Tesla (TSLA, Financial) saw a notable increase of 8.96%, leading the stock market in trading volume with $71.771 billion. Reports indicate that Elon Musk, CEO of Tesla, could play a pivotal role in the formation of a future Trump administration. Sources mention that Musk has been a significant influence on personnel decisions and strategies since the last election cycle, even participating in discussions with foreign leaders on behalf of Trump. Analysts at Wedbush reaffirmed an "outperform" rating for Tesla, raising the price target from $300 to $400, expressing confidence that a Trump presidency could positively impact Tesla's ventures in autonomous driving and artificial intelligence.
Meanwhile, Nvidia (NVDA) shares fell by 1.61%, with a trading volume of $26.244 billion. Fund manager Terry Smith expressed skepticism about Nvidia's revenue predictability and capital return, avoiding investments in the company. Smith remains cautious about the future of AI, questioning the willingness of consumers to pay for AI applications.
In contrast, MicroStrategy (MSTR) shares jumped 25.73%, spurred by a rise in Bitcoin prices. The company announced it had purchased an additional 27,200 Bitcoin, marking its largest Bitcoin acquisition since 2020. Bitcoin prices surged over 10%, reaching a record high of $88,447, with expectations that a Trump presidency might support favorable cryptocurrency policies.
Coinbase Global surged by 19.76%, trading $13.234 billion in volume. Apple (AAPL) slightly declined by 1.20%, facing setbacks in its ultra-thin high-density battery project for upcoming devices. Additionally, Apple users may soon see a standalone "Google Gemini" app for enhanced AI features.
Microsoft experienced a slight decline of 1.07%, whereas Salesforce (CRM) saw a rise of 6.14% after announcing plans to hire over 1,000 employees to promote a new generative AI product, Agentforce. Salesforce aims to monetize AI investments through this autonomous task-handling tool.
AbbVie shares dropped 12.57% following disappointing trial results for a schizophrenia treatment. The company is analyzing data to determine future steps. TSMC shares declined by 3.55% amidst rumors of halted AI chip production, which the company declined to comment on.
