Who is winning the AI race?

Since the so-called Liberation Day (April 2, 2025), the highest return among the world’s largest technology companies was achieved by the American Broadcom (+101%), which specializes in producing AI XPU chips. Second place goes to Oracle (+63.5%), which is also seeing strong growth thanks to its AI offerings. Returns above the SOX index (the 30 largest chip manufacturers) were also recorded by Nvidia, Alphabet, Taiwan’s TSMC, and Korea’s SK Hynix (a memory producer used in AI). Details are shown in Figure 1 (including the legend beneath the chart with each company’s returns).

Since the beginning of 2025 (i.e. from December 31, 2024), the highest returns were posted by Alibaba (+66.5%) and SK Hynix (+59.3%). Details are shown in Figure 2. The following companies outperformed the SOX, NDX and SPX indices: Tencent, Broadcom, Oracle, Samsung, Meta, Nvidia, Alphabet, TSMC and Microsoft.

Since the beginning of 2024 (i.e., from December 31, 2023), Nvidia achieved the highest returns (+240%) followed by Broadcom (+213%) and TSMC (+138%). Details are shown in Figure 3.

Summarizing these periods: Nvidia, Broadcom, Oracle, TSMC, Alphabet and SK Hynix outperformed the SOX, NDX, and SPX indices in each of the above time frames.