Amazon's market cap hit $2 trillion for the first time this week. (Nathan Stirk via Getty Images)
Amazon (AMZN)
Amazon's market capitalization hit $2 trillion for the first time this week, becoming only the fifth U.S. company to reach that milestone. The bullish outlook reflects optimism about artificial intelligence and the possibility of interest rate cuts in the near future.
The company's shares rose 3.9% to $193.61 on Wednesday, putting it in line with tech giants Microsoft, Apple, Nvidia and Alphabet.
U.S. stock indexes have posted strong gains this year, fueled by continued enthusiasm for AI, optimism about the resilience of the U.S. economy and the possibility of interest rate easing by the Federal Reserve.
Wall Street was trading at record levels, mainly thanks to large-cap stocks such as Nvidia and Amazon, whose future cash flows are expected to benefit from low interest rates.
Apple shares fell in pre-market trading on Thursday after rising 2% in yesterday's trading as the company weathers a competition investigation under the EU's Digital Markets Act (DMA).
Brussels has accused Apple of hindering competition with its App Store practices, marking its first enforcement action under new digital rules. The European Commission said earlier this week it was concerned that Apple's restrictions on developers limit their ability to “freely steer customers” to options outside the App Store.
Meanwhile, as the tech giant focuses on new technologies, Rosenblatt upgraded Apple to a “buy” rating from “neutral” and raised his price target to $260 per share, citing the company's privacy-focused AI initiatives.
Read more: FTSE 100 LIVE: European shares mixed as yen hits 38-year low against dollar
Micron (MU)
Chipmaker Micron Inc.'s shares fell 6.8% in premarket trading on Thursday as AI fears shook the company, which disappointed investors by beating expectations for third-quarter revenue but stumbling on forecasts.
The company now expects sales of $7.6 billion for the current quarter, plus or minus $200 million, compared with forecasts of $7.6 billion, according to LSEG data.
The company's performance typically serves as a gauge of demand for different types of chips and end markets, and acts as a weather vane for the chip division's earnings.
Tesla shares fell in premarket trading Thursday after rising 4.8% in trading on Wednesday. The electric car maker's shares rose this week despite news that it would recall most of its Cybertrucks due to defects in windshield wipers and exterior trim, marking the fourth time the vehicle has been recalled in the United States.
According to the disclosed information, the number of vehicles affected by the recall is 11,688, which includes vehicles in use and in transit to customers, so it is the same number as the Cybertruck sales. Tesla has not officially released Cybertruck sales figures in its quarterly delivery reports, so it is noteworthy to understand the Cybertruck sales figures early.
The story continues
To put some numbers into perspective, Tesla could deliver around 23,500 Cybertrucks this year. But at its annual shareholder meeting two weeks ago, CEO Elon Musk revealed that Tesla has hit a weekly production record of 1,300 Cybertrucks, with a stretch goal of 2,500 per week by the end of 2024.
The move also comes after Musk reportedly values ​​SpaceX at $210 billion, a figure Bloomberg reported today following insight into the value of insider shares being sold in the tender offer.
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