Tesla is a vertically integrated battery electric vehicle automaker and developer of autonomous driving software. The company has multiple vehicles in its fleet, which include luxury and midsize sedans, crossover SUVs, a light truck, and a semi-truck. Tesla also plans to begin selling more affordable vehicles, and a sports car. Global deliveries in 2023 were a little over 1.8 million vehicles. The company also sells batteries for stationary storage for residential and commercial properties including utilities and solar panels and solar roofs for energy generation. Tesla also owns a fast-charging network.

The stock market rally is broadening, but... Unfortunately, the expansion in outperformance has occurred within the Information Technology sector, with the semiconductor stocks pausing a bit and computer hardware and software names taking the baton, at least for now. There must be other names that benefit from AI, right? Digging deeper, it appears funds that are coming out of semis are indeed going into computer hardware and software. But even that money flow still prefers the largest market-cap names in those two industries, so the action is not broad based. In computer hardware, the Dow Jones U.S. Computer Hardware Index has quietly outperformed (very minor) the iShares Semi ETF (SOXX) since March 7. Over the past three months, and ranked by market cap and performance, the biggest gainers have been Apple (+28%), Dell (+20%), NetApp (+25%), and Pure Storage (PSTG +26%). AAPL, DELL, and NTAP have been highlighted on these page numerous times in recent months. In software, the outperformance versus the semis started on June 18 when looking at the iShares Tech-Software ETF (IGV), which is near all-time highs (ATHs). As well, the Dow Jones Software Index ($DJUSSW) broke out to ATHs on June 17. Leadership has come from Microsoft (+8%), Oracle (14%), Adobe (+11.5%), and CrowdStrike (+23%). Meanwhile, seven out of the 11 S&P sectors fell between 0.4% and 1.5%. NYSE breadth on Monday did not reflect the moves in the S&P 500, Nasdaq, or Nasdaq 100, and came in at -1,139. The S&P MidCap 400 dropped another 1%, while the Russell 2000 fell by 0.8%. (Mark Arbeter, CMT)

Nvidia is a leading developer of graphics processing units. Traditionally, GPUs were used to enhance the experience on computing platforms, most notably in gaming applications on PCs. GPU use cases have since emerged as important semiconductors used in artificial intelligence. Nvidia not only offers AI GPUs, but also a software platform, Cuda, used for AI model development and training. Nvidia is also expanding its data center networking solutions, helping to tie GPUs together to handle complex workloads.

Nvidia is a leading developer of graphics processing units. Traditionally, GPUs were used to enhance the experience on computing platforms, most notably in gaming applications on PCs. GPU use cases have since emerged as important semiconductors used in artificial intelligence. Nvidia not only offers AI GPUs, but also a software platform, Cuda, used for AI model development and training. Nvidia is also expanding its data center networking solutions, helping to tie GPUs together to handle complex workloads.