NVIDIA Corp posted a record increase in market value in January, the biggest monthly increase in the company’s history, thanks to optimism around artificial intelligence (AI), positive analyst forecasts and the company’s announcement of expanded AI offerings.

The market value of the world’s most expensive chipmaker rose by an unprecedented $296.52 billion to $1.52 trillion, surpassing the previous high of $248.23 billion recorded in May 2023.

Nvidia’s shares rose to new highs last month following the announcement of new desktop graphics processors and advances in artificial intelligence-related components and software.

Meanwhile, Microsoft, the world’s most valuable company, also saw its market value rise strongly, adding $159.36 billion, largely due to increased demand for its Azure cloud service.

On Tuesday, the tech giant reported better-than-expected quarterly earnings and revenue, though investors were cautious about rising costs, which are expected to “increase significantly” on a sequential basis.

As of Wednesday, Microsoft’s market value stood at $2.95 trillion, surpassing Apple Inc’s $2.85 trillion in market capitalization.

Meanwhile, Meta Platforms’ market value rose last month, crossing the $1 trillion mark for the first time since September 2021.

Meta shares rose more than 14% to a record high of $451 after the bell on Thursday, boosting its market capitalization by $148 billion to $1.16 trillion after the Facebook owner posted a 25% rise in revenue to $40.1 billion for the December quarter and announced its first-ever dividend.

At the other end of the spectrum, Tesla Inc has been the weakest among the world’s 20 largest companies by market capitalization, losing about 24.5% of its value over the past month on concerns about slowing growth. CEO Elon Musk has warned that sales growth will be “markedly lower” this year despite recent price cuts.

In addition, Saudi Arabian Oil Co’s market value fell 7.3%.