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AI-focused tech firms see big jump in market cap in June

Published 2024-07-01, 06:26 a/m
© Reuters. FILE PHOTO: NVIDIA logo is seen near computer motherboard in this illustration taken January 8, 2024. REUTERS/Dado Ruvic/Illustration/File Photo
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(Reuters) - Artificial intelligence-focused companies, mostly chipmakers, saw big gains in their market capitalization at the end of June, with Nvidia (NASDAQ:NVDA) briefly overtaking Microsoft (NASDAQ:MSFT) 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 (NASDAQ:AAPL) surged 9.6% over the past month.

© Reuters. FILE PHOTO: NVIDIA logo is seen near computer motherboard in this illustration taken January 8, 2024. REUTERS/Dado Ruvic/Illustration/File Photo

Meanwhile, Amazon.com Inc (NASDAQ:AMZN) hit $2 trillion in market value last month, becoming the fifth U.S. company to achieve the milestone, riding on AI-influenced enthusiasm.

Broadcom (NASDAQ:AVGO) Inc's 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.

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