Nvidia leads global market cap gainers in May with AI-driven rally
Technology
Nvidia leads global market cap gainers in May with AI-driven rally
(Reuters) - Nvidia opens new tab led global companies in market cap gains in May, buoyed by a stunning rally as its bumper revenue forecast reinforced investor confidence in the AI-driven surge in chip demand.
Nvidia's market cap soared to $2.69 trillion at the end of May, marking a nearly 25% increase during the month, as the announcement of its stock split further boosted investor enthusiasm.
Microsoft opens new tab maintained its position as the leading global company by market cap, rising 6.6% to $3.08 trillion in May, with shares touching record highs driven by expectations that AI will significantly boost profit growth for Microsoft and its major competitors.
Those expectations were further bolstered as the company introduced a new category of personal computers with AI features, called 'Copilot+' PCs, capable of handling more artificial intelligence tasks without relying on cloud data centers.
Apple opens new tab remained the second-largest company by market cap, surging 12.9% to $2.94 trillion at the end of May, fueled by AI optimism, and increased smartphone shipments to China. Brokerage BofA Global Research noted that artificial intelligence is driving a shift from smartphones to "IntelliPhones" — AI-powered smartphones — and projected that Apple would benefit from a multi-year upgrade cycle driven by AI.
