AI tech firms win big in June's market value shifts

Tech companies focusing on AI-related products and services saw a substantial increase in market capitalisation at the end of June 2024. Particularly, success was seen from chipmakers, such as Nvidia, which briefly overtook Microsoft to become the most valuable company in the world.

Nvidia shares rose as much as 27% in June, boosting its market capitalisation 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.

Top companies in June 2024 arranged according to market capitalisation. Image: Reuters

Microsoft's market capitalisation increased by 7.6%, while that of Apple Inc. surged 9.6% over the past month.

Meanwhile, Amazon.com hit $2 trillion in market value last month, becoming the fifth US company to achieve the milestone, riding on AI-influenced enthusiasm.

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

Shift in market capitalisation in June 2024. Image: Reuters