Biggest stock movers Monday: TSLA, BABA, and more

Stock futures saw an upward trend early Monday, driven by a new U.S.-EU trade agreement and the anticipation of a jam-packed earnings week. With key reports from “Magnificent Seven” companies: Apple (AAPL), Microsoft (MSFT), Amazon (AMZN), and Meta (META) on the horizon, investors are showing a sense of optimism.

Here are some of Monday’s biggest stock movers:

Biggest stock gainers

• Tesla (NASDAQ:TSLA) +2% – Shares rose after CEO Elon Musk confirmed the EV maker signed a $16.5B semiconductor supply agreement with Samsung Electronics (OTCPK:SSNLF), identifying Tesla as the counterparty in a regulatory filing disclosed by the South Korean tech giant. The deal, spanning from July 26, 2024, to December 31, 2033, includes Samsung’s Texas fab producing Tesla’s next-gen AI6 chips. Musk highlighted the strategic significance of the partnership, noting Samsung’s current production of AI4 chips, with TSMC (TSM) handling AI5. He emphasized Tesla’s hands-on role in enhancing manufacturing efficiency, even stating he will personally oversee progress at the fab, which he pointed out is “conveniently located not far from my house.”
• Alibaba (NYSE:BABA) +2% – Shares advanced after the company unveiled its new AI-powered smart glasses, the “Quark AI Glasses,” at the World Artificial Intelligence Conference (WAIC). Set to launch in China by the end of 2025, the device is powered by Alibaba’s proprietary Qwen large language model and its Quark AI assistant. The glasses will offer a range of features, including hands-free calling, real-time translation, music streaming, and meeting transcription, and will be deeply integrated with the company’s ecosystem for services like Alipay payments, Taobao price comparisons, and Amap navigation. This strategic move pits Alibaba against rivals like Meta and Xiaomi in the increasingly competitive AI wearables market.

Biggest stock losers

• Atai Life Sciences (NASDAQ:ATAI) -17% – Shares sank after Recognify Life Sciences, a company it has a significant stake in, reported that its Phase 2b trial of inidascamine for cognitive impairment associated with schizophrenia failed to meet its primary endpoint. The oral drug, designed to modulate multiple neurotransmitter systems to produce pro-cognitive effects, did not show statistically significant improvement over placebo. While Atai’s CEO noted the potential for inidascamine in CIAS and other indications, he reaffirmed that the company will continue focusing its resources on its wholly owned psychedelic pipeline targeting affective disorders.