Artificial intelligence-focused tech firms, particularly chipmakers, experienced substantial gains in market capitalization by the end of June. Nvidia (NVDA) saw its shares soar by 27%, briefly surpassing Microsoft (MSFT) to become the world’s most valuable company with a market cap of $3.34 trillion. However, Nvidia’s value later dipped due to profit-taking and concerns over high valuations.
Microsoft’s market cap climbed 7.6%, while Apple Inc. enjoyed a 9.6% increase over the past month. Meanwhile, Amazon.com (AMZN) reached a significant milestone, hitting a market value of $2 trillion, driven by the wave of AI-induced enthusiasm.
Broadcom Inc. (AVGO) also saw a notable 20% jump in market cap after raising its annual revenue forecast for AI-related chips by 10% and announcing a stock split to leverage this year’s share rally.
This surge in market cap among AI-centric companies highlights the growing investor confidence in the transformative potential of artificial intelligence across various sectors. As these tech giants continue to innovate and expand their AI capabilities, the market’s response underscores the significant impact AI is poised to have on the global economy.
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