Magnificent Stocks! Warren Buffet's Stock Apple's M-Cap Jumps $64 Bn, Tesla Wins $26 Bn; Musk To Meet Modi?

Magnificent stocks witnessed huge rally ahead of PM Modi's meeting with Donald Trump which is scheduled on February 13. Despite higher than expected inflation, these stocks emerged as top gainers and saw significant jump in market capitalisation. The top performer was Warren Buffett's favourite stock Apple whose market cap rose by nearly $64 billion on February 12. Meanwhile, Tesla was second best performer with m-cap rising by nearly $26 billion in a single-day. Other mega tech stocks also gained.

As per reports, Elon Musk may meet PM Modi as well, where discussion related to Tesla's entry in Indian market is on the cards.

Magnificent Stocks:

Apple surged by 1.83% to close at $236.87 apiece. Its market cap gained the most on February 12 to the tune of $63.94 billion. Apple is Oracle of Omaha, Warren Buffett's top stock in his portfolio.

However, Tesla share price witnessed volatility even though they were second best performer in terms of m-cap. During trading hours of February 12, Tesla shares gained more than 5%, however, corrected in the closing bell to end at $336.51 up by 2.44%. Its m-cap surged by $25.78 billion in a single-day.

As of February 12, Apple continues to be the largest company in the world with m-cap of $3.558 trillion, while Tesla jumped one rank to be the ninth largest company with an m-cap of $1.08 trillion. The company touched its first 1 trillion m-cap mark in November last year after Trump's landslide victory in the US election.

Tesla's chief Elon Musk who is the richest man in the world with a net worth of $384 billion, is the biggest funder of Trump's administration.

Another magnificent stock that gained was the META Platform, formerly known as Facebook. Meta stock surged by 0.8% to close at $725.38 apiece. Its market cap gained by $14.11 billion, to $1.823 trillion.

Musk To Meet Modi?

Many reports have claimed that Musk may hold a meeting with PM Modi. During the meeting, discussion could take place on Starlink's plan to kickstart its satellite broadband services in India.

Last year, in December, the SpaceX founder announced that Starlink satellite internet was inactive in India owing to the seizing of its two devices by the Indian authority.

Another key discussion, as per reports, is related to Tesla. It is expected that Musk may discuss measures to enter Tesla into the Indian automobile market.

On February 11, Trump signed proclamations to close existing loopholes and exemptions to restore a true 25% tariff on steel and elevate the tariff to 25% on aluminium. He reinstated the full 25% tariff on steel imports and increased tariffs on aluminium imports to 25%, the White House statement said,

The White House statement also added that a 2024 study on the effects of President Trump's tariffs in his first Administration found that they "strengthened the U.S. economy," and "led to significant reshoring" in industries like manufacturing and steel production.

A 2024 economic analysis found that a global tariff of 10% would grow the economy by $728 billion, create 2.8 million jobs, and increase real household incomes by 5.7%, the government's official statement said,

However, Trump's latest tariff is expected to significantly impact Indian steel companies, and hence, PM Modi's high-staked meeting with him will be keenly watched.