Stocks climbed on Wednesday in response to Federal Reserve Chairman Jerome Powell’s reassuring statement to U.S. lawmakers. Powell emphasized that the central bank’s decision-making regarding interest rates does not hinge on inflation immediately reaching its 2% annual target. This stance suggested a willingness to consider rate reductions sooner rather than later, bolstering investor confidence and driving stock market gains for the day.
Apple (AAPL 1.36%)
Apple’s stock rose 1.5% to $232. Needham analysts raised their price target on Apple to $260, reiterating a Buy rating. Bloomberg reported Apple plans to ship 90 million iPhone 16 units in late 2024, focusing on AI strategy. The tech giant closed Tuesday with a market cap of $3.507 trillion, setting a record.
Apple’s strategic AI focus and robust iPhone 16 plans drive optimism, enhancing its market dominance, WSJ Print Subscription.
Tesla (TSLA 0.90%)
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Tesla’s stock rose 1.4% to $266.08, marking 11 days of gains, reflecting investor optimism. Goldman Sachs raised Tesla’s price target to $248 but maintained a Hold rating. The stock’s performance underscores its role in advancing electric vehicle technology and sustainable transportation solutions.
Advanced Micro Devices (AMD)
Advanced Micro Devices saw a significant 3% surge following their announcement of acquiring Silo AI, the largest private artificial intelligence lab in Europe. This acquisition, valued at around $665 million in an all-cash transaction, marks a strategic move by AMD to bolster its capabilities in artificial intelligence.
Taiwan Semiconductor Manufacturing (TSM 3.18%)
Taiwan Semiconductor Manufacturing reported a 33% increase in sales for June, with second-quarter sales surging 40% to NT$673.50 billion, surpassing analysts’ forecasts, driven by the boom in artificial intelligence. U.S.-listed shares of Taiwan Semiconductor, a key supplier to Apple and Nvidia, rose 3.2%.
Super Micro Computer (SMCI)
Super Micro Computer was up 0.2% to $897.33 after trading lower earlier in the session. Shares of the server maker were downgraded to Neutral from Buy at Nomura, with the price target remaining unchanged at $930. Super Micro has gained 216% this year.
![Regulations for Digital Currency Sector Approved](https://reogocorp.com/wp-content/uploads/2024/05/Regulations-for-Digital-Currency-Sector-Approved.jpg)
Regulations for Digital Currency Sector Approved
In a significant move, the legislature passed new regulations for the digital currency sector on Wednesday, signaling potential…
Intuit (INTU)
Intuit fell 3% after announcing it was cutting 1,800 jobs, or about 10% of its workforce, while simultaneously hiring the same number of people in engineering, product, and customer-facing roles as it accelerates its move to initiatives based on generative artificial intelligence.
Carvana (CVNA)
Carvana rose 3.4% to $129.99 after being upgraded to Buy from Hold at Needham, with a price target of $160. The company also launched new features for buying all-electric and plug-in hybrid vehicles. Used-car retailer CarMax gained 5.7%.
Aehr Test Systems (AEHR)
Aehr Test Systems saw a significant 22% jump in its stock price. This surge followed the company’s forecast for fiscal fourth-quarter net income, expected to be approximately $23.8 million. This figure includes a substantial tax benefit of around $20.8 million. The forecast also anticipates revenue of about $16.6 million for the quarter.
Smart Global Holdings (SGH)
Smart Global Holdings swung to a profit in its fiscal third quarter despite a 13% year-over-year revenue decline to $300.6 million. The company expects fourth-quarter sales of $300 million to $350 million, compared to analysts’ expectations of $325 million. Shares of the computing and memory company rose 25%.
LegalZoom.com (LZ)
LegalZoom.com dropped 23% after lowering its full-year revenue outlook and expectations for free cash flow, and announcing that Chief Executive Officer Dan Wernikoff would be leaving the company. Bank of America Securities downgraded the stock from Buy to Underperform and reduced its price target to $6 from $13.
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