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Microsoft Corp., Nvidia Corp. and Apple Inc. are now collectively worth more than the Chinese stock market.
With a total market capitalization of about US$9.2 billionthe three most valuable technology companies have surpassed all stocks actively traded on Chinese stock exchanges, excluding Hong Kong, worth almost US$9 trillion, according to data collected by Bloomberg.
Investor demand for exposure to artificial intelligence drove many stocks in the sector to all-time highs.
Nvidia, arguably the biggest beneficiary of last year’s massive rush of AI spending, saw its market capitalization rise to $3 trillion this week, becoming the first computer chip company to do so.
The Santa Clara, California-based company has dominated the market with its coveted products that help power data centers that execute complex AI computing tasks.
For its part, Microsoft has invested in OpenAI and is incorporating AI functions into its products and services.
Apple hasn’t had its best performance this year, as the tech giant’s shares have come under pressure over concerns about cooling iPhone demand in China and a $2 billion fine from the European Union. However, the company’s stock has just returned to positive territory for 2024 as investor confidence in the iPhone maker slowly improves.
