Top 20 U.S. Stocks by Trading Volume: Musk’s Party Formation Wipes $68 Billion Off Tesla’s Market Cap
On Monday, Tesla led U.S. trading volume with $38.037 billion, closing down 6.79% and erasing $68 billion from its market capitalization, triggered by concerns over Elon Musk’s announcement of the “America Party.”
Analysts suggest that if Musk continues to delve into politics, Tesla’s board might step in to address the situation. On July 5 local time, Musk took to social media to declare the formation of the “America Party,” expressing dissatisfaction with President Trump’s so-called “Big and Beautiful” tax and spending bill.
He also lashed out at U.S. Treasury Secretary Bessent, labeling him a “political science major who can’t even do math,” while asserting that prior poll results were “very positive” for him, hinting this as the reason for Trump’s reliance on him.
Nvidia came in second with $22.006 billion in volume. Its supported company, CoreWeave, announced on Monday a $9 billion all-stock acquisition of cryptocurrency mining firm Core Scientific. Citi raised Nvidia’s target price to $190, citing a significant surge in sovereign demand for AI infrastructure, which could yield a 15% upside from last Thursday’s closing price.
This adjustment coincides with Nvidia’s market capitalization nearing $4 trillion, bolstered by a 12% rise in its stock price over the past month. Citi analysts believe Nvidia is poised to capture a larger share of the expanding total addressable market (TAM) for data center infrastructure.
Apple ranked third, declining 1.69% with $10.523 billion in volume. Reports indicate Apple has quietly acquired two companies, with these deals seemingly linked to the development of Apple Vision Pro and Apple Intelligence. The tech giant has long maintained a strategy of acquiring multiple companies annually, with a recent shift toward AI-related firms.
Palantir rose 3.54% with $9.643 billion in volume, while Amazon edged up 0.03% with $8.147 billion. Looking ahead to Amazon’s 2025 Prime Day, JPMorgan’s research note suggests that despite ongoing macro pressures, enhanced discounts and an extended four-day event duration will drive demand growth, projecting a roughly 10% increase in daily sales. The bank maintains an “Overweight” rating on Amazon with a December 2025 target price of $240.
Microsoft fell 0.22% with $6.854 billion in volume, announcing plans to cut 9,000 jobs—nearly 4% of its total workforce—across various levels, teams, and regions. Combined with a prior 5,000-job reduction plan, Microsoft has now scheduled 15,000 layoffs this year. In April, the company’s chairman revealed that up to 30% of its code is now AI-generated, with this figure steadily increasing.
Circle Internet surged 9.90% with $6.289 billion in volume, reflecting a broad uptick in cryptocurrency-related stocks. Google A shares dropped 1.53% with $6.022 billion, as DeepMind’s Chief Business Officer Colin Murdoch disclosed that Isomorphic Labs, a Google subsidiary focused on drug development, is set to initiate human trials for AI-designed drugs.
During an interview in Paris, Murdoch noted, “In our King’s Cross office in London, people are already collaborating with AI to develop new cancer treatments.”
AMD fell 2.26% with $4.955 billion, as Citi raised its target price to $145. Oracle declined 2.13% with $3.731 billion, reportedly slashing prices for federal software and cloud services by up to 75% under a General Services Administration (GSA) agreement.
This deal, the first to reduce cloud infrastructure costs government-wide, includes “significant” discounts on Oracle’s cloud platform and AI services, alongside technical support for cloud migration. As the agency overseeing federal procurement, GSA is negotiating similar deals with other cloud providers, while Oracle expands its federal footprint, recently launching a program to connect small tech firms with the Department of Defense.
MicroStrategy, now rebranded as Strategy, fell 2.06% with $3.461 billion, announcing a $4.2 billion “at-the-market” offering of 10% perpetual STRD preferred shares. The proceeds will support general corporate purposes, including Bitcoin acquisitions and dividends for A-series preferred shareholders.
Management has not specified a timeline but plans a phased rollout. If fully funded and invested in Bitcoin, this could push Strategy’s holdings beyond 600,000 BTC, solidifying its status as the world’s largest corporate Bitcoin holder, following its February 2025 rebranding with a new orange visual identity.
Uber rose 3.26% with $2.86 billion, as Wells Fargo analyst Ken Gawrelski maintained a “Buy” rating and raised the target to $120. This follows Uber’s June 25 announcement of expanding its partnership with Waymo to launch Robotaxi services in Atlanta. Gawrelski highlighted that AI advancements in autonomous driving will intensify competition, revealing Uber’s network value, with its growing user base strengthening negotiations with potential autonomous driving partners.