After riding this year’s rise in technology shares, tech behemoths Apple (AAPL.O) and Microsoft (MSFT.O) were the top two global businesses by market capitalization at the end of July.
Apple became the first corporation in the world to attain a market value of $3 trillion last month, helped along by expectations for more gradual increases in U.S. interest rates as well as aspirations for its growth into new countries.
Strong quarterly results from businesses like Alphabet (GOOGL.O), Meta Platforms (META.O), Intel (INTC.O), and Lam Research (LRCX.O), a manufacturer of chip equipment, improved market sentiment last month.
The market value of Facebook-owned Meta increased by more than 10% in July as a result of the company’s optimistic revenue outlook and strong second-quarter ad revenue growth.
The growth in its cloud computing and office software businesses helped Microsoft surpass Wall Street estimates for its fiscal fourth-quarter revenue as well, though its share price fell back 1.4% in July after it also announced an aggressive spending plan to meet the demand for artificial intelligence services.
At the end of July, it had a $2.49 trillion market capitalization.
On Thursday, Apple is expected to release its financial results for the April-June period.
Wedbush analyst Dan Ives wrote in a letter last week, “We continue to strongly believe a new tech bull market has started this year, and we believe the AI Gold Rush is a “1995 Moment” similar to the beginning of the Internet and NOT a 1999/2000 Bubble Moment.”
JP Morgan Chase’s (JPM.N) market worth increased 8.6% last month in the banking sector as the largest U.S. lender increased its interest revenue and profited from the acquisition of First Republic Bank.
According to Refinitiv statistics, 82% of large- and mid-cap U.S. corporations have so far outperformed analysts’ Q2 earnings projections, with the IT industry being responsible for these encouraging surprises in 69% of cases.