Tech giants’ market cap falls on AI worries and high rates, while Alphabet and Tesla gain

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Tech giants' market cap falls on AI worries and high rates, while Alphabet and Tesla gain
Tech giants' market cap falls on AI worries and high rates, while Alphabet and Tesla gain

The market capitalization of prominent technology businesses fell substantially in April, driven down by dwindling enthusiasm for artificial intelligence and shifting expectations for a central bank interest rate cut.

The market capitalization of leading technology companies fell dramatically in April, weighed down by waning enthusiasm for artificial intelligence and a shift in expectations for a central bank interest rate reduction.

Microsoft’s (MSFT.O) market value fell $232.5 billion, or 7.4%, to $2.89 trillion at the end of the month. Meta Platforms Inc. (META.O), opens in a new tab, fell $146.8 billion, or 11.9%, to $1.09 trillion, following a lower-than-expected revenue estimate and increased expenses associated with burgeoning AI costs.

Nvidia Corp’s (NVDA.O) market capitalization fell 4.4% to $2.16 trillion on Wednesday, driven by dwindling AI optimism and concerns about slowing revenue growth from competitor chipmakers, with its stock further falling following weak guidance from rival Advanced Micro Devices (AMD.O).

European luxury group LVMH (LVMH.PA), which opened a new tab, had its market capitalization fall by approximately 8% to $415.1 billion as first-quarter sales growth slowed to 3%, with increased prices discouraging consumers from purchasing its premium products.

Alphabet Inc. (GOOGL.O), which opened a new tab, saw its market capitalization rise 7.3% to $2.02 trillion, boosted by the declaration of its first dividend, a $70 billion stock repurchase, and first-quarter profits that beat forecasts.

Tesla Inc. (TSLA.O) opened a new tab and saw its market value rise by 4.4% to $584.4 billion, aided by the removal of regulatory restrictions in China that had previously hampered the development of its self-driving technology.

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