Yahoo Finance Trending tickers: Amazon, Apple, Micron, Tesla
Amazon (AMZN)
Amazon's market cap hit $2tn this week for the first time, making it the fifth US company to hit that mark. The bullish sentiment reflects optimism around artificial intelligence and the potential for imminent interest rate cuts.
The stock rose 3.9% on Wednesday to $193.61, putting it in the same club as technology heavyweights Microsoft Corp, Apple, Nvidia and Alphabet.
US stock indexes have recorded robust gains this year on relentless enthusiasm around AI, optimism around resilience in the US economy and potential easing of interest rates from the Federal Reserve.
Wall Street was trading near record levels, largely powered by megacap stocks, such as Nvidia and Amazon, whose future cash flows stand to benefit from lower interest rates.
Apple (AAPL)
Apple saw its stock coast in premarket on Thursday, after having gained 2% in yesterday's session as it rides out a competition probe under the EU's Digital Markets Act (DMA).
Brussels has accused the computing giant of stifling competition with practices in its App Store, marking the first enforcement actions under the new digital rules. The European Commission said earlier this week it was concerned about how Apple's controls on developers limits their ability to “freely steer their customers” to options outside of the App Store.
Meanwhile, as the tech giant pushes into new tech, Rosenblatt has upgraded Apple to 'buy' from 'neutral' and increased its price target to $260 per share, citing the company's privacy-focused AI initiatives.
Read more: FTSE 100 LIVE: European stocks mixed after yen hits 38-year low against dollar
Micron (MU)
Chipmaker Micron was hit by AI jitters on Thursday, with its stock 6.8% lower in premarket. The company beat Q3 estimates for revenue but stumbled when it came to forecasts — disappointing investors.
The company forecast revenue of $7.6bn, plus or minus $200m, for the current quarter, compared with an estimate of $7.6bn, according to LSEG data.
The company's results usually act as a weather vane for earnings in the chip sector, as it acts as an indicator of demand for various types of chips and end-markets.
Tesla (TSLA)
Tesla stock was down in premarket trade on Thursday, after gaining 4.8% in Wednesday's session. The electric vehicle maker gained this week, despite news that it would recall most of its Cybertrucks due to a fault with the windshield wipers and exterior trim. This would be the fourth time the vehicle has been recalled in the US.
The disclosure revealed the number of vehicles affected by the recall — 11,688 trucks — which would equate to the number of Cybertrucks sold, since it includes vehicles in use and in transit to customers. Because Tesla does not officially break out Cybertruck sales in its quarterly delivery report, getting a read on early Cybertruck sales is noteworthy.
Extrapolating the numbers shows Tesla could deliver around 23,500 Cybertrucks this year. However, at its annual shareholder meeting two weeks ago, CEO Elon Musk disclosed Tesla achieved a production record of 1,300 Cybertrucks per week, with a stretch goal of 2,500 vehicles per week by the end of 2024.
The moves also comes after Musk clinched a reported $210bn valuation for SpaceX. Bloomberg reported the valuation earlier today, following an insight into the value of insider shares being sold in a tender offer.
Watch: Amazon's $2tn market cap, consumer spending: Asking for a trend
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