Nvidia Corp. and Alphabet Inc. saw the highest growth in market value in March, driven by excitement for new AI technologies and expansion plans.
Nvidia Corp. (NVDA.O.) and Alphabet Inc. (GOOGL.O.) experienced the greatest increase in market capitalization in March, owing to enthusiasm for new AI products and expansion plans.
Nvidia’s market capitalization jumped to $2.25 trillion at the end of March, up 14% from February, while Alphabet’s increased 9% to $1.8 trillion.
Nvidia’s stock rose last month when the firm stated that its newest flagship AI chip would be released later this year, while Alphabet’s stock rose on news of Apple’s (AAPL.O) interest in incorporating Google’s Gemini AI engine inside the iPhone.
The AI-driven market optimism that boosted Taiwan Semiconductor Manufacturing Company (TSMC) (2330.TW) opens a new tab. TSMC’s market cap increased by nearly 12% to $632.5 billion.
Tesla Inc., on the other hand, experienced the highest market capitalization decline, decreasing almost 13% to $559.8 billion due to demand worries, increased competition, and scrutiny of CEO Elon Musk’s $56 billion pay deal.
Apple Inc.’s market capitalization fell 5.1% to $2.65 trillion after iPhone sales slowed and European regulators fined the company $2 billion for antitrust infractions.
Overall, large technology companies have had strong market gains this year. So far in 2024, Nvidia, Meta Platforms, and TSMC’s market capitalizations have increased by 81.8%, 42%, and 26%, respectively.
“We think their performance should approach that of their large-cap peers amid a supportive macro backdrop, and we see value in adding them to portfolios.”
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