From Nasdaq: 2024-08-01 11:48:05

Global mega tech companies saw a significant market capitalization drop in July due to disappointing earnings and high valuations. Microsoft and Alphabet reported underwhelming results, leading to a 6% decrease in their market caps. Nvidia also experienced a 5.2% drop as concerns about growth sustainability in the AI sector grew.

Apple, on the other hand, defied the trend with a 5.4% increase in market cap to $3.4 trillion, driven by optimism surrounding its new AI initiative, Apple Intelligence. Outside the tech sector, Eli Lilly’s market cap fell 11.2%, while Tesla’s rose by 17.2%.

Investors are cautious about high valuations and growth sustainability in the tech sector, with a focus on new technologies and market competition. The evolving landscape of tech investments will be closely monitored in the coming months to assess long-term viability and future trends.



Read more at Nasdaq: Market Shifts as Microsoft and Alphabet Lead Tech Stock Declines