L3Harris Technologies Stock (NYSE:LHX), Trade Ideas

L3Harris Technologies

L3Harris Technologies provides products for the command, control, communications, computers, intelligence, surveillance, and reconnaissance, or C4ISR, market. The firm produces uncrewed aerial vehicles, sensors, and avionics, as well as provides military and commercial training services and maintains the U.S. Federal Aviation Administration's communications infrastructure. In July 2023, the company acquired Aerojet Rocketdyne, a key supplier of rocket motors to the space and defense industry.

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LASE

Laser Photonics witnesses a surge in shares following an order from L3Harris Technologies for its LaserTower COMPACT marking system. L3Harris will deploy the system at its semiconductor division in Palm Bay, Florida.

Why Is Laser Photonics Stock Soaring Today?

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Asset Sales

L3Harris Technologies has signed a definitive agreement under which an affiliate of Kanders &amp; Company, Inc. will acquire its antenna and related businesses for $200 million.

L3Harris Sheds Antenna Business In Portfolio Refinement: Details

Management

3M shares surge as William &#34;Bill&#34; Brown is appointed CEO, effective May 1, 2024, succeeding Michael Roman, who becomes Executive Chairman. Brown&#39;s esteemed background, including leadership roles at L3Harris Technologies and Harris Corporation, adds weight to his appointment. 

Why 3M Shares Are Shooting Higher Today

L3Harris Technologies Inc

Truist Securities analyst Mark Hughes maintains Brown &amp; Brown (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRO#NYSE">BRO</a>) with a Buy and raises the price target from $92 to $94.

Price Target

Analyst Ratings

Truist Securities Maintains Buy on Brown & Brown, Raises Price Target to $94

Cantor Fitzgerald analyst C J Muse maintains Seagate Tech Hldgs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STX#NASDAQ">STX</a>) with a Neutral and raises the price target from $95 to $100.

Cantor Fitzgerald Maintains Neutral on Seagate Tech Hldgs, Raises Price Target to $100

WIIM

AMRX

Amneal Pharmaceuticals shares are trading higher after the company announced FDA approval of OTC Naloxone Hydrochloride Nasal Spray for emergency treatment of an opiod overdose.

RILY

B. Riley shares are trading higher after the company announced the results of an independent investigation showed the company and its executives had no involvement with, or knowledge of, any of the alleged misconduct concerning Mr. Kahn or any of his affiliates.

Wabtec Corporation&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WAB#NYSE">WAB</a>) shares are trading higher after the company reported better-than-expected first-quarter financial results and raised its 2024 guidance.
WAB reported&nbsp;first-quarter fiscal 2024 sales growth&nbsp;of 13.8% year-over-year to $2.497 billion,&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/04/b38398975/wabtec-delivers-first-quarter-2024-results-raises-full-year-guidance" rel="noreferrer noopener">beating the consensus of $2.397 billion.</a>
Sales growth&nbsp;was driven&nbsp;by higher sales in Freight (+17.2% Y/Y) and Transit (+5.5% Y/Y) segments.
The adjusted gross margin expanded 240 basis points to 32.9%, and the adjusted operating margin was 19.8%, up 340 basis points.&nbsp;
At the end of the quarter, the total backlog stood at $22.08 billion, down 1.1% Y/Y.&nbsp;
Adjusted EPS of $1.89 (+47.7.3% Y/Y)&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">topped the consensus of $1.49.</a>
During the quarter, the company returned $211 million to shareholders via share repurchases and dividends.&nbsp;
Operating cash flow was $334 million versus cash used for operations of $(25) million a year ago. Wabtec held cash and equivalents of $639 million at the end of the quarter.&nbsp;
&#8220;Looking ahead, we continue to see underlying customer demand for our products and solutions.&nbsp;Our orders pipeline and 12-month backlog continue to be strong,&nbsp;which provides&nbsp;visibility for profitable growth&nbsp;ahead.&nbsp;Our team&nbsp;is focused&nbsp;on product innovation, disciplined cost management, and relentless execution for our customers.&nbsp;These factors, coupled with&nbsp;our strong Q1 results,&nbsp;give us confidence to raise our full-year 2024 guidance,&#8221; commented Rafael Santana, Wabtec&#8217;s President and CEO.
2024 Guidance: Wabtec raised the Adjusted EPS outlook to $7-$7.40 (from $6.50-$6.90) <a href="https://www.benzinga.com/calendars/guidance">versus consensus of $6.79.</a>
The company sees sales of $10.25 billion-$10.55 billion (prior $10.05 billion -$10.35 billion) versus a consensus of $10.205 billion.
Price Action: WAB shares are trading higher by 6.42% at $158.00 premarket at&nbsp;the last check Wednesday.

