Three US companies surpass $2 trillion market value mark

Company News

by Glenn Dyer

Three prominent US companies have recently surpassed the remarkable milestone of a $2 trillion market value each. This achievement underscores their significant influence and position within the global economy.

Nvidia, a leader in AI chip technology, experienced a notable surge in its shares, rising more than 4% on Friday, allowing it to breach the $2 trillion mark. However, this places Nvidia in the shadows of Microsoft, which holds the top position with a staggering market value of $3.09 trillion. Following closely behind is Apple, boasting a market capitalization of $2.77 trillion.

While Nvidia and Microsoft celebrated gains, Apple faced a decline in its shares by 0.6%. This downturn was attributed to reports suggesting the discontinuation of its electric vehicle project after over a decade of development efforts, resulting in a 1.44% decrease in its share value.

In the backdrop of these developments, investors are displaying a renewed interest in traditional stock sectors, such as industrials and materials, evidenced by recent sector rallies. Despite this, the dominance of artificial intelligence (AI) technologies continues to exert a significant influence on market trends.

This sentiment was particularly evident in the tech-heavy Nasdaq index, which reached an all-time high on Friday, surpassing its previous record set in 2021. Investor confidence in megacap technology stocks remains strong, fueled by expectations of sustained growth amidst a backdrop of slowing inflation and the burgeoning AI industry.

Looking ahead, the Australian market is anticipated to commence cautiously on Monday, with the ASX 200 futures market indicating a modest 10-point increase following Wall Street's record-breaking end to the week. The ASX 200 index closed higher on Friday, marking a 1.33% gain for the week, signaling cautious optimism among investors amidst ongoing market fluctuations.

Glenn Dyer

Glenn Dyer has been a finance journalist and TV producer for more than 40 years. He has worked at Maxwell Newton Publications, Queensland Newspapers, AAP, The Australian Financial Review, The Nine Network and Crikey.

Subscribe to our Daily Newsletter?

Would you like to receive our daily news to your inbox?