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Market value of Nvidia and TSMC surges in October on strong AI chip demand

Economic Times · 4m

Global tech giant Nvidia experienced a significant increase in market value in October, driven by the high demand for its AI chips. Its market cap rose by 9.3% to reach $3.26 trillion during the month, while its chip supplier, TSMC, also saw a 6.5% increase to $832.8 billion. Meanwhile, Apple temporarily lost its position as the top global market capitalization to Nvidia, with a 3% decline to $3.4 trillion due to a modest growth forecast and sluggish sales in China. However, it quickly recovered. In Asia, Tencent Holdings' market value dropped by 9% to $483 billion during the same period. On the other hand, U.S. drugmaker Eli Lilly experienced a 6.45% decline in market value to $787.6 billion as its sales failed to meet expectations.