Chip

Elon Musk

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<p class="has-drop-cap">Shares of Tesla Inc. (NASDAQ: TSLA) and Broadcom Inc. (NASDAQ: AVGO) soared in early trading on Tuesday, riding a wave of positive investor sentiment. Meanwhile, Paramount Global (NYSE: PARA) stock continued its downward slide as controlling shareholder Shari Redstone <a href="https://www.youtube.com/watch?v=DrUS_P5jlwk" target="_blank" aria-label="killed a potential merger deal (opens in a new tab)" rel="noopener noreferrer nofollow" class="deco-link">killed a potential merger deal</a> with Skydance Media.</p>
<h3 id="tesla-stock-jumps-on-musk-pay-package-vote-and-texas-hq-move">Tesla Stock Jumps on Musk Pay Package Vote and Texas HQ Move</h3>
<p>Tesla shares jumped as much as 7.2% to $185.70 after CEO Elon Musk indicated <a href="https://www.nbcnewyork.com/news/business/money-report/elon-musk-claims-he-is-set-for-victory-in-56-billion-tesla-pay-vote/5503192/" target="_blank" aria-label="shareholders were voting in favor of his $56 billion pay package (opens in a new tab)" rel="noopener noreferrer nofollow" class="deco-link">shareholders were voting in favor of his $56 billion pay package</a> from 2018, which a Delaware judge had previously invalidated.</p>
<p>The vote carries more symbolic than legal weight, as it’s unclear if the court will accept the re-vote. Shareholders also voted on moving Tesla’s state of incorporation from Delaware to Texas, with Musk suggesting the proposal was passing by a wide margin.</p>
<p>Approval of the pay package is expected to remove an overhang on the stock and ease uncertainty around Musk’s continued leadership.</p>
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<h3 id="broadcom-soars-on-ai-chip-forecast-and-stock-split">Broadcom Soars on AI Chip Forecast and Stock Split</h3>
<p>Broadcom’s stock price reached new heights, surging 14% to $1,707.48, driven by the company <a href="https://tokenist.com/broadcom-stock-surges-on-strong-ai-chip-demand-and-stock-split-announcement/" rel="noopener noreferrer nofollow" class="deco-link">raising its revenue forecast</a> from AI chips to $11 billion for 2024 and announcing a 10-for-1 stock split.</p>
<p>Strong Q2 earnings, with AI product revenue reaching $3.1 billion, and an increased full-year revenue forecast of $51 billion also boosted investor confidence. Broadcom’s AI chips are crucial in applications like OpenAI’s ChatGPT, and the company has attracted significant orders from large cloud providers.</p>
<h3 id="paramount-tumbles-as-redstone-ends-skydance-talks">Paramount Tumbles as Redstone Ends Skydance Talks</h3>
<p>Paramount Global stock fell further on Wednesday, down about 2% in early trading after sinking nearly 8% on Tuesday. The drop came after Shari Redstone, who controls Paramount through her family’s holding company National Amusements (NAI), ended merger talks with Skydance Media.</p>
<p>The collapse of the deal has had an immediate negative impact on Paramount’s stock price, with the lack of a clear path forward in terms of a merger or acquisition likely to weigh on investor sentiment in the near term. Uncertainty over leadership, following the <a href="https://www.forbes.com/sites/dbloom/2024/04/30/with-bakish-gone-where-does-paramount-and-its-suitors-go-next/#:~:text=Paramount%20Global%27s%20Bob%20Bakish%20became,sell%20her%20family%20media%20empire." class="deco-link" target="_blank" rel="noopener noreferrer nofollow">recent departure </a><a href="https://www.forbes.com/sites/dbloom/2024/04/30/with-bakish-gone-where-does-paramount-and-its-suitors-go-next/#:~:text=Paramount%20Global%27s%20Bob%20Bakish%20became,sell%20her%20family%20media%20empire." target="_blank" aria-label="o (opens in a new tab)" rel="noopener noreferrer nofollow" class="deco-link">o</a><a href="https://www.forbes.com/sites/dbloom/2024/04/30/with-bakish-gone-where-does-paramount-and-its-suitors-go-next/#:~:text=Paramount%20Global%27s%20Bob%20Bakish%20became,sell%20her%20family%20media%20empire." class="deco-link" target="_blank" rel="noopener noreferrer nofollow">f CEO Bob Bakish</a>, may also be contributing to the decline.</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe>
<p><em>Disclaimer: The author does not hold or have a position in any securities discussed in the article.</em></p>
<h3 id="br"><br></h3>
<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/stocks-to-watch-today-tesla-paramount-and-broadcom/">Stocks to Watch Today: Tesla, Paramount, and Broadcom</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Stocks to Watch Today: Tesla, Paramount, and Broadcom

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