Earnings

Guidance

Why Is Wabtec Stock Gaining Today?

On CNBC's &#8220;<a href="https://www.cnbc.com/video/2024/04/23/final-trades-wisdomtree-india-earnings-etf-diamondback-energy-and-alphabet.html">Halftime Report Final Trades</a>,&#8221; Jim Lebenthal of Cerity Partners said Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) powered through this down turn like the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38358239/microsoft-and-oracle-could-be-tiktoks-likely-buyers-but-real-winners-would-be-mark-">downturn didn&#8217;t happen</a>.
Sundar Pichai, Google&#8217;s CEO, recently announced a significant restructuring of the company&#8217;s leadership and operational divisions to accelerate its artificial intelligence (AI) development. This move is in response to criticisms that the company is lagging <a href="https://www.benzinga.com/news/24/04/38334324/sundar-pichai-announces-restructure-after-google-fires-protesting-employees-too-important-a-moment-a">behind competitors like</a> Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>).
Don't forget to check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>
Jason Snipe of Odyssey Capital Advisors picked Diamondback Energy, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FANG#NASDAQ">FANG</a>), saying he likes this energy name here.
Diamondback Energy is expected to release first quarter 2024 financial results on April 30 after the closing bell. Analysts expect the company to report quarterly earnings at $4.42 per share, up from $4.10 per share in the year-ago period. The company is projected to post revenue of $2.09 billion, compared to $1.93 billion in the year-earlier quarter.
On Tuesday, Stifel analyst Derrick Whitfield maintained Diamondback Energy with a Buy and raised the price target from $224 to $229.
Stephanie Link of Hightower named the WisdomTree India Earnings Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EPI#NYSE">EPI</a>) as her final trade.
Price Action:
<ul>
<li>Alphabet shares rose 1.3% to close at $159.92 on Tuesday.</li>
<li>Diamondback Energy shares gained 0.9% to settle at $204.37 during Tuesday's session.</li>
<li>WisdomTree India Earnings Fund gained 0.4% during Tuesday's session.</li>
</ul>
Check This Out: <a href="https://www.benzinga.com/news/earnings/24/04/38396305/tesla-boeing-and-3-stocks-to-watch-heading-into-wednesday">Tesla, Boeing And 3 Stocks To Watch Heading Into Wednesday</a>
Image generated using artificial intelligence via Midjourney.

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MSFT

Alphabet, Diamondback Energy And More On CNBC's 'Final Trades'

CDTX

Trading Halt: Halt status updated at 8:55:00 AM ET: Quotation Resumption: News and Resumption Times

Cantor Fitzgerald analyst Pete Stavropoulos reiterates Annexon (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ANNX#NASDAQ">ANNX</a>) with a Overweight.

