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America’s 10 largest technology firms saw their valuation skyrocket in 2024 as they, according to Finbold research, cumulatively added $6.6 trillion to their market capitalization in just 12 months.
RELATED: Big Five tech giants added $3.9t to their stock value in 2023 – Highest in market’s history
Though the average increase of 51.31% between December 31, 2023, and December 31, 2024, is, on the whole, impressive, several companies nonetheless stand out as the biggest winners.
Apple (AAPL) has taken a decisive lead as not only the biggest company in the U.S. but also the entire world, while the semiconductor giants Nvidia (NVDA) and Broadcom (AVGO) recorded the biggest yearly gains, adding $2.1 trillion – 175.3% – and $643 billion – 139.47% – respectively.
Meta Platforms (META) and Tesla Motors (TSLA) also have much to celebrate as, after several years, both companies reclaimed a valuation above $1 trillion.
AI was the biggest driver of growth in 2024 for technology stocks
In 2024, the great common denominator for the rocketing technology stocks has been their involvement with artificial intelligence (AI), with all of the big winners engaging with the sector in one way or another.
Still, a clear pattern favoring infrastructure and hardware providers has also emerged. As Andreja Stojanovic, a co-author of the research, pointed out:
“The common argument that in the ongoing ‘gold’ rush – like in nearly every historical example – the ‘shovel sellers’ are doing far better than most prospectors appears true. Microsoft, the big tech firm that arguably inaugurated the AI boom through its early and massive investments in OpenAI, is up by a comparatively modest 13.03% – $364 billion. Nvidia, the company that has served as the big ‘shovel’ – microchip – supplier for the sector, rocketed over $2 trillion.”
Finally, despite the many successes and generally bullish expectations for 2025, the stellar growth gave rise to fears of instability and even a potential bubble. The unease with which investors view the stock market is well-exemplified by the magnitude of the $1.5 trillion wipeout in the wake of the latest Federal Open Market Committee (FOMC) meeting.
Read the full story with statistics at: https://finbold.com/boom-or-bubble-10-largest-us-tech-giants-add-6-6-trillion-to-market-cap-in-2024/
