US-based tech giants have shown a remarkable turnaround in 2023 and logged double-digit growth in their stock values after facing a tumultuous journey the year before. According to data released by Stocklytics.com, Apple, Microsoft, Alphabet, Amazon and Meta have collectively added a significant $3.9 trillion to their stock value in 2023 – recoding the highest figure in the market’s history.
Meta has emerged as the top performer in 2023 with the highest growth in its market value. The tech giants have dominated the stock performance in US markets this year. Several factors such as the rise of artificial intelligence (AI), improving US economy and slowing inflation have contributed to the rally picked up by tech stocks in 2023.
How US tech giants record biggest annual growth in history
The Nasdaq jumped 32 per cent in the first six months of the year, driven by Apple’s rally and chip major Nvidia’s boom, marking its best first half in the past 40 years. However, the tech stock’s price rally has continued ever since, helping the largest players in the market to add trillions of dollars to their stock values.
According to YCharts data, the combined stock value of Apple, Microsoft, Alphabet, Amazon and Meta, the world’s five largest tech companies, amounted to $6.17 trillion in December last year. Since then, this figure has surged by 62 per cent or $3.9 trillion and hit more than $10 trillion. This represents the biggest annual increase so far.
In 2019, their combined stock value grew by $1.73 trillion. In 2020 and 2021, when the tech market boomed due to COVID-19, the market’s largest players increased their stock value by $2.6 trillion. However, all of that and even more was lost in 2022, when their stock prices nosedived, bringing a shocking $3.9 trillion combined loss. Still, the record stock price growth in 2023 has helped Big Tech to cover all the losses from last year.
Meta merges best performer in 2023; here’s how
The YCharts data also show Meta was the best performer in the Big Tech group this year. After losing two-thirds of its stock value in 2022, Meta’s market cap has surged by an impressive 188% year-over-year, the biggest increase among the Big Five tech giants. In December 2022, Meta’s stock value was $315.5bn, and now it’s over $908bn.
The e-commerce giant Amazon has witnessed the second-largest increase of 84%, driving its market cap to over $ 1.5 trillion, the figure last seen in mid-2022.
Statistics show Microsoft’s and Alphabet’s market caps jumped by 55% year-over-year, helping the two companies add more than $1.6trn in value. Apple stocks have jumped 45% since last December, surpassing $3trn in market cap.
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Published: 28 Dec 2023, 07:23 PM IST