Reiteration

ANNX

Cantor Fitzgerald Reiterates Overweight on Annexon

ParaZero Technologies Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PRZO#NASDAQ">PRZO</a>) (the "Company" or "ParaZero"), an aerospace company focused on drone safety systems for commercial drones and urban air mobility aircraft, received a significant purchase order from Draganfly Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DPRO#NASDAQ">DPRO</a>) (CSE:<a class="ticker" href="https://www.benzinga.com/stock/DPRO#CSE">DPRO</a>) (FSE: 3U8A) ("Draganfly"), an industry pioneer in commercial drone technology. This order will feature ParaZero's safety technology integrated into Draganfly's Commander 3XL drones, marking a big step in enhancing the safety and operational capabilities of these drones for critical missions.
The Commander 3XL, known for its versatility and endurance, is set to become even safer and more reliable with the integration of ParaZero's cutting-edge parachute safety solutions. This enhancement will enable the 3XL drones to perform sensitive and critical missions with an added layer of safety, ensuring minimal risk to people and property on the ground.
Boaz Shetzer, CEO of ParaZero, emphasized the importance of this partnership, "Receiving this purchase order from Draganfly is a testament to our relentless pursuit of drone safety innovation. Our technology will make the Commander 3XL drones some of the safest in the industry, setting new standards for safety and efficiency in drone operations."

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CSE:DPRO

DPRO

PRZO

ParaZero Received Purchase Order From Draganfly For Advanced Safety Technology Integration Into Commander 3XL Drones; No Financial Terms Disclosed

Steve Jobs dedicated &#8220;hour after hour&#8221; to the minutiae of product design at Apple Inc., driven by a belief of &#8220;God being in the details,&#8221; according to esteemed biographer Walter Isaacson, chronicler of some of the most influential figures in technology.
This philosophy was evident in Jobs&#8217;s hands-on involvement in creating iconic Apple products. Isaacson noted how Jobs's obsession with design extended to every aspect of a product, even those components that consumers would never see. This approach wasn't just about aesthetics; for Jobs, the care put into the unseen parts of a product was a testament to the integrity and quality of the entire creation.
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During an interview posted on YouTube, Isaacson highlighted Jobs&#8217;s sessions in Apple&#8217;s design studio, where he would scrutinize everything from the curvature of a computer&#8217;s casing to the layout of internal components.&nbsp;
Jobs believed that true excellence in product design required a relentless pursuit of perfection, down to the smallest detail. This could mean countless revisions and discussions, often pushing his team to their limits but also driving them to innovate in ways they never thought possible.
Jobs's detailed-oriented methodology set a new standard in the tech industry, emphasizing the importance of design in product development. His legacy, detailed by Isaacson, shows a leader who demanded the best and deeply understood the elements that would appeal to users, both aesthetically and functionally.
Trending: Invest alongside execs from Uber, Facebook and Apple in this<a href="https://www.benzinga.com/money/aura"> wellness app Transforming a $5.6 TRILLION dollar industry</a>.
This detail-oriented approach to products helped make Apple into the powerhouse it is today. In its early days, Apple was dedicated to innovation, with the near-flawless design of the iPhone and iPad going largely unchanged since their inception over a decade ago. Although some now accuse Apple of incrementalism, it's hardly impacted the company and <a href="https://www.benzinga.com/money/aura">leaves opportunities for new and exciting startups to take the helm</a>.&nbsp;
Isaacson&#8217;s observations offer a window into Jobs&#8217;s mind, revealing how his focus on details was integral to Apple&#8217;s success. This approach led to groundbreaking products like the iPhone and MacBook, which seamlessly blend functionality with sleek, minimalist design.&nbsp;
Through Isaacson&#8217;s narrative, it becomes clear that Jobs&#8217;s insistence on perfection in every aspect of design was not just about making products that looked good, but about creating devices that offer a revolutionary user experience, fundamentally changing how people interact with technology.
Jobs&#8217;s legacy, as articulated by Isaacson, is a reminder of the importance of detail in crafting products that are both functional and transformative. His philosophy continues to influence Apple and the broader tech industry, perpetuating a culture where design and detail are paramount.
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<li>Invest like a millionaire. Exclusive opportunity to<a href="https://www.benzinga.com/money/epic-games"> invest in Epic Games $17 billion gaming empire.</a></li>
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Steve Jobs Spent 'Hour After Hour' On Product Design — 'He Cared About God Being In The Details,' Says Walter Isaacson

