According to one study, the euphoria over new technologies such as artificial intelligence (AI) is driving stock prices up. By mid-year, 23 technology companies were among the top 100 most valued publicly traded companies in the world, according to consultancy firm EY. At the beginning of the year there were only 19 companies.
The value of the technology companies increased by 45 percent in the course of the half year. “No other industry has seen an increase in value that even comes close,” explains EY. The stock market value of chip manufacturer Nvidia rose by almost 200 percent. The American company thus improved from 17th place in the stock market ranking to 6th place. The value of all companies in the top 100 increased by 20 percent to $34.4 trillion.
The AI boom has not changed the US stock market dominance. Of the top 10 most valuable companies, only the third-ranked Saudi Arabian oil company Saudi Aramco is not based in the United States. The companies Apple and Microsoft are in the first two places, as EY explained. The top 100 includes a total of 62 companies from the US.
According to EY, 19 companies are headquartered in Europe, four more than in the second half of last year. 16 companies come from Asia. The French luxury group LVMH is the most valuable company in Europe.Six months ago, Germany was not yet represented in the ranking. By the middle of the year, SAP was ranked 71st with a value of $159 billion, while Siemens climbed to 91st with a whopping $132 billion.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
