Artificial Intelligence

Meta

<h2 id="quick-take">Quick Take</h2>
The ‘Magnificent 7’, a moniker for the top 7 tech stocks – Apple, Tesla, Nvidia, Amazon, Meta, Google, Microsoft – have been a beacon of robust performance with impressive year-to-date gains.
Nvidia, leading the pack, surged with a rise of 191%, followed by Meta at 140% and Tesla at 79%. The remaining titans, including Microsoft, Amazon, Google, and Apple, also reported substantial gains between 36% to 42%.
<figure id="attachment_368306" aria-describedby="caption-attachment-368306" style="width: 100%" class="wp-caption aligncenter"><img class="wp-image-368306 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/10/Tech-7.png" alt="Tech 7 Stocks: (Source: Trading View)" width="1410" height="893" srcset="https://cryptoslate.com/wp-content/uploads/2023/10/Tech-7.png 1410w, https://cryptoslate.com/wp-content/uploads/2023/10/Tech-7-300x190.png 300w, https://cryptoslate.com/wp-content/uploads/2023/10/Tech-7-1024x649.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/10/Tech-7-768x486.png 768w" sizes="(max-width: 1410px) 100vw, 1410px">
 <figcaption id="caption-attachment-368306" class="wp-caption-text">
 Tech 7 Stocks: (Source: Trading View)
 </figcaption>
</figure>
However, the optimistic narrative took an unexpected turn in October but has steadily declined since the second half of 2023.
Despite the year’s robust performance, earnings reports revealed a less-than-ideal picture, leading to significant market cap reductions.
An aggregation of the losses experienced in October highlights a staggering wipeout of roughly $800 billion in market cap. Google and Microsoft bore the brunt of the hit, with market caps declining by approximately $370 billion and $350 billion, respectively.
Meanwhile, Apple, Amazon, and Nvidia saw about $200 billion erased from their market cap. Tesla and Meta weren’t spared either, facing a contraction of around $120 billion each.
Over this year, we’ve observed a trend of investors shifting their focus from cryptocurrencies to Artificial Intelligence (AI).
However, recent trends hint at a possible reversal, suggesting a shift from AI to cryptocurrencies. The overall market capitalization of cryptocurrencies has seen a significant surge, growing by approximately $250 billion, from around $1 trillion to $1.25 trillion.
Bitcoin, the pioneer digital asset, has driven most of this increase.
<figure id="attachment_368311" aria-describedby="caption-attachment-368311" style="width: 100%" class="wp-caption aligncenter"><img class="wp-image-368311 size-full" style="color: #383838;" src="https://cryptoslate.com/wp-content/uploads/2023/10/market-cap.png" alt="Total Crypto Market Cap: (Source: Trading View)" width="1410" height="893" srcset="https://cryptoslate.com/wp-content/uploads/2023/10/market-cap.png 1410w, https://cryptoslate.com/wp-content/uploads/2023/10/market-cap-300x190.png 300w, https://cryptoslate.com/wp-content/uploads/2023/10/market-cap-1024x649.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/10/market-cap-768x486.png 768w" sizes="(max-width: 1410px) 100vw, 1410px">
 <figcaption id="caption-attachment-368311" class="wp-caption-text">
 Total Crypto Market Cap: (Source: Trading View)
 </figcaption>
</figure>
The post <a rel="noopener noreferrer nofollow" href="https://cryptoslate.com/insights/crypto-market-cap-surges-by-250-billion-in-october-as-tech-stocks-plummet/">Digital asset market cap surges by $250 billion in October as tech stocks plummet</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://cryptoslate.com">CryptoSlate</a>.

Digital asset market cap surges by $250 billion in October as tech stocks plummet

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