On Monday, the top U.S. stock by trading volume was Micron Technology, closing up 0.74% with $34.186 billion in turnover. The stock initially dropped nearly 6% at the open before recovering to finish higher.

In second place, Microsoft rose 4.93% with $31.278 billion in turnover. Following its earnings release, multiple firms raised their price targets, with UBS lifting its target from $480 to $525 and CMB International raising it from $616 to $634, both maintaining a "Buy" rating. The consensus average target is around $565.

Third was Nvidia, up 2.93% with $26.227 billion in turnover. Despite recent volatility in tech and momentum assets fueling concerns about an "AI speculative bubble burst," Goldman Sachs Chief Strategist Ben Snider noted in a report that investors should not overreact. He argued that the current pullback is a typical concentration squeeze and consolidation, with strong corporate earnings fundamentals still serving as the core engine for the bull market. He highlighted that giants like Alphabet, Amazon.com (AMZN), Microsoft, Nvidia, and Broadcom remain major profit contributors.

Fourth was Amazon.com (AMZN), surging 4.58% with $25.287 billion in turnover. The stock hit a new all-time high, extending its strong post-earnings rally from last week, and crossed the $3 trillion market cap for the first time, becoming the fifth company to reach this milestone. Its second-quarter earnings showed accelerated growth in cloud computing revenue. Amazon.com (AMZN) now joins Nvidia, Alphabet, Microsoft, and Apple as one of the few companies with a market cap above $3 trillion. For most of the past three months, the stock was mired in a sell-off, as investors worried about profit pressure from tech companies heavily investing hundreds of billions in AI. From its May 6 peak to a three-month low in July, the stock fell nearly 18%. After last week's earnings report, market fears eased: Amazon's AWS cloud business saw its largest revenue growth since 2021, boosting the stock by over 15% in a single day—its biggest daily gain in 14 years—and adding nearly $400 billion in market cap. This rebound helped Amazon.com (AMZN) become the best-performing stock among the Magnificent Seven this year, a group that has overall underperformed with only a 2.1% gain, compared to the S&P 500's 10% rise.

Seventh was SanDisk, up 6.03% with $17.901 billion in turnover. Eighth was Meta Platforms, up 6.02% with $14.519 billion in turnover. Meta recently released its Q2 2026 earnings, with profit and free cash flow significantly impacted by high spending on AI infrastructure. CEO Mark Zuckerberg reiterated that the company would maintain a capital expenditure cap of up to $145 billion for 2026, continuing to ramp up AI investments.

Tenth was Tesla, up 3.49% with $12.147 billion in turnover. On August 3, Tesla's July new vehicle registration data across several European countries showed notable divergence. In Denmark, registrations rose 52% year-over-year, according to Bilstatistik.dk. In France, they surged 86% year-over-year, per public market statistics. In Norway, registrations dropped 97% year-over-year to 24 vehicles, as reported by data aggregator OFV. Spain's ANFAC indicated a 81.3% decline to 131 vehicles, while Sweden's Mobility Sweden reported a 60% drop.

Fourteenth was SpaceX (SPCX), up 5.68% with $7.616 billion in turnover. Since its IPO on June 12, SpaceX (SPCX) has lost over $500 billion in market cap, delivering a heavy blow to early retail investors. The stock has fallen for four consecutive weeks, losing more than 50% from its intraday high. Such a rapid disappointment after a high-profile listing hasn't been seen since Facebook's IPO in 2012. Against this backdrop, SpaceX is set to report its first quarterly earnings as a public company on Tuesday, coming two weeks after Tesla's earnings were met with Wall Street coldness due to rising costs and negative free cash flow, and following a round of quarterly updates from tech giants focused on AI spending.

Sixteenth was Oracle, up 9.22% with $6.825 billion in turnover. Reports indicated that Oracle won a 10-year software contract worth nearly $7 billion from the U.S. Department of Defense, covering on-premise deployments for military agencies and intelligence systems, with the CIA as the first customer.

Twentieth was Seagate, down 2.93% with $4.345 billion in turnover. On Monday, Seagate received strong support from Wall Street. BNP Paribas maintained an "Outperform" rating and sharply raised its price target from $1,050 to $1,275, implying about 58% upside from current levels. This reflects confidence in AI-driven data storage demand. As a leading data storage technology provider, Seagate's nearline hard drives are critical for cloud providers and data centers needing cost-effective storage for AI-generated data sets. Analyst Karl Ackerman at BNP Paribas noted that the upgrade is underpinned by changes in Seagate's long-term agreements: "Long-term agreement commitments for calendar years 2028 and 2029 are increasing." These agreements allow Seagate to lock in customer orders, product mix, and prices 4 to 5 quarters in advance, significantly reducing the cyclical risk typical of the storage industry.