1. The three major US stock indices opened high and went low, and all the constituent stocks of the Dow fell; 2. Nvidia closed up 9.32%, and Huang Renxun jumped to the 17th richest person in the world; 3. Tesla quietly removed the target of “selling 20 million cars by 2030”; 4. Well-known analyst: Apple's folding screen MacBook cost is hitting the Pro Pro.
Financial Services Association, May 24 (Editor Shi Zhengcheng) Last night and this morning, the US stock market can generally be divided into two types of stocks: Nvidia, which soared, and the collective decline.
As of Thursday's close, yesterday's post-market earnings report completely surpassed expectations, and at the same time, the stock split expected by the market was fulfilled as scheduled. The AI leader closed up 9.32% today, and its stock price stood steady at the $1,000 mark. Today alone, Nvidia's market capitalization increased by 217.685 billion US dollars, close to 1.57 trillion yuan.
(Nvidia daily chart, source: TradingView)
According to statistics, Hwang In-hoon's personal wealth also jumped to 91.3 billion US dollars on Thursday, surpassing the three heirs of Walmart's founder's family and rising to 17th place in the global list of the world's richest people.
The other side of Nvidia's sharp rise is the overall weakening of the US stock market. The S&P 500 index and NASDAQ, which include Nvidia as constituent stocks, hit new intraday record highs at the beginning of the market, and then fell all the way down. Meanwhile, all 30 constituent stocks of the Dow closed down on Thursday.
At the close, the S&P 500 index fell 0.74% to 5267.84 points; the NASDAQ index fell 0.39% to 16736.03 points; and the Dow Jones Industrial Average fell 1.53% to 39065.26 points.
(Minute chart of the three major indices, source: TradingView)
Faced with this trend, after looking around for four weeks, most stock critics threw the “pot of decline” to the Federal Reserve, believing that the policymakers' insistence on not cutting interest rates had finally dampened market sentiment.
SeekingAlpha writer Leo Nelissen commented, “One phrase I'll never forget is that 'risk always slowly builds up and then suddenly explodes. ' Because markets often ignore potential risks until it's too late. Although today is not the end of the world, the market is once again aware that the Federal Reserve is not over its fight against inflation and that they are increasingly conveying this message to the world.”
Nelissen added that even Nvidia's impressive performance may not allow the market to ignore the potential of AI to keep the market strong in a “higher (policy interest rate) longer” environment.
The performance of popular stocks
US tech giants all fell on Thursday, with Apple down 2.11%, Microsoft down 0.82%, Amazon down 1.14%, META down 0.43%, Google-A down 1.6%, Tesla down 3.54%, and Nvidia up 9.32%.
The decline in Chinese securities has widened, and the Nasdaq China Golden Dragon Index closed at 3.71% on Thursday. Alibaba fell 2.27%, Baidu fell 0.96%, Pinduoduo rose 4.45%, JD fell 4.53%, NetEase fell 3.68%, NIO fell 8.4%, Ideal Auto fell 5.73%, and Xiaopeng Auto fell 7.43%.
Other news
[Continued to burn money in the second quarter+delivery volume stagnated, Boeing led the decline in the Dow]
Boeing Chief Financial Officer Brian West said on Thursday that it is expected that cash consumption in the second quarter may be worse than in the first quarter. At the same time, the company canceled previous statements about creating positive cash flow this year. West also said that compared with the first quarter of this year, commercial aircraft deliveries will not increase in the second quarter.
By the close, Boeing closed down 7.55%, leading the decline in the Dow's constituent stocks. It is also the second-largest individual stock with the S&P 500 decline, second only to entertainment ticketing giant Live Nation, which was sued in an antitrust lawsuit by the US Department of Justice.
[Tesla quietly removes the target of “selling 20 million cars by 2030”]
On Thursday local time, Tesla released the “2023 Impact Report”. It is worth noting that the report did not mention the previously proposed annual sales target of eventually reaching 20 million vehicles. Musk said in 2020 that Tesla hopes to sell 20 million cars a year by 2030, double the sales volume of Toyota, the world's largest car manufacturer. This number also appeared in the 2021 and 2022 reports. Tesla closed down 3.54% on Thursday.
[Another new news on Apple's folding screen MacBook]
Guo Mingyi, a world-renowned consumer electronics industry analyst, updated his intelligence on foldable MacBooks on Thursday. He said that the new equipment will be handled by LGD and Amphenol, respectively, the hardest panel and hinge development work, and the current goal is to achieve mass production in the first half of 2026. At the same time, if Apple has no way to significantly improve yield and reduce costs before mass production, then the cost of a folding screen Macbook may be close to the current Vision Pro.
[US Department of Justice sues to split global ticketing giant Live Nation]
The US Department of Justice and more than 20 states on Thursday launched an antitrust lawsuit against global concert ticketing giant Live Nation, accusing it of using its power to suppress competition and retaliate against promotion companies and venues that threatened its dominant position. The Justice Department said the company has stifled competition in key areas of the concert system, leading to higher ticket prices and fees. US Attorney General Merrick Garland said it was time to split Live Nation.
Live Nation responded on Thursday that it does not have a monopoly on ticketing or promotion, that the company does not set ticket prices, and that ticket prices are determined by artists and teams based on the market. Affected by the news, Live Nation closed down 7.81% on Thursday.
[Supreme parent company lost more than expected]
Weifu, the parent company of apparel brands such as Vans, Beimian, and Supreme, released financial reports on Thursday. The company lost 418.3 million US dollars in the first three months of this year, which is equivalent to a loss of 1.08 US dollars per share. In comparison, a loss of US$214.9 million or 55 cents per share was lost in the same period last year. After deducting the one-time project, the company's loss per share still reached 32 cents, while analysts expected adjusted earnings of 2 cents per share. Weifu closed down 2.92% on Thursday.
[Gorman will step down as executive chairman of the Morgan Stanley Board of Directors as scheduled]
James Gorman, executive chairman of the board of directors of Morgan Stanley, said on Thursday that in view of the successful transition of Ted Pike, who took over as CEO this year, he will resign as executive chairman of the company's board of directors at the end of the year. Gorman stepped down as CEO of Damo at the end of last year and said he plans to serve as chairman for up to one more year after Pique takes over as CEO, and will not interfere with his work during this period.