Buyers determined to reduce carbon emissions and save on fuel are driving America&#8217;s automakers to stake their futures on electric vehicles (EVs) dominating sales in the coming years. However, while EV sales are increasing, they are not meeting the industry's ambitious timetable to move away from combustion engines. 
Instead, buyers are turning to technology over a quarter-century old, the gas-electric hybrid, whose popularity continues to surge. These hybrids switch between gas and battery power to maximize efficiency. In 2023, Americans have purchased over a million hybrids, marking a 76% increase from the previous year, as reported by Edmunds.com. 
Here are five advantages that hybrid cars have over electric cars:
<h3 class="wp-block-heading">1. Easier On The Wallet</h3>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="576" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24063742/Toyota.2022_Prius_Prime_Blue_043-scaled-1-1500x1125-1-1-1024x576.jpg" alt="Buying a hybrid plug-in like the Toyota Prius can be a lot easier on the pocket than footing up for an EV. Image credit: Toyota" class="wp-image-306172" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24063742/Toyota.2022_Prius_Prime_Blue_043-scaled-1-1500x1125-1-1-1024x576.jpg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24063742/Toyota.2022_Prius_Prime_Blue_043-scaled-1-1500x1125-1-1-300x169.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24063742/Toyota.2022_Prius_Prime_Blue_043-scaled-1-1500x1125-1-1-768x432.jpg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24063742/Toyota.2022_Prius_Prime_Blue_043-scaled-1-1500x1125-1-1.jpg 1280w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Buying a hybrid plug-in like the Toyota Prius can be a lot easier on the pocket than footing up for an EV. Image credit: Toyota</figcaption></figure>
Hybrids stand out for their affordability compared to their fully electric counterparts. While hybrids may be slightly more expensive than conventional cars, they are significantly cheaper than EVs. For instance, while the average EV buyer spent around $50,798 in December 2023, a 2024 Toyota Prius hybrid starts at just $28,745. This price difference makes hybrids particularly attractive during times of high borrowing costs.
<h3 class="wp-block-heading">2. Better Range</h3>
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1000" height="667" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/03024528/GMs-Chevrolet-Bolt-EV-electric-vehicle-d.jpeg" alt="The 2023 Chevrolet Bolt EV has an EPA-estimated range of 259 miles (417 km) on a fully charged battery. Image credit: Shutterstock/Jonathan Weiss" class="wp-image-275052" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/03024528/GMs-Chevrolet-Bolt-EV-electric-vehicle-d.jpeg 1000w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/03024528/GMs-Chevrolet-Bolt-EV-electric-vehicle-d-300x200.jpeg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/03024528/GMs-Chevrolet-Bolt-EV-electric-vehicle-d-768x512.jpeg 768w" sizes="(max-width: 1000px) 100vw, 1000px" /><figcaption class="wp-element-caption">The 2023 Chevrolet Bolt EV has an EPA-estimated range of 259 miles (417 km) on a fully charged battery. Image credit: Shutterstock/Jonathan Weiss</figcaption></figure>
One of the biggest advantages of hybrid cars is their extended driving range. Hybrids leverage both an internal combustion engine and an electric motor, allowing for longer distances between refuelling or charging. For example, the Toyota Prius Prime can travel over 600 miles combined, far outstripping the range of many EVs which can struggle to meet their advertised ranges under real-world conditions.
