On Wednesday, the New York Stock Exchange experienced notable movements in the stock prices of Tesla, Intel Corporation, and Nvidia.
Tesla saw its stock rise by 4.18% to close at $219.41. The uptick came after reports of Tesla’s plan to launch a revamped six-seater version of its best-selling Model Y in China. According to Reuters, production of Model Y is expected to begin at its Shanghai plant by the end of 2025. Tesla’s Model Y has been a top seller in China, with 207,800 units sold from January to June, making it the best-selling vehicle in the country.
In contrast, Intel, the U.S. semiconductor titan, finished the day down 3.33%, closing at $19.43. This drop followed reports highlighting difficulties with Intel’s 1.8-nanometer manufacturing process. The company has faced a challenging year, with its stock plummeting approximately 60%, the steepest decline among Dow components. According to Reuters, the global semiconductor market is struggling, and Intel has struggled to capitalize on the AI boom led by OpenAI.
Nvidia, a major player in artificial intelligence, saw its stock fall 1.66% to $106.21. Despite experiencing a brief rebound during the trading session, profit-taking led to a downturn. Nvidia’s stock has declined after the U.S. Department of Justice issued subpoenas to Nvidia as part of an investigation into the company’s dominance in the AI semiconductor market. Concerns about a potential economic downturn due to weak employment indicators in the U.S. have also weighed on Nvidia’s stock.
Among the “Magnificent Seven,” a group of major U.S. tech firms, most saw declines. Apple fell 0.86%, Microsoft dropped 0.13%, Alphabet decreased by 0.58%, and Amazon saw a 1.66% decline. However, Tesla and Meta went against the trend, with Tesla up 4.18% and Meta seeing a modest 0.19% increase.
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