Tech giants surge to new heights

Company News

by Glenn Dyer

In the value chain race, Apple remained on top, with its value rising nearly 1.9% to a massive $US3.57 trillion, around $US100 billion ahead of Microsoft, whose value rose nearly 1.5% to around $US3.47 trillion.

Nvidia brought up third with the best gain of the trio—nearly 2.7%—to $US3.32 trillion.

Shares in Alphabet (Google) rose 1.15% to $US2.37 trillion, while Amazon saw its value edge up 0.2% to around $US2.08 trillion.

With these mega tech gains, it's no wonder the S&P 500 and Nasdaq had another record day on Wednesday.

The S&P 500 jumped 1.02%, closing at 5,633.91 (above 5,600 for the first time), and notching a seventh straight day of gains.

Nasdaq added 1.18%, also hitting an all-time high and ending at 18,647.45.

It was the 37th record close in 2024 for the S&P 500, and the 27th for the tech-driven Nasdaq.

Analysts point out that Apple shares had their first streak of seven straight record closes since March 2012. The stock is up 20% over the past month, outperforming every “Magnificent Seven” stock but Tesla (which is up 51%).

The surge has seen Apple reclaim its position as the most valuable company by market value.

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.

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