Boom or bubble? Ten largest US tech giants add USD 6.6 trillion to market cap in 2024

Despite a stock market downturn in the final days of December, 2024 has been an exceptionally strong year for U.S. equities.

- Andreja Stojanovic

Nowhere is this fact as clear as in the technology sector, which, as Finbold research found using data from Companies MarketCap, saw its ten largest companies add an incredible USD 6.6 trillion to their collective market cap by press time on December 31: an average increase of 51.31 percent since the final day of 2023.

Apple (NASDAQ: AAPL), a long-time contender for the spot of the world's most valuable company, took a decisive lead in 2024, with its market cap reaching a staggering USD 3.8 trillion the time of publication. Simultaneously, the semiconductor giant Nvidia (NASDAQ: NVDA) - itself the biggest company in the world at several points during the year - gained the most, as its valuation rocketed more than USD 2 trillion within just 12 months.

U.S. technology sector dominates with USD 6.6 trillion in inflows in 2024

While no company can quite match the size of Apple or replicate Nvidia's 175.3 percent year-over-year (YoY) rise, the entire U.S. tech sector has shown notable strength in 2024 and recorded substantial growth.

Broadcom (NASDAQ:AVGO), though not as widely discussed as the world's largest chipmaker, nonetheless rose significantly as its market capitalization stood at USD 461 billion at the end of 2023 and, at press time, grew to USD 1.1 trillion.