Apple and Microsoft still hold the top 2 spots in market cap.

Tech Giants ⁤Apple and Microsoft​ Dominate Global Market

Apple and⁢ Microsoft, the two tech giants, have maintained ‍their positions as the top two global ‍companies ‍by ‍market ‍capitalization. This comes after a remarkable‍ rally in technology ​shares ‍this year.

Apple achieved a significant milestone last month by becoming the first company in the world to reach a market value ‌of $3 trillion. This achievement was fueled by optimism surrounding its expansion into new markets and expectations of more ‌moderate U.S. interest rate hikes.

The overall market sentiment received a‌ boost last month due to strong quarterly earnings from companies like Alphabet, Meta Platforms, Intel, ⁣and Lam Research. These positive results⁤ lifted the market sentiment.

Meta, the parent ⁣company of‌ Facebook, experienced a surge of over 10% in ⁤its market capitalization in July. This ‌was attributed to the company’s‌ optimistic revenue forecast and robust growth in ad revenue⁤ during the ⁢second quarter.

Microsoft also exceeded Wall Street estimates for its ​fiscal fourth-quarter ⁣revenue. ⁢The growth in⁤ its⁤ cloud computing and office⁣ software businesses contributed‍ to this success. However, the company’s share⁤ price experienced a 1.4% decline in July due to an aggressive spending plan to ‌meet ⁢the demand for artificial intelligence services.

As‌ of the end of July, Microsoft’s market‍ capitalization stood​ at $2.49 trillion.

Apple is scheduled⁢ to announce⁢ its‌ earnings for the ⁢April-June quarter⁣ on Thursday.

“We strongly believe that a new tech bull market has begun this year, and we see the AI‍ Gold Rush as a ‘1995 Moment,’ similar to the start of the Internet, rather than⁣ a ‘1999/2000 Bubble Moment,'” stated‍ Wedbush ‌analyst ‍Dan Ives ⁤in a recent note.

In the⁤ financial sector, JP Morgan Chase experienced ⁤an 8.6% growth in market ⁢capitalization⁤ last month. The largest ‌U.S. lender benefited from increased interest payments from borrowers and‍ the acquisition of First ⁢Republic Bank.

According to Refinitiv ⁤data, 69%​ of large- and mid-cap U.S. companies ⁤have surpassed analysts’ ‌Q2 earnings estimates so far. The⁣ tech sector accounts for 82% of these positive surprises.

⁣ (Reporting By Patturaja Murugaboopathy ‍and Gaurav Dogra in ‍Bengaluru; Editing by ⁣Susan Fenton)

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