Graphic: Mega-cap companies saw strong gains in 2023 amid tech optimism

Panasonic Holdings

02/01/2024 10:44

Jan 2 (Reuters) - Global mega-cap companies, led by the
technology sector, posted solid gains in 2023, boosted by
optimism over artificial intelligence, that inflation was
peaking and on hopes for further economic stimulus from central
banks.
    Facebook parent Meta Platforms  META.O  experienced a
substantial increase in market capitalization, soaring 188% to
$909.3 billion, its largest annual gain in 11 years. Nvidia Corp
 NVDA.O , the U.S. chipmaker, skyrocketed 240% in terms of
market cap, to $1.22 trillion – its biggest yearly gain since
2001.
    Electric vehicle giant Tesla  TSLA.O  also saw significant
growth, with its market value doubling to $789 billion by the
end of December. This increase was propelled by enthusiasm over
its self-driving software and a record number of vehicle
deliveries in the final quarter of the year.
    Tech leaders Apple  AAPL.O  and Microsoft  MSFT.O 
maintained their positions at the top, with market
capitalizations of $2.99 trillion and $2.79 trillion,
respectively, leading the pack in terms of overall value.
    However, the substantial gains among these mega-cap stocks
have led some analysts to deem them overvalued, with
expectations for a more widespread rally in the coming year.
This broader market uplift is anticipated to be supported by
potential rate cuts from global central banks this year,
analysts said.

    <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Top 20 companies in the world by market cap Top 20 companies in
the world by market cap    https://tmsnrt.rs/3OAhlz8
Change in market cap in December Change in market cap in
December    https://tmsnrt.rs/47cjbgK
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 (Reporting By Patturaja Murugaboopathy and Gaurav Dogra in
Bengaluru; Editing by Bernadette Baum)
 ((patturaja.muruga@thomsonreuters.com;))