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Volume Stonkers | NVIDIA fell 6.39%, Tesla showcased new supercomputer Cortex

AInvestThursday, Aug 29, 2024 5:30 pm ET
3min read
NVIDIA, which ranked first by trading volume, fell by 6.39% with a trading volume of $53.989 billion. The company's recent earnings guidance failed to meet the highest market expectations, leading to a significant drop in stock price. Additionally, NVIDIA will soon hold a financial community event, where CEO Jensen Huang will discuss topics including Blackwell, sovereign AI, and NVIDIA's cloud strategy.

Tesla, ranked second, rose by 0.26% with a trading volume of $13.066 billion. Elon Musk showcased Tesla's new supercomputer Cortex, which can accommodate 100,000 H100/H200 chips. Morgan Stanley maintained its buy rating on Tesla with a target price of $310.

Apple, ranked third, gained 1.46% with a trading volume of $11.880 billion. Apple has partnered with Bharti Airtel to expand in the Indian streaming market. Additionally, analysts predict that the high-end version of Apple's iPhone 17 will feature 12GB of memory, and the company is in negotiations to join OpenAI's funding round.

Microsoft, ranked fourth, increased by 0.61% with a trading volume of $6.977 billion. Microsoft participated in OpenAI's new funding round, with its investment expected to further accelerate OpenAI's growth. Additionally, Microsoft saw active options trading with a significant increase in volume.

SMIC, ranked fifth, rose by 1.20% with a trading volume of $5.891 billion. Despite a delay in submitting its 10-K report, SMIC's stock remained strong. Northland Securities maintained its buy rating with a target price of $175.

AMD, ranked sixth, declined by 0.59% with a trading volume of $4.638 billion. AMD's stock was affected by market volatility but continued to maintain high trading volume among tech stocks.

Amazon, ranked seventh, rose by 0.77% with a trading volume of $4.534 billion. Amazon employees plan to join a strike organized by the American Trucking Associations, potentially impacting the company's operations. Analysts continue to focus on Amazon's critical position in the tech sector.

Meta, ranked eighth, increased by 0.28% with a trading volume of $4.326 billion. Meta is considering the launch of a mixed reality headset codenamed "Puffin" and reported that its LLAMA AI model has been downloaded nearly 350 million times.

Broadcom, ranked ninth, fell by 0.79% with a trading volume of $3.720 billion. Broadcom maintained its buy rating and raised its target price to $175. Additionally, following Broadcom's acquisition of VMware, Nutanix's stock price surged.

Dollar Tree, ranked tenth, plummeted by 32.01% with a trading volume of $3.673 billion. The company's stock sharply declined after quarterly earnings missed expectations and guidance was lowered. Furthermore, changes were made to the board of directors, and the company announced a positive outlook and dividends.

Salesforce, ranked eleventh, declined by 0.77% with a trading volume of $3.658 billion. Salesforce's Q2 revenue growth hit a record low, but the company raised its full-year profit guidance, putting pressure on the stock price.

CrowdStrike Holdings, ranked twelfth, rose by 2.83% with a trading volume of $3.612 billion. CrowdStrike released strong Q2 earnings, with revenue growing by 32% and adjusted net income increasing by 44.9%.

Alphabet Inc. Class A, ranked thirteenth, fell by 0.66% with a trading volume of $3.172 billion. Google announced a strategic alliance with Accenture to advance generative AI and cybersecurity solutions.

Alphabet Inc. Class C, ranked fourteenth, declined by 0.67% with a trading volume of $2.519 billion. Alphabet's Class C stock fell as the company made progress in its partnership with Accenture on generative AI and cybersecurity.

Dell Technologies, ranked fifteenth, fell by 0.71% with a trading volume of $2.501 billion. Dell Technologies expects full-year sales to be between $95.5 billion and $98.5 billion, and reported a surge in AI server orders, exceeding financial expectations.

Pinduoduo, ranked sixteenth, rose by 4.77% with a trading volume of $2.425 billion. Pinduoduo's stock increased, showing outstanding performance in the U.S. market with significant growth over the past five years.

TSMC, ranked seventeenth, increased by 0.08% with a trading volume of $2.233 billion. TSMC Global acquired fixed income securities worth $21.8 million, and the company plans to launch its 2nm process MPW services in September.

Affirm Holdings, ranked eighteenth, surged by 31.92% with a trading volume of $2.227 billion. Affirm Holdings released better-than-expected financial results, causing the stock to jump by 34%, marking its best performance day in three years.

Qualcomm, ranked nineteenth, declined by 1.37% with a trading volume of $2.143 billion. Qualcomm's stock fell as Meta decided to rely on Qualcomm and other chip companies for its future AR glasses chips.

Berkshire Hathaway B, ranked twentieth, rose by 0.78% with a trading volume of $1.952 billion. Berkshire Hathaway's market value surpassed $1 trillion for the first time, making it the first non-tech U.S. company to achieve this milestone. Analysts remain optimistic about Berkshire's long-term performance.
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