United

U.S. tech giants experienced a remarkable $2.4 trillion surge in market capitalization, largely propelled by widespread enthusiasm for generative artificial intelligence (AI) in 2023, according to Accel’s annual <a href="http://accel.com/euroscape" target="_blank" rel="noopener">Euroscape</a> report. 
According to the report, technology behemoths such as Apple, Microsoft, Alphabet, Amazon, and Nvidia all witnessed a substantial 36% year-on-year increase in their stock values. Notably, <a href="https://cryptoslate.com/companies/nvidia/">Nvidia</a> emerged as the frontrunner, breaching the $1 trillion market cap threshold, largely due to its AI chip manufacturing operations. 
<h2 id="ai-s-meteoric-rise">AI’s meteoric rise</h2> 
Much of the tech industry’s meteoric rise can be attributed to the sudden and fervent interest in generative AI products like <a href="https://cryptoslate.com/companies/openai/">OpenAI’s</a> ChatGPT, Google’s Bard, and <a href="https://cryptoslate.com/companies/anthropic/">Anthropic’s</a> Claude. 
While OpenAI was at the forefront of this movement, other technology firms also enjoyed substantial growth, either through the development of AI software or through strategic acquisitions of AI startups. 
It’s worth noting that the United States played a pivotal role in this generative AI boom, with OpenAI securing the most substantial funding of any AI company this year, amounting to $10 billion from Microsoft, with an additional $1.3 billion infusion later. 
Anthropic, a key competitor in the generative AI sector, has also attracted <a href="https://cryptoslate.com/ftx-creditors-hope-googles-potential-2b-investment-in-anthropic-will-boost-recovery-prospects/">substantial funding</a> from Amazon and other investors this past year. 
In contrast, Europe’s generative AI funding lagged significantly, amassing only around $500 million. French startups like Hugging Face, Poolside, and Mistral AI secured $235 million, $126 million, and $113 million, respectively. 
Additionally, the year also witnessed a resurgence in the growth of tech unicorns, restoring their numbers to pre-pandemic levels. Impressively, generative AI companies constituted a substantial 80% of U.S. unicorns, while they represented only 40% in Europe and Israel. 
“Generative AI is redefining the potential of software, bringing the opportunities for enterprise automation and productivity improvement to a new level.” Philippe Botteri, a partner at Accel said. 
The post <a rel="nofollow" href="https://cryptoslate.com/u-s-tech-giants-add-2-4-trillion-to-market-cap-in-2023/">U.S. tech giants add $2.4 trillion to market cap in 2023</a> appeared first on <a rel="nofollow" href="https://cryptoslate.com">CryptoSlate</a>.

U.S. tech giants add $2.4 trillion to market cap in 2023

Table of Contents

CryptoSlate

Other articles published on Oct 17, 2023

Ethereum Layer-2 Scaling Solution Scroll Goes Live

Bitcoin Cash Weekly News October 17 2023 by the Bitcoin Cash Foundation

BlackRock CEO Larry Fink Dubs it a ‘Safe Haven

Bitcoin: The fake news that has shaken the market!

FTX Plans to Return 90% of Distributable Value to Customers

Fantom (FTM) Price Drops as Foundation Wallet Gets Hacked

Join our free newsletter for daily crypto updates!