Due to the growing incorporation of artificial intelligence into the daily operations of businesses, there has been a constant demand for Nvidia's new supercomputing AI chips, leading to its October market value spike among multinational corporations.

During the month, Nvidia's market capitalization rose by 9.3 percent to $3.26 trillion, while TSMC, the company's supplier, witnessed a 6.5 percent gain in market value to $832.8 billion.

These advances are purely driven by the demand for AI and an improved third-quarter profitability from the largest contract chipmaker in the world.

Last month experienced a three percent drop to $3.4 trillion from slow growth estimate and slow sales in China, making Apple lose its top rank in the global market capitalization to Nvidia before recovering for some time.

Microsoft and Meta Platforms both issued warnings about rising AI expenses in October, which caused their market valuations to decline.

UBS Global Wealth Management's chief investment officer, Mark Haefele, remained optimistic about AI and encouraged investors to take advantage of the short-term volatility to expand their holdings of high-quality AI stocks.
"We continue to favor select semi names and big tech, and we expect our AI portfolio to deliver 35 percent earnings growth in 2024 and 25 percent in 2025."

Tencent Holdings' market value dropped nine percent to $483 billion in October in Asia, driven by a broader drop in Chinese equities as investors paused to evaluate government support measures, geopolitical tensions, and weak economic data.

Eli Lilly, a U.S. pharmaceutical company, had a 6.45 percent reduction in market value to $787.6 billion last month as its shares fell sharply after its quarterly sales of well-known diabetic and weight-loss medications fell short of Wall Street's sales projections.