🚀 ProPicks AI Hits +34.9% Return!Read Now

AI-focused tech firms see big jump in market cap in June

Published 01/07/2024, 08:26 pm
Updated 01/07/2024, 08:32 pm
© Reuters. FILE PHOTO: NVIDIA logo is seen near computer motherboard in this illustration taken January 8, 2024. REUTERS/Dado Ruvic/Illustration/File Photo
MSFT
-
AAPL
-
AMZN
-
NVDA
-
AVGO
-

(Reuters) - Artificial intelligence-focused companies, mostly chipmakers, saw big gains in their market capitalization at the end of June, with Nvidia briefly overtaking Microsoft (NASDAQ:MSFT) to become the most valuable company in the world.

Nvidia shares rose as much as 27% in June, boosting its market capitalization to $3.34 trillion, before giving up some of their gains later in the month, due to profit booking and concerns over its high valuations.

Microsoft's market capitalization increased by 7.6%, while that of Apple Inc (NASDAQ:AAPL) surged 9.6% over the past month.

© Reuters. FILE PHOTO: NVIDIA logo is seen near computer motherboard in this illustration taken January 8, 2024. REUTERS/Dado Ruvic/Illustration/File Photo

Meanwhile, Amazon.com Inc (NASDAQ:AMZN) hit $2 trillion in market value last month, becoming the fifth U.S. company to achieve the milestone, riding on AI-influenced enthusiasm.

Broadcom (NASDAQ:AVGO) Inc's market capitalization jumped about 20% last month after it increased its annual revenue forecast for AI-related chips by 10% and announced a stock split to capitalize on this year's rally in its shares.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.