On October 24, 2024, Tesla's stock surged 22% after releasing a better-than-expected third-quarter earnings report, marking the largest single-day increase since May 2013. This boost added $26 billion to Musk's net worth. On the same day, other tech stocks and the semiconductor sector also experienced gains, with major players like Nvidia, Amazon, and Meta seeing varying increases, and the Philadelphia Semiconductor Index rising by 0.51%. Among the three major U.S. indices, the Nasdaq and S&P 500 rose, while the Dow Jones Industrial Average experienced a slight decline. Meanwhile, Chinese concept stocks faced pressure, with most individual stocks closing lower.

Tesla's unparalleled stock surge ensued subsequent to the release of outstanding financial data

Tesla prominently seized the spotlight in the U.S. stock market on the aforementioned 24th of October with its remarkable stock performance. Post the revelation of third-quarter financial results that exceeded expectations, Tesla's stock price surged by 22%, representing its most significant single-day surge since May 2013. This notable escalation not only attracted market attention but also led to a rapid augmentation in Elon Musk's wealth by approximately $260 billion within a single day.

The third-quarter financial report of Tesla unveiled a revenue figure of $25.18 billion, marginally below the anticipated $25.37 billion by analysts, yet indicating an 8% year-over-year growth. Adjusted earnings per share were reported at $0.72, surpassing the average analyst estimate of $0.58. This display of profitability, in conjunction with an optimistic projection of 20-30% growth in vehicle sales by 2025, provided robust underpinning for Tesla's stock price. Furthermore, Tesla's environmental regulatory credit revenue reached $739 million, and its Full Self-Driving (FSD) system contributed $326 million in revenue for the quarter, both pivotal factors in Tesla's outperforming profit figures. During a conference call, Musk announced Tesla's intention to launch the Cybercab autonomous driving rental car in 2026, with an annual production target of 2-4 million vehicles, thereby further elevating market expectations regarding Tesla's future growth prospects.

Amidst a landscape of advancing technology, the stocks of major industry players ascend, while AI concepts continue to gain traction

In addition to Tesla's commendable performance, other tech stocks also witnessed gains. Amazon concluded at $186.38, reflecting a 0.9% increase; the "metaverse" giant Meta also experienced a closing uptick of 0.73%. Nvidia recorded a 0.61% increase, attributed to agreements reached with several Indian tech giants for AI infrastructure development. Jensen Huang, the founder and CEO, expressed the belief that India holds the potential to emerge as an exporter of AI technology. Microsoft concluded with a marginal increase of 0.03%, whereas Google's Class A shares experienced a slight decline of 0.04%. Apple observed a reduction of 0.08%, notwithstanding the forthcoming release of three new Mac products featuring the M4 chip, and plans for comprehensive upgrades across the entire Mac lineup in the upcoming year, which did not substantially boost its stock value.

Robust performance within the semiconductor sector, with chip stocks marking collective gains

Within the realm of chip stocks, overall performance demonstrated strength, with the Philadelphia Semiconductor Index closing on a positive note, up by 0.51%, and the SOXX industry ETF showing an increase of 0.56%. AMD registered a rise of 0.35%, while Intel observed a notable increase of 1.64% following a successful outcome in a €1.1 billion antitrust lawsuit within the European Union. Micron Technology closed with an upward movement of 1.71%, Applied Materials with a rise of 0.57%, KLA with an increase of 0.23%, and Qualcomm with an ascent of 0.9%. ASML ADR and ON Semiconductor also experienced gains of 0.31% and 3.1%, respectively. However, Broadcom and Arm Holdings faced declines of 1.24% and 0.96%, whereas Taiwan Semiconductor ADR exhibited a decrease of 1.46%.

Varied trends of gains and losses within the three primary U.S. indices, amidst pressure on Chinese concept stocks

At the day's closure, the Dow Jones Industrial Average experienced a decline of 0.33%, the S&P 500 portrayed an increase of 0.21%, and the Nasdaq Composite Index saw a boost of 0.76%. Tesla's surge not only distinguished itself among tech stocks but also attracted widespread attention throughout the entirety of the U.S. stock market. Popular Chinese concept stocks encountered general declines, with the Nasdaq Golden Dragon Index witnessing a dip of 0.82%. Notably, XPeng Motors observed a decline of over 6%, Nio of over 4%, Bilibili of over 2%, and JD.com, Alibaba, NetEase, and Tencent Music all experienced declines exceeding 1%. Pinduoduo, Weibo, Futu Holdings, Vipshop, Baidu, and Full Truck Alliance also witnessed minor decreases, with Li Auto being the sole entity to record an increase of over 1%.

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After logging into the uSMART HK app, click on the "Search" option located at the top right of the page. Enter the stock code, such as " TSLA " to access the details page where you can review transaction details and historical trends. Then, click on the "Trade" option at the bottom right corner, select the "Buy/Sell" function, and finally fill in your transaction conditions before submitting your order.