Apple’s stock price rose 1.5% to $233.17 after Needham analysts increased their price target to $260 and reiterated a Buy rating. The tech giant is reportedly planning to ship at least 90 million iPhone 16 devices in the latter half of 2024, betting on artificial intelligence to boost demand. With a market capitalization of $3.507 trillion, Apple became the first company to close with a market value of $3.5 trillion or more.
In other tech news, Tesla saw a 0.7% increase in its stock price as Goldman Sachs raised its price target to $248 and maintained a Hold rating. Advanced Micro Devices rose by 3.6% following the announcement of its acquisition of Silo AI, the largest private AI lab in Europe, for $665 million. Taiwan Semiconductor Manufacturing reported a 33% jump in sales during June, benefiting from the increasing demand for artificial intelligence.
Super Micro Computer’s shares were upgraded to Buy from Hold, causing the stock to rise by 0.7%. Intuit, on the other hand, fell by 3.7% after announcing job cuts and a shift towards generative AI initiatives. Carvana’s stock price increased by 5.3% after being upgraded to Buy with new features for electric vehicles. Additionally, Aehr Test Systems saw a 23% jump in its stock price after announcing its fourth-quarter net income expectations. Smart Global Holdings also reported a profit in its fiscal third quarter, leading to a 21% increase in its stock price. However, LegalZoom.com faced a 25% drop in its stock price after cutting its revenue outlook and announcing the departure of its CEO.
