The market capitalization of many tech firms surged in September, buoyed by a Federal Reserve rate cut that typically enhances future profits and cash flows for high-growth companies, and further fuelled by continued enthusiasm for artificial intelligence.
Tesla's (TSLA.O), opens new tab market value surged 22.2% last month to $834.4 billion by end-September, driven by record electric vehicle sales in China in August and its plans to introduce its Full Self-Driving (FSD) advanced driver assistance software in China and Europe.
Oracle Corp's (ORCL.N), opens new tab market value climbed 21.3% to $472.2 billion at the end of last month, with the stock reaching record highs fueled by optimism over the company's projection to surpass $100 billion in revenue by fiscal 2029, driven by AI-led demand for cloud services.
Meta Platforms Inc's (META.O), opens new tab market value surged about 10% to $1.45 trillion as their shares also reached all-time highs, driven by the unveiling of its first working prototype of augmented reality glasses, called Orion, and the introduction of new AI capabilities for its services.
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Amazon.com Inc's (AMZN.O), opens new tab market value increased by 4.4% to $1.95 trillion at the end of last month, and Microsoft Corp's (MSFT.O), opens new tab market value rose 3.2% to $3.2 trillion.
On the other hand, Eli Lilly and Co's (LLY.N), opens new tab market value dropped 7.7% to $842 billion, while Saudi Arabian Oil Co's (2222.SE), opens new tab market value fell 3% to $1.75 trillion at the end of last month.
