Microsoft and Apple's combined market capitalization has overtaken the total market capitalization of the 3,851 listed companies on the Bombay Stock Exchange. Market value of the US’ top three valuable companies- Microsoft, Apple and Nvidia- is now bigger than that of the 5,300+ companies on the Chinese stock exchange, Bloomberg reported.
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Microsoft and Apple now have a combined market capitalization of $6.14 trillion which is more than the entire worth of actively traded companies on the Bombay Stock Exchange at $5.06 trillion. This comes as Microsoft has invested more and more in artificial intelligence (AI) as the company has been investing in OpenAI and is implementing AI features in its products and services. Apple's shares have risen 15 per cent in six months on the NASDAQ and the company is set to kickstart its annual developer’s conference WWDC24. Tim Cook is expected to announce AI features that Apple’s devices will be getting in the conference.
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Apple has struggled as it witnesses less iPhone demand in China and a $2 billion fine from the European Union. iPhone sales dropped 8 per cent in China in the first three months and its overall sales fell in every geographic region except Europe.
{{/usCountry}}Apple has struggled as it witnesses less iPhone demand in China and a $2 billion fine from the European Union. iPhone sales dropped 8 per cent in China in the first three months and its overall sales fell in every geographic region except Europe.
{{/usCountry}}Nvidia has also seen a 160 percent rally in the counter in six months as the company has bolstered its place in the AI market. The company's market capitalization soared to an astonishing $3 trillion, making it the very first computer chip firm to reach the mark.
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The three most valuable tech firms' collective market capitalization of $9.2 trillion has outpaced China where total value of listed entities is $8.85 trillion excluding Hong Kong, Bloomberg reported.