Friday's trading session in the US stock market saw significant moves among the top 20 most active stocks by dollar volume, led by a massive surge in Amazon.com (AMZN) following strong quarterly earnings, while Apple (AAPL) experienced a sharp decline due to supply chain concerns.
The top spot by dollar volume was claimed by Micron Technology (MU), which fell 5.90% to close at $460.56 billion in trading volume. The stock has now declined 10.63% over the past week and 28.70% in July, though it still retains more than 180% gains year-to-date.
Apple (AAPL) dropped 7.35%, losing over $350 billion in market capitalization, with $401.75 billion in trading volume. The decline was driven by memory shortages that have weighed on the company's outlook, marking the largest single-day drop since April 2025. Apple's fourth-quarter revenue guidance of 9% to 11% growth fell short of the analyst consensus of 12.1%. During the earnings call, CFO Parekh noted that component supply constraints would impact iPhone, Mac, and iPad businesses in the fourth quarter, while currency fluctuations also presented headwinds.
Amazon.com (AMZN) surged 15.32%, its largest single-day gain since 2012, with $346.08 billion in trading volume. The rally was fueled by Amazon Web Services' (AWS) second-quarter revenue growth of 36.7% year-over-year, reaching $42.2 billion and exceeding market expectations. This represents the fastest growth rate in 18 quarters. Analysts noted that AWS has finally achieved a long-awaited inflection point in growth, with Amazon demonstrating a fundamental turning point where capital expenditure digestion is occurring faster and more profitably than market fears had suggested. CEO Andy Jassy indicated that AWS is "likely" on track to reach $1 trillion in annual revenue, though analysts project fiscal 2026 AWS revenue of $169.7 billion, still a significant gap. CFO Brian Olsavsky stated during the earnings call that AWS's profitability is not accidental but stems from discipline, efficiency improvements, and capacity optimization, with the company maintaining strict control over fixed costs. The strong performance of AWS and management's guidance were described as "exceeding everyone's expectations," with market confidence in Amazon's ability to convert capital expenditure into financial returns driving the stock's strong rebound.
Microsoft (MSFT) gained 3.02%, with $279.27 billion in trading volume. The stock had surged 15.5% on Thursday, marking the largest single-day gain since the company's IPO and the largest single-day market capitalization increase in US stock market history. This remarkable performance stemmed from the company's fiscal 2026 fourth-quarter earnings report released Wednesday after market close, which comprehensively exceeded expectations and effectively alleviated concerns about the difficulty of monetizing massive AI investments. Investors were particularly encouraged by Microsoft's restraint in capital expenditure. The company's quarterly capital expenditure of $41 billion fell below the expected $42 billion, and it projected fiscal 2027 capital expenditure of approximately $175 billion, down from the previous estimate of $190 billion. Unlike Alphabet and Meta, Microsoft did not significantly raise its spending guidance. Free cash flow for the quarter remained at $19 billion, demonstrating financial discipline superior to some competitors.
SanDisk (SNDX) fell 5.09%, with $265.16 billion in trading volume. The stock declined 15.43% over the week and 46.57% in July.
Alphabet (GOOGL) Class A shares rose 6.73%, with $163.04 billion in trading volume. Google DeepMind launched a new generation of robotics AI models, Gemini Robotics 2, which for the first time achieves full-body control of humanoid robots. The model can handle walking, squatting, reaching, and two-handed object manipulation, as well as planning multi-step tasks and coordinating work with other robots. Three models were released: Gemini Robotics 2 converts camera images and natural language instructions into motion control; Gemini Robotics ER 2 understands the environment, communicates with humans, plans multi-step tasks, and coordinates robot work; and Gemini Robotics On-Device 2 can run directly on robot devices, reducing reliance on network connections. Gemini Robotics ER 2 is available immediately to developers through the Gemini API and Google AI Studio, while the other two models are initially offered to early partners.
Intel (INTC) fell 1.02%, with $97.45 billion in trading volume. The stock declined 2.3% over the week, marking its sixth consecutive weekly loss. Reports indicate that Taiwan Semiconductor Manufacturing (TSM) is developing AI chip packaging technology to directly compete with Intel. According to two sources familiar with the project, TSMC is developing an advanced chip packaging technology that benchmarks against Intel's existing solutions. This suggests that the world's leading foundry is wary of competition from the distant rival. Chip packaging, the final stage of chip manufacturing where multiple independent silicon chips are assembled into a unified whole with circuit interconnection, has transitioned from a routine process step to one of the industry's most prominent capacity bottlenecks, driven by the explosion in AI computing demand requiring integration of more processors and high-bandwidth memory within larger, more complex packages.
SK Hynix fell 3.54%, with $68.55 billion in trading volume. The stock declined more than 7% over the week.
Marvell Technology (MRVL) rose 2.32%, with $51.21 billion in trading volume. While optical communication concepts continued their collective rally on Friday, Marvell still declined more than 37% in July.
Comments