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

NVIDIA logo is seen near the computer motherboard in this illustration taken January 8, 2024. REUTERS/Dado Ruvic/Illustration/File Photo Purchase Licensing Rights

Artificial intelligence-focused companies, mostly chipmakers, saw big gains in their market capitalization at the end of June, with Nvidia (NVDA.O), opens new tab briefly overtaking Microsoft 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 (AAPL.O), opens new tab surged 9.6% over the past month.

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

Broadcom 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.