Tesla’s market value saw the highest increase among top global companies in November, indicating investors’ confidence in the company’s future as it continues to introduce innovations amid the anticipation of Donald Trump returning to the White House.
Reports surfaced last month that Trump’s transition team planned to relax federal regulations on self-driving cars, potentially simplifying the introduction of autonomous vehicles. This led to a 38.1% surge in Tesla’s market value to $1.1 trillion last month. CEO Elon Musk mentioned that Tesla’s robotaxi for autonomous driving will be ready next year, highlighting the future of transportation that will render human-operated cars outdated, likening them to elevators that require operators.
In the upcoming Trump administration, Musk was selected to co-found and manage the Department of Government Efficiency (DOGE) with former Republican presidential candidate Vivek Ramaswamy. The department aims to “abolish” federal bureaucratic agencies and reduce personnel.
Meanwhile, boosted by holiday shopping, retail giant Walmart saw a 12.9% increase in market value to $743.5 billion. The company raised its annual sales and profit forecasts for the third time due to the growth in online and in-store grocery purchases.
Data from Adobe Analytics on Saturday, November 30th indicated that US consumers’ online spending on Black Friday could reach a record-breaking $10.8 billion. Overall, Black Friday sales saw an 8.8% year-on-year increase, surpassing the 5.5% growth in 2023. Adobe also reiterated its forecast for Cyber Monday, expecting spending to reach $13.2 billion.
The National Retail Federation predicts a record-breaking 180 million shoppers during Thanksgiving and Cyber Monday shopping periods.
The improvement in retail sales also led to Amazon reporting higher-than-expected profits, with an 11.5% increase in market value to $2.2 trillion. Visa also benefited from strong consumer spending in the fourth quarter, leading to an 8.3% market value increase to $617.5 billion.
JPMorgan Chase was another company with a significant increase in market value in November, reaching $703 billion, a growth rate of 12.5%. Amid investor belief that Trump will bring favorable policies for lenders, CEO Jamie Dimon announced he would continue to lead the bank.
Leading in AI, Nvidia saw a slight 3.9% increase in market value, slowing down from the 9.3% growth in October, as its revenue growth forecasts failed to excite investors.
(Reference from Reuters)