--- title: "Top 20 U.S. stock trading volumes on May 19: Tesla officially abandons its plan to build a factory in India" type: "News" locale: "en" url: "https://longbridge.com/en/news/286818904.md" description: "On May 19th, among the top 20 stocks by trading volume in the US market, Micron Technology fell 5.95%, with a trading volume of USD 41.128 billion, receiving a \"Buy\" rating. NVIDIA fell 1.33%, with a trading volume of USD 32.246 billion, and is expected to release better-than-expected earnings report. Tesla fell 2.90%, with a trading volume of USD 21.258 billion, officially abandoning its plan to build a factory in India due to supply chain shortcomings and geopolitical tensions" datetime: "2026-05-18T20:58:13.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/286818904.md) - [en](https://longbridge.com/en/news/286818904.md) - [zh-HK](https://longbridge.com/zh-HK/news/286818904.md) --- # Top 20 U.S. stock trading volumes on May 19: Tesla officially abandons its plan to build a factory in India On Monday, Micron Technology, the top stock by trading volume in the U.S. market, fell 5.95%, with a trading volume of $41.128 billion. Micron Technology received a "Buy" rating from JR Research analysts. The analysts pointed out that unprecedented AI capital expenditures and a surge in demand for high-bandwidth memory will be transformative factors driving Micron's long-term growth. NVIDIA, the second highest, fell 1.33%, with a trading volume of $32.246 billion. NVIDIA will announce its first-quarter financial report after the U.S. market closes on Wednesday. Before the earnings release, Morgan Stanley analyst Joseph Moore reiterated his optimistic outlook on NVIDIA's prospects and listed several key focal points that investors should pay attention to during this earnings season. Moore expects NVIDIA to continue its consistent performance of "exceeding expectations and raising guidance." He anticipates that the company's revenue for this quarter will exceed market expectations by approximately $3 billion, and the earnings guidance may exceed the market consensus by $4 billion. Morgan Stanley had already listed NVIDIA as a "preferred target" in the semiconductor industry in March this year, believing it remains one of the biggest beneficiaries of the generative AI wave. Tesla, ranked third, fell 2.90%, with a trading volume of $21.258 billion. According to automotive industry media autoevolution, on May 17, India's Minister of Heavy Industries, Kumara Swamy, confirmed that Tesla has officially abandoned its plans to build a factory in India, even though the Indian government had tailored preferential policies for the electric vehicle industry specifically for it. The years-long negotiations between the two parties have ultimately collapsed. Analysts pointed out that Tesla's formal abandonment of its factory plans in India is an inevitable result of the long-term stalemate over core interests between the two sides. The main reasons behind this business decision can be summarized as follows: 1. Fatal shortcomings in the supply chain and industrial chain: Tesla's core components heavily rely on mature global supply chain systems in countries like China. However, India has almost no local capabilities in the core industrial chain of electric vehicles, such as batteries and motors, and the tense geopolitical relationship between China and India makes it difficult for Tesla to transfer its existing supply chain to India. If Tesla were to forcibly build a factory in India, it would need to start from scratch to establish the entire supply chain, which would not only require extremely high investment in terms of funds and time but also could not guarantee production efficiency. 2. The negotiation deadlock of "lower tariffs first" versus "build the factory first": The two sides have consistently failed to reach an agreement on the prerequisites for cooperation. Tesla insists on "lowering tariffs first and testing the market," hoping to validate the real demand in the Indian market through sales before deciding whether to make heavy asset investments; while the Indian government firmly demands "build the factory first and then discuss incentives," hoping to exchange market access for substantial foreign investment and technology transfer. This fundamental opposition in positions has led to a long-term stalemate in negotiations. 3. Weak infrastructure and misalignment of market consumption power: India's public charging network is extremely lacking, power supply is unstable, and logistics efficiency is low, making it difficult to support the large-scale production and daily use of electric vehicles. Additionally, the per capita consumption capacity in India is relatively low, with mainstream automotive consumption concentrated in low-priced models. Due to high tariffs, the prices of Tesla's imported models in India are extremely high (close to several times that of local mainstream car prices), far exceeding the affordability of ordinary people, resulting in poor market sales that cannot support the massive capacity of a gigafactory ④ Uncertainty in the business environment and policy risks: India has long been dubbed by foreign investors as the "graveyard for foreign enterprises," with frequent changes in policies, retrospective taxation, and asset freezes (companies like Apple, Xiaomi, and Ford have all faced difficulties). For Tesla, investing hundreds of billions of dollars in heavy assets in India means a very high risk of sunk costs. Rather than gambling in a high-risk, low-efficiency market, it would be better to continue focusing on markets with mature supply chains and relatively stable policies, such as China and Southeast Asia. Currently, Tesla has adjusted its strategy in India, abandoning plans for heavy asset manufacturing and instead planning to test the local high-end market through lightweight vehicle imports to protect its bottom line. Ranked 4th, SanDisk fell 5.30%, with a trading volume of $18.275 billion. On Monday, U.S. stocks in the memory chip sector plummeted across the board. Ranked 9th, Apple fell 0.80%, with a trading volume of $10.21 billion. Apple announced on Monday that it will officially kick off its Worldwide Developers Conference on June 8, with a special event held at its campus on the same day. Ranked 14th, Lumentum Holdings fell 8.83%, with a trading volume of $6.362 billion. This stock has now declined for the third consecutive trading day. Ranked 15th, ServiceNow rose 8.78%, with a trading volume of $5.141 billion. ServiceNow saw an increase today, despite a general decline in tech stocks. A Wall Street analyst stated that ServiceNow will be a winner in the field of artificial intelligence. In a research report released on Monday, ServiceNow received a positive evaluation from a Wall Street analyst. Although the company's overall revenue and profit growth are solid, its stock price is still far below historical highs. The analyst believes that ServiceNow will be a winner in AI, rather than a victim. ServiceNow is one of the victims of this year's "SaaS apocalypse." With the emergence of AI entities (especially Claude Code launched by AI company Anthropic), investors are pondering whether emerging AI companies will disrupt traditional enterprise software as a service stocks. Despite the decline in stock price, ServiceNow's performance growth data remains robust, and its management has consistently stated that they view artificial intelligence as an opportunity rather than a risk. Ranked 19th, NBIS fell 9.13%, with a trading volume of $4.185 billion. This stock has declined for two consecutive days after reaching an all-time high last Thursday. 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