focused tech firms see big jump in market cap in June
July 1 (Reuters) -Artificial intelligence-focused companies, mostly chipmakers, saw big gains in their market capitalization at the end of June, with Nvidia NVDA.O briefly overtaking Microsoft to become the most valuable company in the world.
Nvidia shares rose as much as 27% in June, boosting its market capitalization to $3.34 trillion, before giving up some of their gains later in the month, due to profit booking and concerns over its high valuations.
Microsoft's market capitalization increased by 7.6%, while that of Apple Inc AAPL.O surged 9.6% over the past month.
Meanwhile, Amazon.com Inc AMZN.O hit $2 trillion in market valuelast month, becoming the fifth U.S. company to achieve the milestone, riding on AI-influenced enthusiasm.
Broadcom Inc's AVGO.OQ market capitalization jumped about 20% last month after it increased its annual revenue forecast for AI-related chips by 10% and announced a stock split to capitalize on this year's rally in its shares.
Top 3 global companies by market cap: Microsoft, Apple, Nvidia Top 3 global companies by market cap: Microsoft, Apple, Nvidia https://tmsnrt.rs/3OAhlz8
Market cap shifts in May 2024: snapshot of the world's top companies Market cap shifts in May 2024: snapshot of the world's top companies https://tmsnrt.rs/47cjbgK
Reporting By Patturaja Murugaboopathy and Gaurav Dogra in Bengaluru; Editing by Anil D'Silva
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