Tech Giants Add Billions in May as AI Demand Lifts Apple by $598 Billion
Updated
Updated · Reuters · Jun 2
Tech Giants Add Billions in May as AI Demand Lifts Apple by $598 Billion
3 articles · Updated · Reuters · Jun 2
$598 billion for Apple and $512 billion for Micron led a May surge in tech market value, with Samsung and SK Hynix also posting outsized gains as investors rewarded AI-linked growth.
Strong earnings signals drove the rally: Apple cited demand for iPhone 17 and MacBook Neo and launched a $100 billion buyback, while Micron said its 2026 HBM chips were sold out.
Samsung reported an eightfold jump in first-quarter operating profit, and Nvidia forecast second-quarter revenue above expectations while unveiling an $80 billion share repurchase plan.
Alphabet was the exception, shedding $59.77 billion in market value to $4.59 trillion, even as Microsoft rose $315 billion and Nvidia gained $276 billion.
Across the world's 20 most valuable companies, the May advance was not universal: JPMorgan lost $130.47 billion in value and Walmart fell $37.3 billion.
As tech giants create their own custom AI chips, is Nvidia’s market dominance facing its biggest threat yet?
As AI's energy consumption explodes, is the tech industry building a digital revolution or a global power crisis?
With Nvidia ceding China to local rivals, is the world splitting into two competing AI technology empires?
May 2026 Tech Rally: Nasdaq Soars to 26,972 on AI-Driven Growth, Semiconductor Crunch, and Diverging Investment Strategies
Overview
In May 2026, the tech market surged to new heights, with the Nasdaq Composite reaching a record high. This rally was driven by standout performances from major players like Alphabet, whose shares jumped 10% on strong growth in Google Cloud and AI products. Alphabet’s momentum made it the best performer among the 'Magnificent Seven' tech giants and the largest contributor to the S&P 500’s rise. The report highlights how robust gains in AI and cloud services fueled investor enthusiasm, showing that leadership in these areas was key to driving both individual stock success and broader market growth.