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Weekly Buzz: Technology Stocks Soar to New Heights, Fueled by AI Hype
At the end of this post, there is a chance for you to win points!
Happy Monday, mooers! Welcome back to Weekly Buzz, where we review the news, performance, and community sentiment of the selected buzzing stocks on moomoo platform based on search and message volumes of last week! (Nano caps are excluded.)
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Buzzing Stocks List & Mooers Comments
U.S. equity markets surged on Friday following signs that federal lawmakers could be closer to striking a deal on the debt ceiling. However, markets were mostly mixed for the week, with the Dow down 1%, while the S&P 500 and Nasdaq gained 0.3% and 2.5%, respectively. U.S. Treasury yields rose to their highest levels since early March amid uncertainty surrounding the debt ceiling and expectations of more rate hikes by the Federal Reserve, with the yield on the 10-year note at 3.8%. Oil prices rose slightly this week as OPEC+ officials indicated more supply cuts could be coming. The price of WTI crude — the U.S. benchmark — ended Friday’s session just below $73 per barrel. (As of May 29, 2023)
*Note: All contents such as comments and links posted or shared by users of the community are the opinion of the respective authors only and do not reflect the opinions, views, or positions of Moomoo Financial Inc., Moomoo Technologies, any affiliates, or any employees of MFI, MTI or its affiliates. Please consult with a qualified financial professional for your personal financial planning and tax situations.
This list is provided for informational purposes only and is not investment advice or a recommendation of any security or investment strategy. You should not buy or sell any security on this list without first determining if it's appropriate for your portfolio or strategy by taking into account your financial situations and personal objectives. The past performance does not guarantee future results. This list only includes stocks.
Anyway, let's dive into the weekly buzzing stock list of last week:
1. TSLA - Buzzing Stars:
The Tesla Model Y has made history by becoming the world’s top-selling car in the first quarter of the year, surpassing Toyota’s RAV4 and Corolla models. This milestone achievement for Tesla is not surprising, given that the company had already reported delivering over 400,000 Model Y and Model 3 vehicles to customers in the first quarter of 2023. The Model Y’s success can also be attributed to Tesla’s strategic price reductions, combined with renewed eligibility for the federal tax credit. Tesla's shares gained 7.23% last week. (As of May 29, 2023)
2. NVDA - Buzzing Stars:
Nvidia reported first-quarter earnings for its fiscal 2024 on Wednesday, with a stronger-than-expected forecast that drove shares up 26% in extended trading. Nvidia said that performance was driven by demand for its GPU chips from cloud vendors as well as large consumer internet companies, which use Nvidia chips to train and deploy generative AI applications like OpenAI’s ChatGPT. Nvidia's stock soared 24.57% last week. (As of May 29, 2023)
3. MULN - Buzzing Stars:
Mullen Automotive saw much movement last week, with a 24.48% decline. On Tuesday, Mullen announced that it is partnering with Amerit Fleet Solutions to provide all mechanical service and warranty work nationwide on its commercial vehicles. It will commence commercial production of its truck chassis, the Mullen THREE, in August of this year. To date, Mullen has received purchase orders valued at $279 million from Randy Marion Automotive Group, a nationwide commercial dealership. (As of May 29, 2023)
4. AMC - Buzzing Stars:
AMC Theatres is bringing back its family-friendly summer screening series, AMC Summer Movie Camp, to select locations throughout the US. The program will offer screenings of recent and classic family titles for $3 plus tax on Wednesdays and $5 plus tax on Saturdays throughout the summer. Fourteen titles will rotate through the program, including recent hits like Puss in Boots: The Last Wish and beloved classic titles like The Land Before Time. The program begins May 27 and runs through August. Its stock price declined 7.75% last week. (As of May 29, 2023)
5. AAPL - Buzzing Stars:
Apple on Tuesday announced a new multibillion-dollar deal with Broadcom to develop 5G radio frequency components in the U.S. The 5G radio components developed by Broadcom, a technology and advanced manufacturing company, will include FBAR filters and other wireless connectivity components, according to the release.These components are different from the 5G modems that are made by Qualcomm. Apple's stock price was mostly flat last week, with only a 0.15% increase. (As of May 29, 2023)
6. NIO - Buzzing Stars:
Chinese electric vehicle maker Nio has launched its new ES6 electric SUV, which comes with a range of interior upgrades and a range of up to 510 km. However, NIO's shares fell 4.58% last week. (As of May 29, 2023)
7. AMD - Buzzing Stars:
AMD has launched early access to its developer tools for its Ryzen AI-enabled processors, which are designed to provide optimal support and accelerator integration. AMD's stock price surged 20.04% last week. (As of May 29, 2023)
8. PLTR - Buzzing Stars:
Palantir stock has run up 55% over the past month after the market’s excitement over first quarter earnings and the related euphoria for all things artificial intelligence (AI). Its stock price increased 16.57% last week. (As of May 29, 2023)
9. MSFT - Buzzing Stars:
Microsoft and Qualcomm are developing on-device AI models on Snapdragon processors running Windows 11. Qualcomm's offline AI models are designed to reduce the load on cloud providers and reduce the cost of generative AI. Microsoft's stock price rose 4.57% last week. (As of May 29, 2023)
10. BABA - Buzzing Stars:
Last week, the company announced plans for a full spin-off of its cloud computing unit and said it intends for the division to become an independent publicly listed company. Alibaba is cutting 7% of the workforce in its cloud computing division as the unit gears up for an initial public offering. Its shares fell 3.58% last week. (As of May 29, 2023)
Thanks for reading!
Before moving on to part three, congrats to the following mooers whose comments were selected as the top comments last week!
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