Top 20 US stock turnover on April 10: Apple plans to increase India's iPhone production fivefold over the next five years

環球市場播報 ·  Apr 10 16:49

U.S. stocks closed lower on Wednesday, with the Dow falling more than 420 points. The US CPI data for March exceeded expectations, showing that inflationary pressure is still high, causing the market to lower its bet on the Fed's interest rate cut. The minutes of the Federal Reserve meeting show that the central bank wants to be more confident that the inflation rate will move towards the 2% target.

The Dow fell 422.16 points, or 1.09%, to 38461.51 points; the NASDAQ fell 136.28 points, or 0.84%, to 16170.36 points; and the S&P 500 fell 49.27 points, or 0.95%, to 5160.64 points.

On Wednesday, Nvidia, the number one in terms of US stock turnover, closed 1.97% higher, trading at US$37.044 billion. Morgan Stanley raised Nvidia's price target from $795 to $1,000 on Wednesday. The bank said it is highly encouraged that the company has decided on long-term investment plans. Large enterprises plan to expand their data centers over the next 3 to 4 years, which indicates that demand will last, including Microsoft's 100 billion dollar Stargate Project (Stargate Project). Nvidia indicates that 40% of data centers already use inference technology, which means that the market is still too focused on the application of chips in big language models, ignoring other artificial intelligence applications.

The second-place Tesla closed down 2.89% and traded $14.448 billion. “India Business Online” quoted sources on the 10th local time as revealing that US electric vehicle manufacturer Tesla is in talks with India's Reliance Industries to discuss the establishment of a joint venture and the construction of a printing factory.

Furthermore, people familiar with the matter said that Musk will visit India on April 22, local time, to meet with Indian Prime Minister Narendra Modi. According to reports, Musk is expected to announce news relating to Tesla's investment plans and the construction of a factory in India.

Tesla has been drastically lowering the price of the Model Y in North America, which has sparked market speculation that the model is trying to clean up inventory before it is updated. On April 10, Tesla's relevant officials told the Shanghai Securities News reporter that the North American region will not launch a facelifted Model Y this year.

According to another report, Tesla is developing a Model Y project codenamed “Project Juniper.” There are also rumors that the Shanghai Gigafactory will begin production of the revised Model Y in mid-2024. Tesla also made it clear that for the Chinese market, there are no plans to remodel the Model Y this year.

The third-place AMD closed down 2.13% and traded $9.836 billion. Blackberry announced a partnership with AMD on Tuesday. The two companies will jointly launch a platform to provide enhanced performance, reliability, and scalability for robotic systems in the industrial and healthcare sectors. The platform combines BlackBerry's real-time software tools with hardware powered by AMD architecture.

Apple, in fourth place, closed down 1.11% and traded $8.305 billion. According to media reports on Wednesday (April 10), Apple's iPhone assembly business in India has grown significantly over the past year. According to data, Apple assembled an iPhone worth 14 billion US dollars (about 101.36 billion yuan) in India last year, doubling the year-on-year increase. Currently, Foxconn and Heshuo each account for nearly 67% and 17% of the iPhones made in India, while the Tata Group is responsible for operating the remaining Indian-made iPhones.

To further increase its investment in the Indian market, Apple plans to increase production of “Made in India” iPhones fivefold over the next five years. Foxconn Technology Group in the supply chain has invested at least 1 billion US dollars (about 7.24 billion yuan) in a factory it has set up in India. Foxconn also plans to allocate a budget of about 2.7 billion US dollars (about 19.548 billion yuan) for its Indian factory to strengthen the assembly industry chain and expand iPhone production capacity in the region.

Amazon, which ranked 7th, closed 0.15% higher, with sales of US$6.508 billion. According to reports, Amazon allows middle- and lower-level employees of the company to decide for themselves the extent to which their future remuneration is linked to the company's stock performance.

According to an internal memo seen by the media, in May of this year, Amazon will give employees of many US companies a choice — reduce the number of shares acquired next year by a quarter in exchange for more cash.

Amazon has joined a growing number of tech companies, including Tesla and Shopify, that place less emphasis on equity compensation as a way to motivate employees. This represents a huge change in the way tech companies pay their employees.

Eighth-place Meta Platforms closed 0.57% higher, trading at $5.89 billion. The company announced on Wednesday that it will deploy a new self-developed chip for its artificial intelligence services, aiming to reduce reliance on Nvidia and other external companies' semiconductors.

The chip announced Wednesday is the latest version of the Meta Training and Inference Accelerator (MTIA) and will help rank and recommend content on Facebook and Instagram. Meta unveiled its first MTIA product last year.

The 10th Google Class A stock (GOOGL) closed down 0.29% and traded US$3.456 billion. At the Google Cloud Next 2024 event, tech giant Google announced a major advance: the launch of its first ARM-architecture-based CPU designed specifically for data centers, named Axion. This new processor marks Google's latest breakthrough in cloud computing hardware, aimed at improving data center performance and energy efficiency.

MicroStrategy, the 11th Bitcoin concept stock, closed 8.67% higher and traded $2,749 million.

In 12th place, TSMC closed 0.56% higher, with transactions of US$2,741 billion. TSMC's consolidated revenue for March 2024 was approximately NT$19.211 billion, up 7.5% from the previous month and 34.3% from the same period last year. The cumulative revenue from January to March 2024 was approximately NT$592,644 billion, an increase of 16.5% over the same period last year.

The 17th UnitedHealth closed down 2.10% and traded US$2,023 million.

The 19th Intel closed down 2.95% and traded $1,898 million. On Tuesday, Intel unveiled the Gaudi 3 AI chip, which costs only “a fraction” of the cost of the Nvidia H100 chip, and announced that it has won several contracts from companies such as Dell, HP, and Lenovo. Nvidia claims that compared to the Nvidia H100, the Gaudi 3 improved training performance by 170%, increased reasoning ability by 50%, and increased efficiency by 40%, but at a much lower cost.

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