Tesla Up as Tech Giants Hike amid the Downbeat US Jobs Data

Tesla Up as Tech Giants Hike amid the Downbeat US Jobs Data

On Tuesday, Tesla stocks soared as tech giants extended their gains despite the disappointing US jobs data. 

Last Friday, the posted August nonfarm payrolls significantly declined 250,000 jobs, far from the expected 750,000.

On the other hand, Tesla edged up to 0.16% or 1.18 points to $733.57 per share.

Moreover, the stocks hike from dipping low after the delayed release of the Cybertruck.

Consequently, the automaker’s first electronic pick-up truck is predicted to be open to the market in late 2022. 

Despite the forecasted delay, the company reported over 1.00 million reservations for the electronic truck.

The tech company has a current capitalization of $726.2 billion and a revenue of $41.86 billion.

In addition, Tesla already initiated its plans to establish in-house chip firms and developments.

The automaker announced the development of its “Dojo” chip to train artificial intelligence networks in its data centers.

Furthermore, Tesla rushed to create its chip due to the ongoing global chip shortage that halted major tech productions.

Similarly, other tech giants decided to develop their chips.

Last November 2020, Apple Inc. initiated the move as it announced to change Intel’s x86 to manufacture its M1 processor.

The Apple stocks also rose 0.42% or 0.65 points to $154.30 per share.

Likewise, Google edged closer to rollout its central processing units for its Chromebooks.

Consequently, Alphabet A soared 0.16% or 1.18 points to $2,874.80 per share.

Amazon is also developing its networking chip to be utilized on hardware switches that pass data around networks.

Then, Amazon.com inched up to 0.43% or 14.93 points to $3,478.05 per share.

Tencent Gain as Tech Stocks Rally

Moreover, Tencent Holdings Ltd soared as Chinese tech stocks rallied. 

Tencent inched up to 2.67% or 13.50 points to $518.50 per share.

Additionally, Alibaba Group Holding Ltd jumped 1.55% or 2.60 points to $170.60 per share. 

Then, Meituan sharply spiked 5.74% or 14.20 points to $261.20 per share.

Also, Baidu stocks jumped 0.38% or 1.18 points to $162.98 per share.

Furthermore, NetEast Inc climbed 0.34% or 0.50 points to $148.50 per share.

In China, the Shanghai Composite index jumped 1.49% or 53.83 points to $3,678.46 per share.

Shenzhen index also moved up 1.15% or 166.99 points to $14,713.59.

Similarly, Hong Kong’s Hang Seng Tech index increased 1.78% or 0.12 points to $6.87 per share. 

Consequently, Hang Seng Index improved 1.03% or 269.60 points to $26,433.23 per share.