Nvidia, the No. 1 U.S. stock trading volume on Thursday, closed up 3.34%, with a turnover of $30.873 billion. Nvidia supplier SK Hynix said on Thursday that its high-bandwidth memory (HBM) chips are almost sold out by 2025 as the AI boom drives demand for them. The South Korean memory chip maker said its HBM chips are fully sold out in 2024.
No. 2 Tesla closed 0.06% higher, with a turnover of $15.878 billion. According to an industry survey data, in April this year, the auto manufacturing industry laid off the most workers in major industries in the United States, and Tesla accounted for the vast majority of layoffs in the industry. Musk has recently fired two Tesla executives and plans to lay off hundreds more due to his frustration with declining sales and the pace of layoffs.
No. 3 Apple closed 2.29% higher, with a turnover of $12.294 billion. Skyworks Solutions, Apple's wireless network IC supplier, has hinted that iPhone sales are not optimistic.
The company produces chips for Apple, and 64 percent of Skyworks' total revenue comes from Apple orders, which account for 85 percent of iPhone sales. In the second quarter of 2024, Skyworks' revenue was $1.046 billion, down 8.7% year-on-year, and the company said that the market sales performance was lower than expected, and the next quarter is not expected to be optimistic.
In addition, according to newly released court documents from the U.S. Department of Justice's antitrust lawsuit against Google, Google's parent company Alphabet paid Apple $20 billion in 2022 to make Google the default search engine in the Safari browser. The deal between the two tech giants is at the heart of this landmark case, with antitrust enforcers alleging that Google illegally monopolized the online search and related advertising markets. The Justice Department and Google will provide closing arguments for the case on Thursday and Friday, with a decision expected later this year.
No. 4 Amazon closed 3.20% higher, with a turnover of $9.762 billion. Amazon's operating margin improved significantly to 10.7% in the quarter from 7.8% in the previous quarter, surpassing its all-time high of 8.2% in the first quarter of 2021. This achievement was driven by significant cost-cutting measures implemented by CEO Andy Jassy, as well as strong growth in high-margin businesses such as advertising and cloud computing.
UBS raised Amazon's price target to $217 and maintained a "buy" rating.
No. 6 AMD closed up 1.31%, with a turnover of $7.172 billion. In the first quarter of 2024, AMD's revenue increased by 2.24% year-on-year to $5.47 billion, slightly higher than market expectations, but suffered a sequential decline below the $6.17 billion in the fourth quarter of 2023, and achieved a net profit of $123 million during the period, compared with a loss of $140 million in the same period last year.
AMD said in its earnings report that the increase in revenue in the first quarter was mainly due to the increase in revenue in the data center business unit, which was attributed to higher sales of AMD Instinct GPUs and 4th Gen AMD EPYC CPUs, as well as higher revenue in the customer segment, mainly driven by sales of Ryzen 8000 series processors, but the decline in revenue in the gaming segment dragged down the overall performance.
No. 7 Microsoft closed 0.73% higher, with a turnover of $6.858 billion. It is understood that Microsoft recently announced a huge investment in OpenAI to strengthen its competitiveness in this field and catch up with industry giant Google. At present, Microsoft's total investment in OpenAI has exceeded $13 billion, a figure that highlights Microsoft's ambitions in the field of AI.
A recently leaked internal letter from Microsoft also reflects the company's eagerness and concern to catch up with Google in the field of artificial intelligence in recent years.
No. 10 Qualcomm closed 9.74% higher, its biggest one-day gain since November 2021, with a turnover of $4.619 billion. Qualcomm's fiscal second-quarter revenue was $9.39 billion, up 1% year-over-year versus analysts' expectations of $9.32 billion, and adjusted EPS was $2.44, up 13.5% year-over-year versus analysts' expectations of $2.32.
The CFRA upgraded Qualcomm to Buy. Canaccord Genuity raised Qualcomm's price target to $206 from $180 and maintained a Buy rating.
The 11th-ranked Google Class A stock (GOOGL) closed up 1.68%, with a turnover of $3.804 billion. According to media reports, Google will lay off at least 200 people from its "core" organization, including key teams and engineering talent. As part of the restructuring of the division, the company will recruit for positions in Mexico and India.
According to Google's website, its core division is responsible for building the technology foundation behind the company's flagship products and protecting users' online safety. The core team includes key technology units from information technology, Python development teams, technical infrastructure, security foundation, application platforms, core developers, and various engineering roles.
No. 14 Alibaba closed up 6.38%, with a turnover of $2.892 billion. Alibaba is reportedly considering building a data center in Vietnam.
No. 15 Pinduoduo closed 10.48% higher, with a turnover of $2.879 billion. According to the official website of the State Post Bureau, Shanghai Yucan Information Technology Co., Ltd. has obtained a license to open a service station to operate express delivery business (except letters), which is valid until September 20, 2028, with a registered capital of 3.5 million US dollars under the express service brand "Pinduoduo Station".
Carvana, the 16th used car trading platform, closed 33.77% higher, with a turnover of $2.828 billion. GGS reported Q1 revenue of $3.06 billion versus analysts' expectations of $2.68 billion, adjusted EBITDA of $235 million versus analysts' expectations of $130.9 million, and adjusted EBITDA margin of 7.7% versus analysts' expectations of 4.49%. The retail vehicle segment sold 91,878 units during the period, versus analysts' expectations of 84,094 units.
No. 20 DoorDash closed down 10.32%, with a turnover of $2.263 billion. Doordash reported first-quarter revenue of $2.51 billion versus analysts' expectations of $2.45 billion, and adjusted EBITDA of $371 million versus analysts' expectations of $368.5 million. The company expects second-quarter adjusted EBITDA of $325 million to $425 million, compared to analysts' expectations of $394.4 million.
In addition, according to documents disclosed by the Securities and Exchange Commission, DoorDash executive Adarkar Prabir intends to sell 8,000 shares of common stock on May 1 for a total market capitalization of approximately $1,027,900. Adarkar Prabir has reduced its holdings of 42,600 shares of the company since February 1, 2024, with a total value of approximately US$5,017,300.
Following DoorDash's earnings report, brokerage Oppenheimer lowered its price target to $125 from $150 and maintained an "outperform" rating.
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