Tesla shares have experienced a remarkable surge of over 21% following the company's strong Q3 earnings report. The electric vehicle manufacturer reported an adjusted profit of 72 cents per share, with a profit margin of 19.8%, and revenue reaching $25.18 billion. CEO Elon Musk has forecasted a growth of 20-30% in vehicle sales for 2025, bolstered by the profitability of the much-anticipated Cybertruck. This surge in Tesla's stock has significantly impacted the broader market, contributing to the overall gains of major tech stocks, including Nvidia, which recently saw its shares bounce back after a decline, surging 26% in the past week alone. Nvidia's market value increased by $631 billion during this period, driven by investor interest in semiconductor stocks as the company prepares to report its Q2 earnings. CEO Jensen Huang anticipates substantial revenue from the new Blackwell chips aimed at generative AI, which could further influence Nvidia's stock performance. [69f6de0d] [5606e648] [514a81d2]
In addition to Tesla's impressive performance, Nvidia has partnered with Mukesh Ambani to expand its AI initiatives in India, highlighting the growing importance of AI technology in global markets. Other significant corporate developments include Richard White resigning as CEO of WiseTech amid scandals and General Catalyst raising $12 billion, marking the largest venture capital raise in the U.S. in years. Meanwhile, Boeing's machinist union has rejected a contract offer, extending ongoing strike actions, and Barclays reported a 23% rise in Q3 profits, further illustrating the dynamic landscape of corporate earnings this quarter. [69f6de0d] [e5a65401]