Tech Companies’ Market Capitalization Surge in September

(Reuters) – The market capitalization of many tech firms surged in September, buoyed by a Federal Reserve rate cut that typically enhances future profits and cash flows for high-growth companies. This increase was further fueled by continued enthusiasm for artificial intelligence.

Key Highlights:

• Tesla (NASDAQ:TSLA): Market value surged 22.2% to $834.4 billion by end-September, driven by record electric vehicle sales in China in August and plans to introduce Full Self-Driving (FSD) software in China and Europe.

• Oracle Corp (NYSE:ORCL): Market value climbed 21.3% to $472.2 billion, with stock reaching record highs due to optimism about surpassing $100 billion in revenue by fiscal 2029, driven by AI-led demand for cloud services.

• Meta Platforms Inc (NASDAQ:META): Market value surged about 10% to $1.45 trillion, reaching all-time highs after unveiling the Orion augmented reality glasses and introducing new AI capabilities for its services.

• Amazon.com Inc (NASDAQ:AMZN): Market value increased by 4.4% to $1.95 trillion.

• Microsoft Corp (NASDAQ:MSFT): Market value rose 3.2% to $3.2 trillion.

Declines:

• Eli Lilly (NYSE:LLY): Market value dropped 7.7% to $842 billion.
• Saudi Arabian Oil Co: Market value fell 3% to $1.75 trillion at the end of last month.