Tesla, the top-traded stock on Tuesday, closed down 5.21% with a trading volume of $51.554 billion. Tesla's shareholder meeting is set for November 6, where Elon Musk's controversial "massive compensation package" will be put to a vote.
Norway’s sovereign wealth fund, the world’s largest, announced it will vote against the package. As Tesla’s biggest external investor, the fund holds about 1.14% of Tesla shares, valued at 118.3 billion Norwegian kroner ($11.6 billion), making its opposition pivotal. The fund cited concerns over equity dilution and key-person risk.
NVIDIA, the second most-traded stock, fell 3.96% with $37.031 billion in volume. Hedge fund manager Michael Burry, famous for his role in *The Big Short*, disclosed an unusually early Q3 13F filing through Scion Asset Management. The report revealed that roughly 80% of the fund’s positions were concentrated in short bets against NVIDIA and Palantir, with a notional value exceeding $1 billion.
Specifically, Scion held $912 million in notional put options against Palantir (equivalent to 5 million shares) and $186 million against NVIDIA. However, details on premiums, strike prices, and expiration dates were not disclosed. Burry had also recently issued a cryptic warning about market overheating to retail investors.
Palantir, the third most-traded stock, dropped 7.94% with $22.72 billion in volume. Monday’s 13F filings confirmed Burry’s bearish bets on both Palantir and NVIDIA.
AMD, ranked sixth, declined 3.70% with $12.621 billion traded. The company reported Q3 earnings after Wednesday’s close: revenue of $9.25 billion (vs. $8.74 billion expected) and capital expenditures of $258 million (vs. $219.7 million expected). Q4 revenue guidance of $9.3–$9.9 billion topped estimates of $9.21 billion.
Broadcom, ninth by volume, fell 2.93% to $8.258 billion, marking its fourth consecutive daily decline.
Alphabet (Google’s Class A shares), tenth, slid 2.18% with $7.994 billion traded. The company partnered with Vitality to launch Vitality AI. Separately, Google reportedly rejected Disney’s request to restore ABC’s election-night broadcast on YouTube TV amid fee negotiations, counteroffering to reinstate both ABC and ESPN.
Micron, twelfth, plunged 7.10% with $5.132 billion traded after hitting a record high the previous day.
Oracle, fourteenth, dropped 3.75% with $4.843 billion in volume. Its credit default swaps (CDS) surged post-Q3 earnings, reflecting investor unease over its aggressive AI investments. Analysts noted such CDS levels are rare outside major macroeconomic crises, signaling concerns about AI-driven spending.
Uber, sixteenth, tumbled 5.06% with $4.526 billion traded. Q3 operating profit of $1.11 billion missed estimates of $1.62 billion, while adjusted EBITDA of $2.26 billion also fell short. Despite weak profits, gross bookings jumped over 20% YoY to $49.7 billion—the highest growth since 2023. Uber’s Q4 adjusted core profit guidance of $2.41–$2.51 billion slightly trailed expectations. CEO Dara Khosrowshahi cautioned that autonomous taxis remain years away from profitability.
Coinbase Global, nineteenth, sank 6.99% with $3.822 billion traded as Bitcoin hit its lowest level since June, dragging down crypto-linked stocks.
(Screenshot source: Sina Finance App – U.S. Stocks Market Data)