Tesla (TSLA, Financial) topped the trading volume list with its stock closing up 0.53%, making $41.36 billion. U.S. President-elect Trump announced that Elon Musk will co-lead a new government efficiency department, aimed at reducing bureaucracy and restructuring federal agencies. In other news, Tesla is recalling 2,431 units of its 2024 Cybertruck due to a drive inverter defect that could lead to loss of wheel power. This recall involves vehicles produced between November 6, 2023, and July 30, 2024.
NVIDIA (NVDA) saw its stock fall by 1.36% with a trading volume of $26.48 billion. The company is collaborating with SoftBank to build Japan's most powerful AI supercomputer, utilizing NVIDIA's latest Blackwell chips. This partnership aims to advance Japan's AI development plans and includes new telecom networks that can handle both AI tasks and 5G services. SoftBank will be the first to receive NVIDIA AI servers for a new supercomputer named DGX SuperPOD. Citibank has raised NVIDIA's target price from $150 to $170.
MicroStrategy's Bitcoin-related stocks dropped 7.91% with a trading volume of $16.08 billion, as Bitcoin prices fluctuated significantly. Bitcoin hit a new high before falling below $88,000, erasing most of its gains. During the hour between 3:30 to 4:30 PM EDT, cryptocurrency liquidations totaled $63.02 million, with 252,857 investors affected, losing a total of $875 million.
Apple (AAPL) rose 0.40% with a trading volume of $10.73 billion. The company plans to launch an AI-powered smart home device by March 2025, integrating it with existing Apple hardware. This product aims to strengthen Apple's position in the smart home market. Additionally, Apple reported revenue of €1.63 billion and an operating profit of €189 million for the first nine months of the year.
Amazon (AMZN) climbed 2.48% with $9.78 billion in trades. The company revealed details of its Black Friday and Cyber Monday shopping events, expecting high consumer engagement. To compete with discount retailers like Temu and Shein, Amazon launched a platform called "Amazon Haul" featuring products under $20.
Microsoft (MSFT) gained 0.51% with a trading volume of $8.86 billion. Microsoft's gaming chief, Phil Spencer, discussed future plans including potential acquisitions and expanding in mobile gaming and Asian markets. The company is considering acquiring more mobile firms to add content following last year's $69 billion acquisition of Activision Blizzard.
Coinbase Global's stock fell 10.78%, with $8.41 billion traded. Meta Platforms (META) dropped 0.82% with $6.04 billion in trading, following an announcement to cut ad-free subscription costs for EU users by 40% alongside offering less personalized ad options.
Spotify's (SPOT) stock surged 11.44%, reaching an all-time high with $5.52 billion in trades. The company reported a strong Q3 with revenues of €3.988 billion, up 19% year-over-year, and a net profit of €300 million, increasing by 362%. Analysts raised Spotify's target prices significantly, indicating strong future expectations.
AMD (AMD) declined 3.01% with a trading volume of $4.74 billion. The company announced a 4% reduction in its global workforce to focus on the AI chip market, which is currently dominated by NVIDIA.
Google's Class A shares fell 1.51% with $4.04 billion traded. Boeing experienced a 3.58% drop, with $2.94 billion in trading, amid worker strikes and low delivery figures. Rocket Lab's stock rose 28.44% to a record high, with strong financial results and new contracts.
