According to the latest information, the biggest Tech giants Apple and Microsoft again claimed the top spot by market capitalisation at the end of July 2023. The iPhone smartphone maker Apple last month became the first company in the world to reach a market value of $3 trillion.
Other Companies Record
Apart from the two major companies Alphabet, Meta Platforms, chipmaker Intel and chip equipment maker Lam Research lifted also performed well in the market. Meta’s market capital gained more than 10% in July 2023.
Microsoft also beat Wall Street estimates for its fiscal fourth-quarter revenue, driven by growth in its cloud computing and office software businesses, although its share price slipped back 1.4% in July after it also laid out an aggressive spending plan to meet the demand for artificial intelligence services. Its market cap stood at $2.49 trillion at the end of July.
Here’s an official statement
“We continue to strongly believe a new tech bull market has started this year, and we believe the AI Gold Rush is a “1995 Moment” akin to the start of the Internet and NOT a 1999/2000 Bubble Moment,” said Wedbush analyst Dan Ives in a note last week.
In the financial sector, JP Morgan Chase’s market cap grew about 8.6% last month, as the largest U.S. lender earned more from borrowers’ interest payments and benefited from the purchase of First Republic Bank.
Meanwhile, the next version of the Apple Watch Ultra is expected to arrive soon and it is one of the most expensive smartwatches in the world. According to the report by Bloomberg’s Mark Gurman, the company is looking for possibilities to introduce a new dark titanium colour option. The report suggests that the smartwatch was in the testing phase but was abandoned due to design preference.