AI-Focused Tech Firms Surge in Market Cap in June


Last updated: July 3, 2024

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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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Co-Founder & Chief Editor
Jon Morgan, MBA, LLM, has over ten years of experience growing startups and currently serves as CEO and Editor-in-Chief of Venture Smarter. Educated at UC Davis and Harvard, he offers deeply informed guidance. Beyond work, he enjoys spending time with family, his poodle Sophie, and learning Spanish.
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LJ Viveros has 40 years of experience in founding and scaling businesses, including a significant sale to Logitech. He has led Market Solutions LLC since 1999, focusing on strategic transitions for global brands. A graduate of Saint Mary’s College in Communications, LJ is also a distinguished Matsushita Executive alumnus.
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