AAPL and NVDA Lead $8.7 Trillion Rise in AI Stock Prices Following ChatGPT Launch

The public unveiling of ChatGPT in late November 2022 sparked a significant stock market surge, particularly for AI companies. Finbold's research revealed that over 26 months, the market capitalization of the ten largest AI firms skyrocketed by more than $8.7 trillion. Specifically, their collective value rose from approximately $7.2 trillion to an astonishing $16 trillion by January 8, 2025, representing a 121.39% increase.

The Major Beneficiaries of the AI Boom

Among the major players, Nvidia (NASDAQ: NVDA) emerged as the biggest winner. Following ChatGPT's release, Nvidia's market cap exploded from $450 billion to an impressive $3.4 trillion by early 2025, reflecting a staggering 716% growth. Meanwhile, Apple (NASDAQ: AAPL), the world’s largest company at present, also experienced significant benefits despite entering the AI race later. Its valuation grew from late 2022 to reach $3.66 trillion, resulting in a remarkable $1.3 trillion increase.

Unequal Gains in the AI Landscape

The AI boom, while impressive, has shown itself to be inequitable. For instance, Mobileye (NASDAQ: MBLY) saw its valuation drop by nearly 40%, highlighting the volatility within the sector. In stark contrast, Microsoft (NASDAQ: MSFT), with early ties to OpenAI, recorded a modest 65% increase, reaching a valuation of $3.1 trillion.

Market Implications and Risks

The concentration of wealth among leading AI firms raises concerns about systemic risks in the marketplace. AAPL, NVDA, and MSFT together make up 62% of the total market cap among top AI companies, indicating a significant concentration in the stock market.
Despite the hype surrounding AI, the broader technology sector showed immense growth as well, with the top 10 firms gaining $6.6 trillion in value within a year.