Nvidia (NVDA) topped the U.S. stock market in trading volume on Monday, closing up 4.14% and reaching a historic high as its market capitalization surpassed $3.5 trillion, trading $36.734 billion. Bank of America raised its rating on Nvidia, increasing the stock price target from $165 to $190, suggesting a potential 38% increase from Friday's close of $138. Analysts predict exponential growth in the AI market, seeing a "generational opportunity" for Nvidia as it solidifies its market leadership. Projections indicate the AI accelerator market could grow to $280 billion by 2027, with potential to exceed $400 billion, up from $45 billion in 2023, driven by AI models from companies like OpenAI, Google, and Meta.
Tesla (TSLA) saw a decline of 0.84%, with $10.266 billion traded. Tesla is set to release its Q3 earnings report mid-week, which may refocus Wall Street's attention on fundamentals, as dissatisfaction lingers over a highly publicized yet detail-lacking robot event. Tesla's stock has fallen about 11% year-to-date, facing issues such as sales growth, competition from Chinese EV makers, and concerns over CEO Elon Musk's ability to deliver on promises.
Apple (AAPL) rose 0.63%, with $8.274 billion in trading. Reports suggest that the iPhone 16 series has been discounted, with Apple offering a $500 coupon on its official Tmall store, reducing starting prices to as low as 5,499 yuan, marking the first cut since the new model was launched. Further discounts are available through third-party channels and e-commerce platforms.
Microsoft (MSFT) gained 0.15%, with $5.544 billion traded. Next month, Microsoft will allow customers to build autonomous AI agents, enhancing its AI endeavors amid scrutiny over its significant investments. These autonomous programs are positioned as applications for an AI-driven world, facilitating customer queries, sales lead identification, and inventory management.
Meta Platforms (META) slipped 0.23%, trading $4.636 billion. Meta plans to launch new AI models, including a self-evaluating one, potentially reducing human intervention in AI development. This follows a research paper detailing the use of "chain of thought" technology to improve response accuracy in complex domains.
AMD (AMD) rose 1.24%, with $3.994 billion in trading. AMD may unveil the Ryzen 7 9800X3D processor at a planned event. Reports suggest significant performance improvements compared to the Ryzen 7 7800X3D.
Alphabet's Google Class A shares (GOOGL) increased 0.40%, with $3.081 billion traded. Google plans to procure small modular reactors (SMR) to support its data centers' growing energy needs due to AI, potentially advancing fourth-generation nuclear power.