<h3 class="wp-block-heading">3. Faster Refuelling</h3>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="576" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24065217/toyota-prius-prime-hybrid-range-1024x576.jpeg" alt="Unless you have access to a fast charger network, charging an electric vehicle's battery can take a lot of time. Image credit: Toyota" class="wp-image-306192" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24065217/toyota-prius-prime-hybrid-range-1024x576.jpeg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24065217/toyota-prius-prime-hybrid-range-300x169.jpeg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24065217/toyota-prius-prime-hybrid-range-768x432.jpeg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24065217/toyota-prius-prime-hybrid-range.jpeg 1280w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Unless you have access to a fast charger network, charging an electric vehicle&#8217;s battery can take a lot of time. Image credit: Toyota</figcaption></figure>
Hybrids also offer faster and more convenient refuelling options compared to EVs. Charging an electric vehicle can take anywhere from 30 minutes with a fast charger to 40 hours with a standard home charger. In contrast, hybrids can refuel at any gas station in minutes and charge their smaller batteries relatively quickly. For instance, the Prius Prime's battery fully charges in about four hours with a Level 2 charger.
<h3 class="wp-block-heading">4. Improved Reliability</h3>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="575" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24065656/hybrid-car-reliability-1024x575.jpg" alt="The dual-powertrain design of hybrid cars ensures that there is always a backup drive mode available. Image credit: Shutterstock/ Nestor Rizhniak" class="wp-image-306210" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24065656/hybrid-car-reliability-1024x575.jpg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24065656/hybrid-car-reliability-300x169.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24065656/hybrid-car-reliability-768x431.jpg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24065656/hybrid-car-reliability.jpg 1280w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">The dual-powertrain design of hybrid cars ensures that there is always a backup drive mode available. Image credit: Shutterstock/ Nestor Rizhniak</figcaption></figure>
Hybrids deliver superior reliability owing to their dual powertrain systems. While electric motors and batteries are newer and can be prone to issues, the internal combustion engine part of a hybrid has been perfected over decades. This combination means hybrids often offer a backup option if one system fails, leading to higher reliability ratings compared to pure EVs, which currently lag in this area.
<h3 class="wp-block-heading">5. Wider Availability</h3>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="576" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24065310/hyundai-sonata-n-line-hybrid-1024x576.jpeg" alt="Plug-in hybrids like the Hyundai Sonata N-Line Hybrid are available in more markets since EV infrastructure is still in its infancy. Image credit: Hyundai" class="wp-image-306193" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24065310/hyundai-sonata-n-line-hybrid-1024x576.jpeg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24065310/hyundai-sonata-n-line-hybrid-300x169.jpeg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24065310/hyundai-sonata-n-line-hybrid-768x432.jpeg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24065310/hyundai-sonata-n-line-hybrid.jpeg 1280w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Plug-in hybrids like the Hyundai Sonata N-Line Hybrid are available in more markets since EV infrastructure is still in its infancy. Image credit: Hyundai</figcaption></figure>
Finally, hybrids are more widely available and practical in more regions compared to EVs, which require a robust charging infrastructure to be viable. The pervasive presence of gas stations ensures that hybrid vehicles can be conveniently used anywhere without the range anxiety associated with EVs. This makes hybrids a more accessible and practical choice for many drivers around the world.

