OpenAI’s groundbreaking artificial intelligence platform, ChatGPT, made its debut in the last week of November 2022, marking a pivotal moment for numerous companies and even impacting the stock market itself.
The influence of the AI revolution can be vividly seen through the market capitalization of the top 10 companies deeply immersed in this technology. Research conducted by Finbold revealed that these companies collectively experienced a staggering $5.4 trillion increase in market cap from December 3, 2022, to June 5, 2024.
Among the standout beneficiaries of the AI frenzy was Nvidia, a leading semiconductor giant, whose market cap skyrocketed from $420 billion to $2.8 trillion following the platform’s launch. However, Nvidia was not alone in reaping the rewards of the AI boom. Microsoft, an early supporter and partner of OpenAI, saw significant growth in its market cap thanks to enhanced AI capabilities.
Interestingly, the data also highlights the concentrated nature of the AI market growth. Nvidia alone contributed about 45% of the total growth of the top 10 companies, with Microsoft, Alphabet, and Meta Platforms dominating the remaining 55%. These three companies, along with Tesla, accounted for a substantial 95.77% of the total market cap among the top 10 AI firms.
Despite the widespread adoption of AI-related terminology and technology integration by companies to attract investors, the analysis reveals that artificial intelligence is not a guaranteed solution for struggling companies. While companies like Nvidia and Meta thrived, others, like Tesla and Intel’s subsidiary Mobileye, experienced declines in their stock market value despite their focus on cutting-edge AI technology.
Even Adobe, although showing growth since the release of ChatGPT, suffered a significant $70 billion drop in market capitalization in 2024. This indicates that while AI holds immense promise, it is not a one-size-fits-all remedy for all companies in the market.
