The world's most valuable technology companies, with the exception of Alphabet, added billions in market value last month. Upbeat earnings outlooks and strong demand for AI chips fueled a rally in their shares.
Apple, memory chipmakers Micron Technology, Samsung Electronics, and SK Hynix led the gains, adding $598 billion, $512 billion, $481 billion, and $377 billion in market value, respectively. Apple pointed to strong demand for its flagship iPhone 17 and MacBook Neo, and announced a fresh $100 billion share buyback.
Samsung reported an eightfold jump in first-quarter operating profit. Micron drew analyst upgrades after saying its 2026 high-bandwidth memory chips are sold out and next-generation products are in production.
Microsoft and Nvidia also gained, with their market values rising by $315 billion and $276 billion, respectively. Nvidia forecast second-quarter revenue above expectations and announced an $80 billion share repurchase program.
Bucking the trend, Alphabet's market value dropped $59.77 billion. Among the world's 20 most valuable companies, JPMorgan Chase and Walmart saw the biggest market cap falls in May.