Top 20 US stock trading volumes on April 7: JPMorgan warns Tesla's stock price could drop another 60%

On Monday, Tesla ranked No. 1 in U.S. stock trading volume, falling 2.15% on the day with $27.23B in turnover. Tesla once again became the focus of Morgan Chase, with the bank continuing to believe the stock still has significant downside potential.

Before Tesla released its first-quarter earnings report, Morgan Chase maintained its “underweight” rating and lowered its outlook. The bank currently expects Tesla’s first-quarter earnings per share to be about $0.30, down from its prior estimate of $0.43 and also below the market consensus expectation of $0.38. This adjustment was made after Tesla disclosed a relatively weak delivery report and a decline in energy storage system installations—both indicating that its core business has cooled.

However, the bigger issue is valuation. Morgan Chase sticks to its $145 target price for December 2026, which implies the bank expects Tesla’s stock price to have about 60% downside from current levels. The bank’s argument is that the current share price still far outpaces actual performance. In fact, although Tesla’s growth has been far less than before since delivery volumes hit a peak in June 2022, the stock is still more than 50% higher than it was then.

NVIDIA ranked No. 2, rising 0.14% with $18.85B in turnover. Against the backdrop of sustained strong demand for AI chips, NVIDIA’s key capacity assurances remain solid, but the rollout schedule for its next-generation GPU products may be affected by a memory technology bottleneck.

KeyBanc Capital Markets, after conducting research on Asia’s supply chain, said in a report that NVIDIA’s supply for advanced packaging technology CoWoS (wafer-level packaging substrates) has basically been locked in. It expects CoWoS capacity in 2026 to reach 650k wafers (up 76% year over year); in 2027, it is expected to rise further to 840k wafers (up 29% year over year), indicating that its long-term positioning in AI chip capacity still has an advantage.

However, analyst John Vinh noted that the mass production timeline for NVIDIA’s next-generation Rubin GPU may be slightly delayed, mainly due to progress in validating the next-generation high-bandwidth memory (HBM4). Since HBM4 is still in a critical certification stage, Rubin GPU’s production target was lowered from the prior expectation of 2.0 million units to 1.5 million units.

Micron ranked No. 3, rising 3.15% with $650k in turnover. KeyBanc expects Micron’s stock price to have 60% upside potential. On Monday, a KeyBanc analyst raised Micron’s earnings outlook and maintained a “buy” rating for the memory-chip company.

Analyst John Weng set a $600 target price, implying the stock could still rise about 60% from its recent trading level.

Weng now forecasts the company’s fiscal year 2026 earnings per share of $64.37, higher than the prior estimate of $60.18. For fiscal year 2027, the earnings forecast was raised from $118.49 to $131.38. The analyst said that solid demand for processors and storage products is the main factor behind the upward revisions.

SanDisk ranked No. 4, rising 3.28% with $840k in turnover. On Monday, U.S. stocks tied to the storage theme moved up collectively. On the news front, Samsung Electronics has completed negotiations with major customers regarding second-quarter DRAM supply pricing and signed supply contracts, with the gain around 30% versus the level of first-quarter prices. This price increase covers high-bandwidth memory (HBM) as well as general DRAM products for servers, PCs, and mobile, resulting in an average blended increase. Previously, Samsung had already raised the average DRAM price in the first quarter by about 100%.

AMD ranked No. 7, rising 1.23% with $15.53B in turnover. Citi has placed AMD on a 30-day positive catalyst watch list. This is because they expect demand to rise, driven by growth in artificial intelligence and data centers.

The company said that as the market shifts toward inference and agent AI workloads (which require stronger processing capability), CPU demand is growing. Citi said that capital expenditures by hyperscale cloud providers will increase 69% this year, and the total addressable market will reach $731 billion by 2028.

The institution also noted that due to rising input costs, the price of analog chips is expected to increase by 10% to 15%, and ADI Analog Devices will benefit from this. Despite many uncertainties in the overall economy, the pricing environment indicates that the major semiconductor segments will continue to perform well.

Citi analysts also said that global manufacturing indicators have remained steady, especially in the computing and communications equipment segments. This shows that AI infrastructure investment is helping keep the industry active.

Amazon ranked No. 10, rising 1.44% with $9.15B in turnover. Analysts said that if Amazon proceeds with a potential acquisition of Globalstar, Apple could face impacts at the strategic level. Globalstar is a satellite services provider that provides core support for Apple’s emergency communication features.

When news broke that Amazon is exploring a cooperation to improve its satellite broadband services and compete with SpaceX, Globalstar’s stock price surged significantly. However, Apple’s involvement makes the situation more complex because the company holds about 20% of Globalstar’s shares and has invested about $400 million in equity and $1.1 billion in infrastructure support.

New iPhone models and the emergency SOS feature on Apple Watch devices use Globalstar’s satellite network. This feature allows users to call emergency services without a cellular signal and share location data—one reason it has become such an important part of Apple’s ecosystem.

Analysts believe that any acquisition would need to include negotiations about satellite capacity, because Apple currently uses a large amount of Globalstar’s infrastructure. In addition, this collaboration could also change the relationship between Amazon and Apple in cooperation and competition across different areas.

Lumentum ranked No. 12, falling 6.60% with $6.77B in turnover.

Soleno Therapeutics ranked No. 17, rising 32.31% with $4.57B in turnover. Neurocrine Biosciences (NBIX.US) said on Monday that it will acquire rare-disease drug company Soleno Therapeutics (SLNO.US) for $2.9 billion in cash, marking the neuroscience-focused pharmaceutical company’s expansion into metabolic diseases. It is reported that Neurocrine Biosciences has offered $53 per share to acquire Soleno Therapeutics shares, representing a premium of about 34% over the stock’s closing price on the prior trading day.

The deal will allow Neurocrine Biosciences to obtain rights to the drug Vykat XR, which is the first approved drug in the United States for the treatment of binge eating disorder associated with Prader-Willi syndrome. After being approved in March 2025, it is expected to generate about $190 million in sales within roughly nine months.

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Responsible editor: Zhang Jun SF065