- AI fever and expansion plans for new product prompt a surge in Nvidia and Alphabet’s market capitalisation.
- However, Tesla and Apple experienced a decline in their market cap.
Nvidia announced a ready-to-release flagship AI processor last month, bringing a increase in its market cap from February, while Alphabet’s shares rose due to Apple’s interest in Google’s Gemini AI engine.
Market cap growth in March: Nvidia and Alphabet lead the way
Nvidia Corp and Alphabet Inc witnessed significant increases in their market capitalization in March, driven by enthusiasm surrounding artificial intelligence (AI) and anticipation for new products and expansion plans.
Nvidia’s market cap soared to $2.25 trillion, up 14% from February, while Alphabet’s rose 9% to $1.8 trillion. Nvidia’s shares surged following the announcement of its latest flagship AI processor set for release later this year, while Alphabet’s shares received a boost from reports of Appl’s interest in integrating Google’s Gemini AI engine into the iPhone.
Taiwan Semiconductor Manufacturing Company (TSMC) also experienced a market cap jump of about 12% to $632.5 billion, propelled by the AI-driven market optimism.
Challenges and declines in market cap for Tesla and Apple
Conversely, Tesla Inc encountered the largest market cap drop, falling approximately 13% to $559.8 billion, amidst concerns over demand, rising competition, and scrutiny over CEO Elon Musk’s pay package.
Apple Inc also experienced a decline, with its market cap dropping 5.1% to $2.65 trillion, attributed to slowing iPhone sales and regulatory fines for antitrust violations.
Also read: Apple in talks to let Google’s Gemini power iPhone AI features
