1. **Tesla** rose 3.45%, with trading volume in the billions. Reports indicate that Elon Musk, during an all-hands meeting at xAI’s San Francisco headquarters, stated that xAI could surpass all competitors in the AI race if it successfully navigates the next two to three critical years of development.
2. **Nvidia** gained 1.87%, with $30.34 billion in trading volume. The company and the U.S. government are expanding AI infrastructure and R&D investments through the "Genesis Mission" initiative. Nvidia also signed a memorandum of understanding with the U.S. Department of Energy to accelerate scientific discovery.
3. **Broadcom** climbed 1.18%, with $17.59 billion in trading volume. JPMorgan forecasts data center capital expenditure growth to exceed 50% by 2026, up from prior estimates of 30%, implying over $150 billion in incremental spending next year—far surpassing Wall Street’s AI revenue projections.
4. **Micron Technology (MU)** surged 10.21%, with $16.14 billion in trading volume. Its earnings report revealed robust demand for memory chips, significantly exceeding market expectations.
During an analyst call, Micron highlighted data center demand as the primary driver of sales growth. The company projects the total addressable market for high-bandwidth memory chips to reach $100 billion by 2028, with a 40% annual growth rate. Management also raised capital expenditure guidance from $18 billion to $20 billion.
"Our products are completely sold out," said Sumit Sadana, Micron’s business president. "The order backlog is substantial, and supply constraints will persist for the foreseeable future." Micron not only beat Q1 earnings expectations but also provided strong forward guidance.
7. **Meta Platforms** advanced 2.30%, with $12.62 billion in trading volume. Reports suggest Google is collaborating with Meta on the "TorchTPU" project to challenge Nvidia’s dominance in AI chips by improving PyTorch performance on TPUs and reducing migration costs for enterprises.
8. **Amazon** rose 2.48%, with $10.95 billion in trading volume. The company is reportedly in talks to invest over $10 billion in OpenAI, offering Trainium chips and AWS computing resources, potentially valuing OpenAI at over $500 billion and expanding Amazon’s footprint in generative AI.
9. **Alphabet (GOOGL)** increased 1.93%, with $9.71 billion in trading volume. A data center developer linked to Google plans to issue $1.28 billion in five-year junk bonds to partially fund projects. Sources indicate Morgan Stanley is leading the deal, with yields around 7.25%, amid growing investor concerns over AI’s debt-driven expansion.
10. **Palantir** jumped 4.74%, with $7.40 billion in trading volume.
15. **Eli Lilly** gained 1.45%, with $4.08 billion in trading volume. The company announced that its oral weight-loss drug, orforglipron, demonstrated superior weight maintenance in a Phase 3 trial for adults previously on injectable treatments like Zepbound or Novo Nordisk’s Wegovy.
Data from the ATTAIN-MAINTAIN trial showed patients switching to orforglipron maintained prior weight loss, with average differences of 0.9 kg (vs. Wegovy) and 5.0 kg (vs. Zepbound).
18. **TSMC** rose 2.79%, with $3.20 billion in trading volume. The company is set to begin mass production of 2nm chips by year-end, with capacity fully booked. Additional fabs are needed to meet demand, requiring $28.6 billion in investment. Apple, Qualcomm, MediaTek, and AMD are among clients, with Apple securing over half the initial capacity. TSMC aims to reach 100,000 wafers/month by late 2026.
Morgan Stanley raised its price target on TSMC.
20. **GE Vernova (GEV)** climbed 4.11%, with $2.85 billion in trading volume, buoyed by an AI data center rebound and Jefferies upgrading it to "Buy."
Jefferies cited optimism about gas turbine pricing and service visibility, raising its target to $815 (from $736), implying a 23% upside from Wednesday’s close. The stock has nearly doubled year-to-date.
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