Alphabet Inc. lost 4.7% of its market value last month as slowing advertising sales on YouTube fueled concerns about its profits. A U.S. judge’s ruling that Google had violated antitrust laws and the emergence of new competition from OpenAI, which is developing a prototype search engine based on artificial intelligence, also contributed to the decline in its shares.
Amazon.com Inc’s market value fell 4.5 percent, hurt by slowing online sales.
TeslaApple’s market capitalization fell 7.7% last month after weaker second-quarter earnings and news that Canada was planning a new 100% tariff on Chinese-made electric vehicles.
The world’s most valuable automaker began shipping Shanghai-made electric vehicles to Canada last year and Ottawa’s plans have raised concerns about the potential impact on profits from exporting from its higher-cost U.S. production base.
Meanwhile, NvidiaBitcoin’s market value fell 7.7% to $2.92 trillion in the last week of August after it projected third-quarter gross margins below market estimates and reported revenue that only met expectations, disappointing investors who had hoped for a stronger performance.
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Nvidia, which controls more than 80% of the AI chip market, is in a unique position as the biggest enabler and beneficiary of the growing development of AI. On a positive note, the US pharmaceutical company Eli Lilly‘s market value rose nearly 20%, leading market gainers, driven by strong sales and the launch of a weight-loss drug that significantly reduces the risk of developing type 2 diabetes in overweight adults.
Berkshire Hathaway’s market value closed above $1 trillion for the first time in late August, reflecting investor confidence in the conglomerate that Warren Buffett built over nearly six decades and which many see as a poster child for the U.S. economy.
GoalThe market value of also rose nearly 10% after it beat market expectations for its second-quarter revenue and forecast strong revenue growth in the July-September quarter, indicating that strong digital advertising spending on its platforms could offset the costs of its AI investments.
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