NVIDIA (NVDA, Financial) topped trading volumes with a 3.32% rise, clocking in at $33.46 billion. CEO Jensen Huang revealed that the demand for their Blackwell AI chips is overwhelming, running at full capacity. However, concerns are brewing due to significant insider selling; NVIDIA executives have sold nearly 11 million shares in 2024, the most since 2020. Despite these sales constituting a tiny fraction of total shares, investors feel uneasy about potential delays in the Blackwell series release and the sustainability of AI-related expenses.
NVIDIA insiders are expected to continue selling shares. CEO Jensen Huang recently executed a pre-arranged sale of 6 million shares. Additionally, a trust controlled by board member Mark Stevens plans to sell another 3 million shares, following the sale of 1.6 million shares earlier this year.
Tesla (TSLA) saw a 3.36% decline with $19.455 billion in trading. The company has filed for a recall with the NHTSA for 27,185 units of the 2024 Cybertruck due to a rearview camera delay issue, marking the fifth recall for the model since its debut in late 2023.
Apple (AAPL) dipped 0.49%, trading at $7.582 billion. CEO Tim Cook sold over 220,000 shares, amassing more than $50 million. SEC filings indicate Cook gained additional shares, with increments planned for release in 2027, 2028, and 2029.
Meta Platforms (META) rose 1.74% with $6.531 billion in trading. The company announced a data-sharing partnership with NatWest and Metro Bank to enhance fraud protection for its platform users.
Amazon (AMZN) decreased by 1.52% trading at $5.256 billion. The company plans to hire approximately 250,000 workers for its holiday shopping season, predicting stable demand in its key market. Amazon also announced a wage increase for U.S. transport and warehouse workers, with minimum hourly pay now exceeding $22.
Alibaba (BABA) dropped 2.09%, with $3.29 billion traded. The company repurchased 414 million shares, equivalent to 52 million ADS, for $4.1 billion, as part of its share buyback plan. This reduced the outstanding ordinary shares by 2.1% as of September 30, 2024.
Futu Holdings (FUTU) surged 8.81%, seeing $2.297 billion in trades, marking a three-day gain of over 43%. JP Morgan recently boosted its price target from $88 to $160.
TSMC (TSM) climbed 2.09% with $2.243 billion in trading. S&P Global Ratings highlighted potential challenges due to Taiwan's limited power supply growth, crucial for TSMC's power-intensive chip production.
Palantir (PLTR) was up 4.67% with $2.174 billion in trades, while Nike (NKE) fell 1.2% trading at $1.484 billion. Nike reported $11.6 billion in revenue for its first quarter of fiscal 2025, with Greater China revenue hitting $1.7 billion. EVP and CFO Matthew Friend noted positive trends despite a slow recovery.
