Tesla Motors, ranked first in Monday's US stock trading volume, closed down 2.15% with a turnover of $27.232 billion. The electric vehicle maker has once again become a focal point for JPMorgan, which maintains that the stock still has significant downside potential.
Ahead of Tesla's first-quarter earnings report, JPMorgan sustained its "underweight" rating and lowered its forecasts. The firm now anticipates Tesla's Q1 earnings per share to be approximately $0.30, down from a prior estimate of $0.43 and below the consensus expectation of $0.38. This revision follows Tesla's report of softer delivery numbers and a decline in energy storage deployments, both indicating a cooling in its core operations.
However, the larger concern lies with valuation. JPMorgan reiterated its December 2026 price target of $145, suggesting a potential 60% decline from current levels. The bank's argument is that the current stock price remains substantially disconnected from actual performance. In fact, despite Tesla's growth slowing considerably since its delivery peak in June 2022, the current share price is still more than 50% higher than it was at that time.
NVIDIA, the second most actively traded stock, closed up 0.14% with a turnover of $18.854 billion. Against a backdrop of persistently strong demand for AI chips, NVIDIA's key production capacity safeguards remain solid, though the rollout schedule for its next-generation GPU products may be affected by memory technology bottlenecks.
Following a review of the Asian supply chain, KeyBanc Capital Markets reported that NVIDIA's supply of advanced CoWoS packaging technology is largely secured. CoWoS capacity is projected to reach 650,000 units by 2026 (a 76% year-over-year increase) and further expand to 840,000 units by 2027 (a 29% increase), demonstrating the company's continued advantage in long-term AI chip production planning.
However, analyst John Vinh noted that the mass production timeline for NVIDIA's next-generation Rubin GPU might face slight delays, primarily constrained by the certification progress of next-generation High Bandwidth Memory (HBM4). With HBM4 still in a critical validation phase, the production target for the Rubin GPU has been adjusted downward from an initial expectation of 2 million units to 1.5 million units.
Micron Technology, ranked third, closed up 3.15% with a turnover of $15.526 billion. KeyBanc projected a potential 60% upside for Micron's stock price. Analysts at KeyBanc raised their profit estimates for Micron on Monday and maintained a "buy" rating on the memory chipmaker.
Analyst John Vinh set a price target of $600, implying approximately 60% potential gains from recent trading levels.
Vinh now forecasts fiscal year 2026 earnings per share of $64.37, up from a previous estimate of $60.18. For fiscal year 2027, the profit forecast was raised from $118.49 to $131.38. The analyst cited robust demand for processors and memory products as the primary reasons for the upward revisions.
Western Digital, ranked fourth, closed up 3.28% with a turnover of $9.153 billion. US memory-related stocks rallied collectively on Monday. The movement followed news that Samsung Electronics had finalized negotiations and signed supply contracts with major clients for second-quarter DRAM pricing, securing an increase of roughly 30% compared to Q1 price levels. This price hike applies to High Bandwidth Memory (HBM) as well as general-purpose DRAM products for servers, PCs, and mobile devices, representing a composite average increase. Samsung had already raised DRAM average selling prices by approximately 100% in the first quarter.
Advanced Micro Devices, ranked seventh, closed up 1.23% with a turnover of $6.772 billion. Citigroup has placed AMD on a 30-day positive catalyst watch list. This is due to their expectation for rising demand, driven by growth in artificial intelligence and data centers.
The firm indicated that CPU demand is increasing as the market shifts towards AI inference and agent workloads, which require greater processing power. Citigroup stated that capital expenditure from hyper-scale cloud providers is projected to grow by 69% this year, with the total addressable market reaching $731 billion by 2028.
The institution also noted that analog chip prices are expected to rise by 10% to 15% due to increased input costs, a trend from which Analog Devices is poised to benefit. Despite broader economic uncertainties, the pricing environment suggests that key semiconductor sectors will continue to perform well.
Citigroup analysts further pointed out that global manufacturing indicators remain robust, particularly in computing and communications equipment. This indicates that investments in AI infrastructure are helping to keep the industry active.
Amazon.com, ranked tenth, closed up 1.44% with a turnover of $4.568 billion. Analysts noted that Apple could face strategic implications if Amazon proceeds with a potential acquisition of Globalstar. Globalstar is the satellite service provider that supplies the core support for Apple's Emergency SOS via satellite feature.
Globalstar's stock surged on reports that Amazon was exploring a partnership to enhance its satellite broadband service and compete with SpaceX. However, Apple's involvement complicates the situation, as the company holds approximately a 20% stake in Globalstar and has committed around $400 million in equity investment and $1.1 billion in infrastructure support.
The Emergency SOS feature on newer iPhone models and Apple Watch devices utilizes Globalstar's satellite network. This feature allows users to contact emergency services and share location data without a cellular connection, making it a critical component of Apple's ecosystem.
Analysts believe any acquisition would necessitate negotiations regarding satellite capacity, as Apple currently utilizes a significant portion of Globalstar's infrastructure. Furthermore, such a partnership could alter the dynamics of cooperation and competition between Amazon and Apple across various sectors.
Lumentum Holdings, ranked twelfth, closed down 6.60% with a turnover of $4.568 billion.
Soleno Therapeutics, ranked seventeenth, closed up 32.31% with a turnover of $3.034 billion. Neurocrine Biosciences announced on Monday that it will acquire the rare disease drugmaker Soleno Therapeutics for $2.9 billion in cash, marking an expansion for the neuroscience-focused pharmaceutical company into metabolic diseases. Neurocrine Biosciences offered to acquire Soleno Therapeutics shares at $53 per share, representing a premium of approximately 34% over the previous day's closing price.
The transaction grants Neurocrine Biosciences access to the drug Vyvat XR, the first treatment approved in the US for hyperphagia associated with Prader-Willi syndrome. The drug generated approximately $190 million in sales within about nine months following its approval in March 2025.
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