Nvidia emerged as the biggest global gainer in market capitalisation for 2024, driven by surging interest in artificial intelligence and the robust demand for its AI-centric chips across various industries.
The chipmaker’s market value increased by over $2 trillion last year, reaching $3.28 trillion at the close of 2024, making it the second-most valuable listed company in the world. Its market value was $1.2 trillion at the end of 2023.
Meanwhile, Apple continued to lead global companies in market value, nearing a historic $4 trillion valuation. This surge was fuelled by investor enthusiasm for the company’s anticipated AI enhancements, aimed at revitalising sluggish iPhone sales.
At the end of 2024, Microsoft ranked third with a market value of $3.1 trillion, followed by Alphabet Inc and Amazon, each valued at approximately $2.3 trillion.
These tech companies significantly boosted their respective global indexes in 2024, with the S&P 500 index surging 23.3 per cent and the Nasdaq climbing 28.6 per cent.
Despite the shares’ higher valuations, looming US-China tariff tensions, and potentially slower US interest rate cuts, analysts remain optimistic about the sustained strong performance by tech firms in 2025.
Daniel Ives of Wedbush predicts a 25 per cent gain in tech stocks in 2025, attributing potential growth to a less regulatory environment under Donald Trump, forthcoming strong AI initiatives, and a stable foundation for Big Tech and Tesla in 2025 and beyond.
“We believe tech stocks will be robust in 2025 on the shoulders of the AI Revolution and $2 trillion+ of incremental AI cap-ex over the next 3 years,” he said. Reuters