Nvidia Corp led a surge in market value among global firms last month, buoyed by unrelenting demand for its new supercomputing artificial intelligence (AI) chips as more companies integrate AI into their daily operations.
Nvidia’s market cap rose 9.3 percent last month to US$3.26 trillion, while the company’s supplier, Taiwan Semiconductor Manufacturing Co (台積電), saw its market value increase 6.5 percent to US$832.8 billion. The gains came after the world’s largest contract chipmaker posted better-than-expected third-quarter earnings and gave a robust outlook for AI demand.
Apple Inc briefly ceded its top global market capitalization spot to Nvidia, with a 3 percent decline to US$3.4 trillion last month on a modest growth forecast and sluggish sales in China, before bouncing back.
Photo: Ritchie B. Tongo, EPA-EFE
The market values of Meta Platforms Inc and Microsoft Corp fell last month after both companies warned about escalating AI costs.
Mark Haefele, chief investment officer at UBS Global Wealth Management, maintained his positive outlook on AI, advising investors to use near-term volatility as an opportunity to increase exposure to quality AI stocks.
“We continue to favor select semi names and big tech, and we expect our AI portfolio to deliver 35 percent earnings growth in 2024 and 25 percent in 2025.”
In Asia, the market value of Tencent Holdings Ltd (騰訊) fell 9 percent to US$483 billion last month, carried by a wider decline in Chinese shares due to sluggish economic data, geopolitical tensions and as investors paused to assess government support measures.
The Eurovision Song Contest has seen a surge in punter interest at the bookmakers, becoming a major betting event, experts said ahead of last night’s giant glamfest in Basel. “Eurovision has quietly become one of the biggest betting events of the year,” said Tomi Huttunen, senior manager of the Online Computer Finland (OCS) betting and casino platform. Betting sites have long been used to gauge which way voters might be leaning ahead of the world’s biggest televised live music event. However, bookmakers highlight a huge increase in engagement in recent years — and this year in particular. “We’ve already passed 2023’s total activity and
Nvidia Corp CEO Jensen Huang (黃仁勳) today announced that his company has selected "Beitou Shilin" in Taipei for its new Taiwan office, called Nvidia Constellation, putting an end to months of speculation. Industry sources have said that the tech giant has been eyeing the Beitou Shilin Science Park as the site of its new overseas headquarters, and speculated that the new headquarters would be built on two plots of land designated as "T17" and "T18," which span 3.89 hectares in the park. "I think it's time for us to reveal one of the largest products we've ever built," Huang said near the
BIG BUCKS: Chairman Wei is expected to receive NT$34.12 million on a proposed NT$5 cash dividend plan, while the National Development Fund would get NT$8.27 billion Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker, yesterday announced that its board of directors approved US$15.25 billion in capital appropriations for long-term expansion to meet growing demand. The funds are to be used for installing advanced technology and packaging capacity, expanding mature and specialty technology, and constructing fabs with facility systems, TSMC said in a statement. The board also approved a proposal to distribute a NT$5 cash dividend per share, based on first-quarter earnings per share of NT$13.94, it said. That surpasses the NT$4.50 dividend for the fourth quarter of last year. TSMC has said that while it is eager
China yesterday announced anti-dumping duties as high as 74.9 percent on imports of polyoxymethylene (POM) copolymers, a type of engineering plastic, from Taiwan, the US, the EU and Japan. The Chinese Ministry of Commerce’s findings conclude a probe launched in May last year, shortly after the US sharply increased tariffs on Chinese electric vehicles, computer chips and other imports. POM copolymers can partially replace metals such as copper and zinc, and have various applications, including in auto parts, electronics and medical equipment, the Chinese ministry has said. In January, it said initial investigations had determined that dumping was taking place, and implemented preliminary
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