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

Economic TimesEconomic Times Ā· 5m
Market value of Nvidia and TSMC surges in October on strong AI chip demand

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.

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