Most stock markets edged higher last week as investors took advantage of recent weakness to pick up stocks on cheaper valuations. The blue-chip S&P 500 and technology focussed Nasdaq gained 0.4% and 0.9% respectively.
The Nasdaq was boosted by the performance of companies with exposure to Artificial Intelligence (AI), including Microsoft whose shares rose 5.6%, enabling to edge past Apple to become the word’s most valuable company with a market capitalisation of $2.9 trillion.
The software giant’s investment into ChatGPT, the developer of OpenAI, has been enthusiastically received by investors whilst Apple has lagged behind this year on the back of analyst downgrades for the stock, reflecting concerns over weaker iPhone sales, particularly in China.
TEAM plc (LON:TEAM) is building a new wealth, asset management and complementary financial services group. With a focus on the UK, Crown Dependencies and International Finance Centres, the strategy is to build local businesses of scale around TEAM’s core skill of providing investment management services.
