The public release of ChatGPT in late November 2022 proved technologically transformative and generated a veritable stock market boom for a select few companies actively involved with artificial intelligence (AI) development.
Finbold research found that in the 26 months since OpenAI released its platform, the ten largest AI firms’ valuation increased by more than $8.7 trillion.
Indeed, data retrieved from CompaniesMarketCap reveals that their market capitalization rose from the cumulative value of approximately $7.2 trillion in late 2022 to $16 trillion at press time on January 8, 2025 – a 121.39% increase.
These are the biggest winners of the AI boom
Looking purely at the dollar-value increase, the semiconductor giant Nvidia (NASDAQ: NVDA) is by far the biggest winner. Specifically, at the time of ChatGPT’s release, Nvidia’s valuation stood at just over $450 billion after struggling in the stock market through much of 2022.
In early 2025, the chipmaker boasted a market capitalization of $3.4 trillion, meaning it grew more than $3 trillion or 716% within the time frame and emerged as a contender for the spot of the world’s largest company.
Apple (NASDAQ: AAPL), the globe’s biggest firm by valuation at press time, was also a major beneficiary of the AI boom despite joining the race relatively late.
In fact, in early June 2024 – the last time Finbold examined AI’s impact on the market performance of major companies – AAPL was not considered an artificial intelligence stock as it began working on the technology in earnest only later in the same year with the implementation of Apple Intelligence and the release of the latest iPhone.
Nonetheless, Apple is undeniably one of the biggest players in the sector both in terms of its January 2025 valuation of $3.66 trillion and its $1.3 trillion growth since late 2022.
The AI boom has also generated major winners among comparatively smaller companies. In terms of percentage growth, no company managed a greater rise than Palantir (NASDAQ: PLTR), whose valuation surged more than 900% from about $15 billion at the time of ChatGPT’s release to nearly $160 billion on January 8.
AI boom is neither equitable nor universal
For all of its successes, the AI boom has not been equitable, absolute, or even, arguably, rational. To begin with, Mobileye (NASDAQ: MBLY), an Israeli company working on autonomous vehicles, contracted almost 40% despite being considered a part of the technological revolution from the very start.
Furthermore, Microsoft (NASDAQ: MSFT), originally the prime candidate to be the biggest winner of the AI boom thanks to its early investment in and partnership with OpenAI, grew by a relatively modest 65% to a valuation of $3.1 trillion.
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Still, MSFT’s “modest” rise, along with Apple’s staggering market capitalization and Nvidia’s stellar growth, demonstrates the risks posed by the technological stock market explosion.
Specifically, these three companies alone account for 62% of the total market cap of the top AI firms, while the 10 together represent a substantial portion of the total U.S. stock market.
Last year generally saw massive value concentration within just a handful of American companies that outperformed the broader market. Despite AI being the major buzzword of 2024, the technology sector as a whole grew significantly, with Finbold research revealing that its 10 biggest firms gained $6.6 trillion in value over 12 months.
