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Market Analysis
Stocks to Watch Today: AMD, T-Mobile US, and UBER
Tech and telecom giants AMD, T-Mobile US, and Uber are making waves in the stock market with impressive earnings reports and strategic moves.
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In a bustling day for tech and telecom stocks, Advanced Micro Devices (NASDAQ: AMD), T-Mobile US (NASDAQ: TMUS), and Uber Technologies (NASDAQ: UBER) are capturing investor attention with significant news and notable market movements. These industry giants are making waves with earnings reports, strategic partnerships, and continued growth in their respective sectors.
AMD Surges on AI-Driven Earnings Beat
AMD reported second-quarter earnings that surpassed analyst expectations, driven largely by its burgeoning AI business.
The chipmaker posted adjusted earnings per share of $0.69, edging out the expected $0.68, on revenue of $5.8 billion. AMD’s Data Center segment saw a remarkable 115% year-over-year increase, reaching $2.8 billion. CEO Lisa Su emphasized the rapid advances in generative AI as a key driver of demand for the company’s Instinct, EPYC, and Ryzen processors.
As of 11:35 AM EDT, AMD’s stock was trading at $145.72, up 5.26% for the day, with a market capitalization of $235.674 billion.
T-Mobile Celebrates Milestone Growth in Q2
T-Mobile US announced strong Q2 2024 results, showcasing robust growth across multiple metrics. The telecom giant reported postpaid net customer additions exceeding 1.3 million, with postpaid net account additions of 301,000 – the best in the industry.
T-Mobile crossed the 100 million postpaid customers milestone and achieved its highest Q2 postpaid phone net customer additions in company history at 777,000.
The company’s financial performance was equally impressive, with service revenues up 4% year-over-year to $16.4 billion and net income surging 32% to $2.9 billion. As of 11:35 AM EDT, T-Mobile’s stock was trading at $181.13, up 3.29% for the day, with a market capitalization of $212.914 billion.
Uber Partners with BYD for Electric Vehicle Expansion
Uber Technologies announced a multi-year strategic partnership with BYD Co. Ltd. on July 31, 2024, aimed at accelerating the global transition to electric vehicles in the ride-hailing industry.
The collaboration plans to introduce 100,000 new BYD electric vehicles onto Uber’s platform in key global markets, initially focusing on Europe and Latin America. Uber drivers will gain access to competitive pricing and financing options for BYD vehicles, and the companies will work together on developing future autonomous-capable vehicles.
As of 11:34 AM EDT, Uber’s stock was trading at $65.02, up 3.06% for the day, with a market capitalization of $137.308 billion.
Disclaimer: The author does not hold or have a position in any securities discussed in the article.
Tim Fries
Tim Fries is the cofounder of The Tokenist. He has a B. Sc. in Mechanical Engineering from the University of Michigan, and an MBA from the University of Chicago Booth School of Business. Tim served as a Senior Associate on the investment team at RW Baird's US Private Equity division, and is also the co-founder of Protective Technologies Capital, an investment firm specializing in sensing, protection and control solutions.
