly by -0.17%, with the trading volume of 6.53B. Advanced Micro Devices Inc. reported Q1 2024 revenue of $5.473 billion and net profit of $123 million. Barclays maintained an "overweight" rating for AMD but lowered the price target to $180. AMD will establish a new R&D center in Taiwan with a $1.73 billion investment.

5. Microsoft (Nasdaq: MSFT)
Microsoft gained mildly by 0.34%, with the trading volume of 6.39B. Microsoft's LinkedIn agreed to pay around $6.63 million to settle an overcharging lawsuit. The company also experienced a major service outage impacting multiple industries and saw its Xbox 360 store officially close. Additionally, Microsoft's Windows 11 design updates faced user criticism.

6. Amazon (Nasdaq: AMZN)
Amazon.Com gained mildly by 0.38%, with the trading volume of 6.08B. Amazon's compliance certificate forgery results in multiple store closures. Amazon Web Services enhances multi-factor authentication with new passkey support. New AI chip promises 50% performance increase. Amazon to release Q2 2024 earnings on August 1. GE Healthcare partners with Amazon in generative AI.

7. Meta Platforms (Nasdaq: META)
Meta Platforms gained mildly by 0.00%, with the trading volume of 5.27B. Meta Platforms will report its Q2 2024 financial results on July 31, 2024. The company recently released its Llama 3.1 AI model, aiming to rival GPT-4; however, training faced frequent issues with 16,384 H100 GPUs, experiencing failures every three hours over 54 days.

8. Alphabet (Nasdaq: GOOGL)
Alphabet gained mildly by 1.51%, with the trading volume of 3.43B. Apple trained its AI models on custom Google chips, indicating a trend of tech companies seeking alternatives to Nvidia for advanced AI training. Google also launched an AI skills project in the UK with industry and academic partners.

9. Crowdstrike Holdings (Nasdaq: CRWD)
Crowdstrike Holdings gained mildly by 1.03%, with the trading volume of 2.86B. Morgan Stanley maintains an Overweight rating on CrowdStrike Holdings but lowers the price target to $360. CrowdStrike Holdings' recent update caused a significant Windows blue screen issue, and the company, alongside Microsoft, has been assisting affected users.

10. Super Micromputer (Nasdaq: SMCI)
Super Micromputer dipped mildly by -2.03%, with the trading volume of 2.76B. Advanced Micro Devices Inc. reported a trading volume of $2.757 billion on July 29, 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.