October 19, 2023
1 min read

Tech giants add $2.4 tn due to AI this year

In Europe and Israel, 40 per cent of new unicorns were in generative AI, whereas 80 per cent were in the US…reports Asian Lite News

Tech giants like Apple, Microsoft, Google-parent Alphabet, Amazon, Nvidia and others added $2.4 trillion to their market capitalisations in a year marked by the buzz surrounding generative artificial intelligence (AI), a new report has shown.

According to the venture capital firm Accel, the share price values of these big technology firms grew by an average of 36 per cent (year-over-year).

For the first time, Nvidia entered the trillion-dollar club, with the US chip-maker now valued at more than $1 trillion. Nvidia’s high-performance CPUs enable many advanced generative AI models, which generate new content from huge amounts of training data.

The report also mentioned that cloud and software-as-a-service (SaaS) firms, such as Salesforce, Palantir and Unity, rose by 29 per cent in the year to date. Last year, the outlook for cloud and SaaS was down.

According to the report, companies’ values were reduced by $1.6 trillion as investors exited high-growth tech stocks.

Moreover, the report showed that the tech-heavy Nasdaq Composite returned to 80 per cent of its all-time high within 18 months. It took the Nasdaq about 14 years to reach that milestone.

Funding for cloud and SaaS firms has also returned to pre-Covid levels in Europe, Israel, and the US. Further, the report stated that the number of unicorn companies has returned to pre-Covid levels, with AI accounting for a substantially larger proportion of new billion-dollar companies.

In Europe and Israel, 40 per cent of new unicorns were in generative AI, whereas 80 per cent were in the US.

ALSO READ-

Previous Story

YouTube looks to boost news watching experience

Next Story

MeitY enters into partnership with IBM in AI, semiconductors

Latest from -Top News

India bids emotional farewell to Manmohan Singh

The nation bid an emotional farewell to the stalwart Congress leader who was fondly known as the ‘Architect of India’s economic reforms’. Former Prime Minister Dr. Manmohan Singh was laid to rest

Biden pays tribute to India’s ex-PM Manmohan Singh

Presiden Biden emphasised that “the unprecedented level of cooperation between the United States and India today would not have been possible without the Prime Minister’s strategic vision and political courage.” US President

OpenAI’s o3 reasoning model ignites AI hype

Social media influencers have kicked off a fierce debate over OpenAI’s new o3 reasoning model, with some of them raising concerns about its high cost and the potential for overhyping its artificial
Go toTop

Don't Miss

‘British firms are leveraging India’s tech expertise’

Iyer believes companies in both countries are aspirational and ambitious,

US partners with tech giants for AI cyber challenge

Google, OpenAI, Microsoft, and Anthropic came together to form a