Trending stocks of the week: TSLA, GME, AVGO and more

Stock indices this week were impacted by the release of softer than expected inflation figures and the Federal Reserve’s June interest rate decision. Nevertheless, Wall Street’s benchmark index S&P 500 (SP500) registered its best weekly advance in over a month, up 1.58% for the week to end at 5,431.60 points.

Here is a look at some of the trending stocks this week:

Broadcom (NASDAQ:AVGO) shares added 23% in the five-day trading period after better-than-expected Q2 revenues thanks to strong demand for AI and VMware, and a 10-for-1 stock split. Shares hit a record high during the Thursday session.

Adobe (NASDAQ:ADBE) also delivered an upbeat Q2 report and issued a strong outlook for the third quarter and FY2024. The company credited its performance to its “differentiated approach to AI and innovative product delivery”. The software firm logged a gain of 15.45% for the week.

Tesla (NASDAQ:TSLA) and its head Elon Musk were in the news this week over developments around the $56B CEO pay package and shifting the state of incorporation to Texas from Delaware – both of which were overwhelmingly approved at the annual shareholders’ meeting in Austin. Before the meeting, Musk was at the center of allegations of sexual misconduct and harassment at his other venture, SpaceX.

Multiple meme stocks were volatile during the week, including GameStop (NYSE:GME) and AMC (AMC). GameStop (GME) shares were up after influential investor Keith Gil, aka Roaring Kitty, shared a screenshot suggesting he had sold his options position in the video game retailer while increasing his shareholding. The company was due to host its annual meeting on Thursday, but postponed it to next week due to technical difficulties.

Despite missing the consensus mark in FQ4 results, Oracle (NYSE:ORCL) jumped over 10% during the week after it announced record-breaking sales contracts in Q3 and Q4, driven by high demand for AI language models in the Oracle Cloud. Oracle CEO Safra Catz expects continued strong AI demand to drive sales and RPO growth in 2025, with each quarter growing faster than the previous one.

Cruise operators took a hit this week after BofA Securities issued a warning that pricing in early June was lower compared to the same time frame last month. Shares of Carnival (NYSE:CCL) -8.42%, Royal Caribbean Cruises (NYSE:RCL) -3.65%, Viking Holdings (NYSE:VIK) -1.67%, and Norwegian Cruise Line (NYSE:NCLH) -6.69% closed the week in negative territory.

Reddit (NYSE:RDDT) saw its sharpest intraday rally since May this week, with shares surging as much as 13% during Wednesday’s trading session. Given the recent surge in GameStop’s (GME) shares, investors have been looking at other popular names that have been highly shorted, including Reddit which currently has a short interest of about 19.07%.

More on this week’s top trending stocks

• Broadcom: Other Than AI And VMware, Rest Of Portfolio Declined By 15%+
• Adobe Q2: Strong AI Positions In Firefly
• Shareholders spoke loudly, clearing Tesla for $1 trillion valuation on FSD – Wedbush
• GameStop Stock: Creating Value Through Reflexivity
• Oracle Has A Long Growth Runway For OCI