Tesla leads November’s global market value surge

Tesla’s market capitalization increased by the most among top global companies in November, boosted by expectations the automaker will benefit from CEO Elon Musk’s close ties with US President-elect Donald Trump.

The company’s market value surged 38.1% to USD 1.1 trillion last month on reports that Donald Trump’s transition team plans to relax federal regulations on self-driving cars, potentially simplifying the rollout of autonomous vehicles.

Optimism around holiday shopping helped boost Walmart’s market value by 12.9% to USD 743.5 billion, following the company’s third upward revision of its annual sales and profit forecasts, driven by increased online and in-store purchases of groceries and merchandise.

JPMorgan Chase’s market value rose 12.5% to USD 703 billion, as it was announced that CEO Jamie Dimon will continue leading the bank, and investors are confident that Trump will bring favorable policies for lenders.

Improving retail sales pushed Amazon.com’s market value up 11.5% to USD 2.2 trillion, after it reported higher-than-expected profit growth. Similarly, Visa saw its market value increase by 8.3% to USD 617.5 billion, as resilient consumer spending pushed it to a strong fourth-quarter profit.

Reports that US authorities ordered Taiwan Semiconductor Manufacturing Company 2330.TW to halt shipments of advanced chips to China, a move aimed at curbing exports of critical technologies, helped wipe 5.1% off its market cap, which fell to USD 793.5 billion.

AI bellwether Nvidia’s market value rose by a modest 3.9%, slowing from October’s 9.3% increase as its revenue growth forecast failed to excite investors.

(Reporting By Patturaja Murugaboopathy and Gaurav Dogra in Bengaluru; Editing by Kirsten Donovan)