The U.S. stock market saw significant declines across its major indices, with NVIDIA (NVDA) experiencing a 3.66% drop, leading with a trading volume of $34.452 billion. Analysts at Wedbush Securities remain optimistic about NVIDIA and Microsoft spearheading the AI revolution, predicting that the AI infrastructure market could grow tenfold by 2027.
Tesla (TSLA) also fell by 1.38%, with a trading volume of $22.064 billion. Analysts estimate Tesla's Q3 global deliveries at approximately 463,900 vehicles, marking a 7% year-over-year increase. Tesla's new Cybertruck is gaining traction although specific delivery numbers aren't available. Analyst Ben Kallo projects 20,000 Cybertruck sales in the past quarter. Tesla is set to reveal its Robotaxi on October 10, with the new model designed specifically for autonomous driving without a steering wheel or pedals, aiming for low production costs and affordable ride prices, and mass production expected by 2024.
Apple (AAPL, Financial) declined by 2.91%, with a trading volume of $14.078 billion. Reports indicate Apple plans to release a new iPhone SE and an upgraded iPad Air early next year. However, Barclays reports weak demand for the iPhone 16, which led to a reduction in orders from a major Taiwanese supplier for Q4, maintaining a "Underweight" rating with a $186 price target.
Meta Platforms (META) saw a slight increase of 0.70%, trading at $8.49 billion. The company announced plans to expand its AI innovation investments in Vietnam, including the production of the latest VR devices starting in 2025.
Microsoft (MSFT) dropped by 2.23%, with a trading volume of $7.95 billion. Germany's Federal Cartel Office has classified Microsoft as a company of "paramount significance for competition," subjecting it to stricter oversight due to anti-competitive behavior risks.
Alibaba (BABA) saw a substantial rise of 6.24%, with a trading volume of $4.839 billion, amid a broad rally in Chinese stocks like Pinduoduo and JD.com. Goldman Sachs noted that the combined market cap of Alibaba, Pinduoduo, and JD.com is only a quarter of Amazon’s, indicating significant revaluation potential. The Chinese internet sector's 12-month forward P/E ratio stands at 14.3x, over 40% lower than its U.S. counterpart.
Alphabet Inc. Class A shares (GOOGL) rose 0.69%, with a trading volume of $4.598 billion. The company announced a $2 billion data center and cloud region in Malaysia, supporting new sustainability and skills initiatives.
Coinbase Global (COIN) fell by 7.39%, trading at $2.513 billion due to a broader decline in cryptocurrency stocks, with Bitcoin dropping over 1.9% to $62,555.6.
