Nvidia Jumps to Regain Position as Most Valuable Company

15 minutes ago

Nvidia (NVDA) shares rose Tuesday, pushing the chipmaker back into the top spot on the list of the world’s most valuable companies by market capitalization, ahead of Apple (AAPL).

Nvidia shares were up nearly 3% in intraday trading Tuesday, lifting the chipmaker's market cap to about $3.44 trillion, just above the market cap of Apple, which was up about 0.7%.

Nvidia’s latest move to reclaim the title of word’s most valuable company comes after the chipmaker briefly overtook Apple Monday. Apple, Nvidia, and Microsoft (MSFT) have battled for the title this year as the only three companies with a market caps over $3 trillion. Microsoft shares were up about 1.5% Tuesday, giving the company a market cap of about $3.08 trillion.

Nvidia shares have more than doubled in value since the start of the year as big tech customers such as Meta (META) and Google parent Alphabet (GOOGL) ramp up spending on chips to power their artificial intelligence (AI) products, driving Nvidia’s revenue and stock price to record levels.

William Blair analysts on Monday raised their revenue and profit estimates for Nvidia over the next two fiscal years, citing comments from recent earnings calls as tech executives said they expect to continue increasing spending on AI infrastructure over the next year.

–Aaron McDade

Trump Media Shares Jump to Start Election Day

1 hr 21 min ago

With hours to go before polls close Tuesday (and some longer number of hours until Americans know who the next president will be) traders are betting on Trump—or, at least, his social-media company’s stock. 

Shares of Trump Media & Technology Group (DJT), the social media company that is majority owned by former President Donald Trump, were recently up 14%. The move extended a run of wild trading that in recent days has seen the Truth Social parent company’s shares and market value swing, often dramatically within a single day. 

There hasn’t been much in the way of specific news about the company—in the form of regulatory filings, press releases, or anything else—lately, but there has been plenty about Trump, the Republican nominee for president, and his opponent, Democratic Vice President Kamala Harris. 

The latest polls point toward a tight race between the candidates. On some prediction markets, meanwhile, the edge has lately shifted further toward Trump.

As for the bigger picture ahead of the decision: Here’s Investopedia’s latest on the state of the U.S. economy, and here are our collections of economic proposals from both Harris and Trump. Early voters considered the economy the key issue this year, according to one survey.

DJT stock, meanwhile, is trading around $40—well above recent lows near $12, but still substantially below early-2024 record levels around $80. 

–David Marino-Nachison

Astera Labs Soars Nearly 30% After Strong Quarterly Results

2 hr 21 min ago

Astera Labs (ALAB) shares skyrocketed Tuesday morning, after the Nvidia (NVDA) supplier reported strong third-quarter results on the back of demand for its artificial intelligence (AI) products.

The company, which makes chip-based connectivity products to boost the efficiency of AI, reported quarterly revenue of $113.1 million, up 47% from the prior quarter and 206% year-over-year, while showing a net loss of $7.6 million, or 5 cents a share.

It also forecast fourth-quarter revenue of between $126 million and $130 million and earnings per share between 4 cents to 6 cents.

Astera, which went public in March, said in its initial public offering (IPO) filing that its customers include several key players in the AI space. Apart from Nvidia, they include Advanced Micro Devices (AMD) and Intel (INTC).

In a note released Monday, Jeffferies analysts said the company "looks to be firing on all cylinders heading into 2025." "Lots to love about this report with strength across a combination of products with demand from both NVDA and multiple AI ASIC platforms (likely AMZN & GOOG)," the broker said. Jefferies has given the stock a buy rating with a $69.65 price target.

The stock was up 28% at $89.25 in recent trading.

–Nisha Gopalan

Boeing Shares Rise as Strike Comes to an End

3 hr 36 min ago

Boeing’s (BA) shares rose in premarket trading Tuesday after machinists voted to approve a new contract, ending a crippling strike at the plane maker that has lasted nearly two months.

Members of the International Association of Machinists accepted an offer that included 38% pay increases, along with a ratification bonus that workers can elect to use as part of their retirement savings. The union rejected a previous offer from Boeing that included a 35% pay hike, extending the strike that began on Sept. 13.

The striking employees, whose absence had put production at a near-standstill, can return to work Wednesday "and must return by beginning of their shift on Nov. 12, 2024," according to the union and the company.

Boeing has been hit by a string of crises this year, starting in early January when a door plug detached during an Alaska Airlines (ALK) flight. The cash drain from the strike has led the jet maker to raise billions of dollars in funding.

CEO Kelly Ortberg has announced plans to lay off about 10% of its workforce, or 17,000 workers, “over the coming months” and is postponing the launch of Boeing’s first 777x jetliner.

Shares were up nearly 2% about half an hour before the opening bell. Through Monday's close, the stock had lost 40% of its value since the start of the year.

–Nisha Gopalan

Palantir Price Levels to Watch After Post-Earnings Pop

4 hr 46 min ago

Palantir (PLTR) shares soared in premarket trading Tuesday after the analytics software provider topped third-quarter estimates and lifted its full-year revenue outlook amid robust demand for its AI offerings.

The stock had consolidated within a broadening formation leading into the company's quarterly results, but bulls have successfully defended the pattern’s lower trendline, with trading volume registering its highest level since early October on Monday.

Investors should watch key overhead levels on Palantir's chart around $45 and $60, while also monitoring an important zone of support during periods of profit-taking between $41 and $38.

Palantir shares were up 14% at $47.25 in recent trading.

Read the full technical analysis piece here.

–Timothy Smith

Stock Futures Point to Higher Open for Major Indexes

5 hr 16 min ago

Futures tied to the Dow Jones Industrial Average were up 0.1%.

S&P 500 futures were up 0.2%.

Nasdaq futures were up 0.4%.

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