Tesla, Tuesday's top trading stock, closed down 1.37% on $18.47 billion. The National Highway Traffic Safety Administration (NHTSA) announced on Tuesday that it had opened an investigation into faulty seat belts in the front seats of 50,000 Tesla Model X electric vehicles after receiving two complaints.
NHTSA said the preliminary investigation covers Model X vehicles manufactured by Tesla between 2022 and 2023. The reason is that owners have reported that they were driving the Model Y when the seat belt connector in the front seat came off and failed to stay connected to the seat belt retainer.
NHTSA also said that in neither of the reported incidents did a passenger wearing a seat belt collide with the body of the vehicle.
No.2 Alibaba gained 14.26 percent to $11.32 billion. Alibaba announced the launch of the "1+6+N" organizational change. Under Alibaba Group, will set up Ali cloud intelligence, Taobao Tmall business, local life, Cainiao, international digital business, big entertainment and other six business groups and a number of business companies. "In the future, qualified business groups and companies will have the possibility of independent financing and listing," the company said.
No. 3 Nvidia closed down 0.46 percent on $9.28 billion. Michael Kagan, Nvidia's chief technology officer, pointed out that cryptocurrency miners buy a lot of Nvidia hardware, but cryptocurrencies don't add anything useful to society, which is why the crypto market has crashed so often recently.
By contrast, he prefers artificial intelligence because it is good for society. Artificial intelligence allows individuals to create custom programs to meet different needs. But high-frequency trading in cryptocurrencies doesn't really mean anything to humans.
He therefore suggests that the same processor chips used to mine cryptocurrencies be used to create chatbots, such as ChatGPT, that add more value to society.
No. 5 Microsoft fell 0.4 percent to $5.98 billion. Microsoft has unveiled a range of AI-based chat tools to combat cyber attacks. Microsoft has announced that it will bring the next generation of AI to cybersecurity with the launch of Microsoft Security Copilot. Security Copilot will continue to learn and improve, providing continuous access to state-of-the-art OpenAI models to support demanding security missions and applications.
No. 6 AMD closed down 2.12 percent on $5.49 billion.
No. 7 Meta Platforms closed down 1.06 percent on $3.81 billion in trading. As part of an overhaul of the company, Meta Platforms plans to reduce the amount of bonuses paid to some employees and reset the frequency of employee performance reviews to twice a year, according to the internal memo.
No. 11 Netflix closed down 1.26 percent on $2.11 billion.
No. 16 Occidental Petroleum gained 4.29 percent to $1.32 billion. Warren Buffett's Berkshire Hathaway bought 3.7 million shares of Occidental Petroleum Corp. for $216 million, boosting its stake to 23.6% and marking the third time this month that the billionaire investor has added to its position, according to regulatory filings.
Buffett's firm began buying large amounts of Occidental Oil more than a year ago after the Russia-Ukraine conflict sent oil prices soaring, and has spent more than $1 billion on the company's shares this month.
TD Cowen analyst David Deckelbaum upgraded Occidental to "outperform" from "market in line" and raised his price target to $70 from $63. It offers a "superior" risk/yield return given the impact of crude oil pricing power, capital structure changes, Berkshire Hathaway's increased holdings and good free cash yield, the analyst said. The analyst told investors in a research note that the company offers "a rich catalyst for differentiation in a relatively homogeneous world" across the exploration and production sector.
No. 20 Pinduoduo rose 1.62 percent to $1.13 billion.
Here are the 20 most actively traded U.S. stocks of the day (by turnover) :
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Responsible Editor: Zhang Jun SF065
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