Introduction

Almost every startup relies on the computing infrastructure of Microsoft, Amazon, and Google, in particular, to train their systems, and on those same firms’ vast consumer market reach to deploy and sell their AI products and, thanks to platform dominance and the self-reinforcing properties of the surveillance business model, they own and control the ingredients necessary to develop and deploy large-scale AI. They also shape the incentive structures  for the field of research and development in AI, defining the technology’s present and future. Put bluntly, there is no AI without Big Tech.

The AI $1T+ Market Cap Portfolio

The stock price performances of the 6 constituents in our AI $1T+ Market Cap Portfolio are highlighted below for this week, in descending order, and the month of August, along with their market capitalizations.

1. Apple (AAPL): UP 1.0% this week; UP 3.1% in August
   • Market Capitalization: $3.48T
2. Amazon (AMZN): UP 0.8% this week; DOWN 1.4% in August
   • Market Capitalization: $1.87T
3. Microsoft (MSFT): UP 0.1% this week; DOWN 0.3 in August
   • Market Capitalization: $3.10T
4. Meta Platforms (META): DOWN 1.3% this week; UP 9.8% in August
   • Market Capitalization: $1.32T
5. Alphabet (GOOGL): DOWN  1.4% this week; DOWN 4.8% in August
   • Market Capitalization: $2.01T
6. Nvidia (NVDA): DOWN 7.7% this week; UP 2.0% in August
   • Market Capitalization: $2.93T

Summary

The AI $1T+ Market Cap Portfolio was DOWN 0.4% this week but went UP 2.4% in August, is now UP 28.9% YTD. The average market cap of the 6 constituents in the Portfolio was $2.25T.

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