Travel

Tech

EVs Are Great For Environment And Your Pocket In Long Run, But Here Are 5 Surprising Benefits Of Owning Hybrid Car

Stock Split

ISUN

iSun Announces 1-For-20 Reverse Stock Split

Roth MKM analyst Joe Reagor maintains Silvercorp Metals (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/SVM#AMEX">SVM</a>) with a Buy and lowers the price target from $6.5 to $6.

Roth MKM Maintains Buy on Silvercorp Metals, Lowers Price Target to $6

M/I Homes shares are trading higher after the company reported better-than-expected Q1 financial results.

NEOV

NeoVolta Appoints Ardes Johnson As CEO

Stride shares are trading higher after the company reported better-than-expected Q3 financial results and issued FY24 revenue guidance above estimates.

Roth MKM analyst Sean McGowan maintains GameSquare Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GAME#NASDAQ">GAME</a>) with a Buy and lowers the price target from $7 to $5.

GAME

Roth MKM Maintains Buy on GameSquare Holdings, Lowers Price Target to $5

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<li>Detailed results from randomized controlled Bentrio&#xAE; trial in seasonal allergic rhinitis published in Allergy journal</li>
<li>Study met primary efficacy endpoint of improvement in nasal symptoms (p = 0.013)</li>
<li>Corroborated by statistically significant improvement in health-related quality of life and reduced need for relief medication</li>
<li>Study outcomes support plans for further international expansion</li>
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Biotech

CYTO

Altamira Therapeutics Announces Publication Of Results From Bentrio Trial In Seasonal Allergic Rhinitis In Peer Reviewed Journal

Tesla Inc&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) may install 85,000&nbsp;Nvidia Corp&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) H100 chips by year-end to train its artificial intelligence (AI) models.&nbsp;
If CEO Elon Musk proceeds with this plan, Tesla will surpass tech giants like&nbsp;Amazon.Com Inc&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) and&nbsp;Alphabet Inc&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>)&nbsp;Google&nbsp;as a significant Nvidia customer.&nbsp;
During Tesla&#8217;s first quarterly earnings report for 2024, Musk disclosed that the company currently possesses 35,000 H100 chips, the most advanced and expensive graphics processing units designed for AI applications, CNBC&nbsp;<a target="_blank" href="https://www.cnbctv18.com/technology/tesla-nvidia-h100-biggest-buyer-google-amazon-microsoft-meta-19401278.htm" rel="noreferrer noopener">reports</a>.
These chips are vital for Musk&#8217;s AI initiatives, which include the development of advanced robots like Optimus Bot and Robotaxi and a supercomputer named Dojo.
Reports indicate that&nbsp;Meta Platforms Inc&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) is Nvidia&#8217;s largest customer.&nbsp;
According to the World Economic Forum, Nvidia produced 550,000 chips last year, and companies must wait until 2024 to secure additional supplies.&nbsp;
Microsoft Corp&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) is the second-largest buyer, as stated by Omdia, with an order of 150,000 GPUs in 2023. Other significant purchasers include Oracle Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NYSE">ORCL</a>), Tencent Holding Ltd (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCEHY#OTC">TCEHY</a>), Google, and Amazon, each reportedly acquiring 50,000 chips. Meta, Microsoft, Google, and Amazon nearly account for 40% of Nvidia&#8217;s revenue. CNBC writes.&nbsp;
Musk&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/04/38345502/elon-musk-reacts-after-nvidia-stock-plunges-10-and-erases-212b-market-cap-rookie-numbers" rel="noreferrer noopener">had mocked Nvidia&#8217;s</a>&nbsp;substantial market capitalization loss on April 19, calling the 10% stock decline &#8220;rookie numbers&#8221; on X, formerly Twitter.&nbsp;
Nvidia experienced a&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/04/38358181/whats-going-on-with-nvidia-and-amd-stocks-on-monday" rel="noreferrer noopener">significant drop in</a>&nbsp;stock value, shedding $211 billion in market capitalization, marking the second-largest single-day loss in U.S. stock market history.&nbsp;
This steep decline&nbsp;was triggered&nbsp;by disappointing earnings from&nbsp;ASML Holdings NV&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASML#NASDAQ">ASML</a>) and a pessimistic market outlook from&nbsp;Taiwan Semiconductor Manufacturing Co&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>).&nbsp;
Meanwhile, analysts maintained their bullish stance on Nvidia, expecting it to rule the accelerator market primarily backed by&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/04/38388117/whats-going-on-with-nvidia-and-amd-stocks-on-tuesday" rel="noreferrer noopener">its Blackwell product</a>.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="750" height="650" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24044332/newplot-27.png" alt="" class="wp-image-305990" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24044332/newplot-27.png 750w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24044332/newplot-27-300x260.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></figure>
Nvidia stock gained 205% in the last 12 months. Tesla stock lost 11%.
Price Actions: TSLA shares traded higher by 11.40% at $161.21 premarket at the last check Wednesday.
Photo courtesy: Shutterstock

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Press Releases

L3Harris Sets Date for First Quarter 2024 Earnings Release

L3Harris Announces Definitive Agreement to Sell Non-Core Assets to an Affiliate of Kanders & Company, Inc. for $200 Million

Kanders & Company Announces Definitive Agreement to Acquire Antenna and Test Equipment Businesses from L3Harris

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Kratos Defense & Security Solutions, Inc. Completes Development of the Zeus Solid Rocket Motor (SRM) Family with the Successful Zeus 2 Static Test Fire