AI Stock Market Roundup w/c August 19th

w/c August 19th Roundup, Plus What to Watch This Week

August 23, 2024

Each week I review the biggest movements within the AI stock market from last week and let you know what key market trends to look out for in the coming week, to keep you updated and ahead of the curve.

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Main AI Stock Market Movers

Ticker: AAPL | Price: $226.84 | Market Cap: $3.45T | Weekly Gain: 0.35% ➡️

Apple had a neutral week in the markets as price consolidated at these levels. This is due to the recent expansive move up being volatile and buyers and sellers have met an area which is seen as fair value, for the time being. Apple has responded to the EU regulators anti-competition ruling by allowing users to delete their own apps such as Safari from devices. This is unlikely to have an immediate impact on Apple's stock price but sets new monopoly standards moving into the future.

Ticker: NVDA | Price: $129.37 | Market Cap: $3.18T | Weekly Gain: 3.76% ⬆️

Nvidia continued the impressive rally outperforming it's peers in another strong week of trading. Earnings are around the corner for Nvidia (28th of August) and analysts are raising their price targets for the stock this week, in anticipation of a strong release. Wedbush has raised it's price target from $120 to $138 ahead of the Q2 fiscal results and maintains an outperform rating. With strong earnings predicted and stocks likely to see a boost from interest rate cuts beginning in September, Nvidia has upside potential heading into Q4.

Ticker: MSFT | Price: $416.79 | Market Cap: $3.10T | Weekly Loss: 0.43% ➡️

Microsoft underperformed this week with price moving lower during Thursday's session, losing the gains made at the start of the week. Microsoft has set a date in September to meet with Crowdstrike and other cybersecurity firms to discuss the prevention of another large IT outage. This comes after pressure applied from the Delta Airlines $500M lawsuit. Microsoft could be in for a challenging quarter as it attempts to rebuild that trust lost from the IT outage.