Trillion-dollar fever in 2024

The world economy in 2024 witnessed unprecedented changes in human history. At the beginning of 2024, ChatGPT shook the world after more than a year of quietly launching, without fanfare or world-changing declarations.

ChatGPT ( Chat Generative Pre-training Transformer ) is a chatbot developed by OpenAI based on Google's Transformer model, an artificial intelligence (AI) product that helps people create automatic conversations and answer questions on many different topics and fields.

Immediately, ChatGPT became a big storm in the technology world, more bustling than the time when Netscape brought the Internet, Facebook created personal space or iPhone brought the world to everyone's fingertips...

Since ChatGPT created the AI ​​wave, in just 2024, the capitalization of AI chip maker Nvidia of CEO Jensen Huang increased by several trillion USD, reaching 3,500 billion USD and becoming the largest enterprise in the world, surpassing Apple and Microsoft.

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How long will the artificial intelligence (AI) fever last? Photo: FF

Microsoft and Apple themselves also saw their capitalization increase by trillions of VND. Billionaire Elon Musk's Tesla also doubled, to 1,450 billion USD.

The world's BigTech groups are soaring thanks to the AI ​​wave.

Along with the breakthrough of technology stocks, the US stock market had an impressive year. The broad indexes S&P 500, Nasdaq Composite technology and Dow Jones industrials all set new highs dozens of times in 2024, increasing by 20-40%. The S&P 500 market capitalization alone increased by about $15,000 billion.

The cryptocurrency market is also booming, but the focus is on Bitcoin, which has increased 2.5 times since the beginning of the year, from about $40,000 to $106,000/BTC as of today. The asset's market capitalization is now nearly $2.09 trillion.

US stocks and digital assets have also soared this year thanks to the momentum from stocks of Jensen Huang, Elon Musk... or statements by Mr. Donald Trump and monetary policy reversal by Fed Chairman Jerome Powell.

Gold prices also had a year of 30-35% breakthrough, with more than 40 record-setting times in 2024, at times reaching nearly 2,790 USD/ounce. The total capitalization value, calculated according to the gold reserves of countries around the world, reached about 18 trillion USD. The additional increase in 2024 is about 5,400 billion USD.

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Billionaire Elon Musk and Jensen Huang. Photo: BI

Asset bubble risk

The US stock market on December 17 (closed early morning December 18, Vietnam time) fell for the 9th consecutive session, the Dow Jones index witnessed the longest downward streak since 1978. Along with the sharp decline of famous stock Nvidia in the last sessions of the year, this is a signal that makes many investors worried.

It can be seen that no asset can increase continuously forever, especially when US stocks, cryptocurrencies, gold... have exploded, peaking dozens of times in 2024. In fact, in December, Nasdaq Composite stocks continued to increase but Dow Jones and S&P 500 were falling sharply.

A falling US stock market in the first months of Donald Trump’s presidency (from January 20, 2025) or for the entire next year is certainly not what the 47th US president wants. During his first term, Trump always tried to push the stock market up, even forcing the Fed to change its monetary policy.

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Bitcoin price fluctuations over the past year. Total capitalization up to nearly 2,100 billion USD.

The capital flow into the AI ​​field in the past few years, especially in 2024, has been huge, but the commercial profitability has not been much.

Investors are worried about an uncertain world economy, with unpredictable policies of the 47th US president Donald Trump, on trade taxes, or the race to burn money in the AI ​​field.

The risks to the world economy are that inflation tends to increase again, the Fed may be more cautious with the speed of this interest rate cut cycle; the signal of China's huge stimulus package is not positive...

However, on the other hand, many organizations have a positive view. Major banks such as Barclays and JPMorgan believe that US stocks will fluctuate but increase by about 10% in 2025 thanks to the resilience of the economy, strong income and spending of American people, and corporate profits when Mr. Trump reduces taxes.

The possibility that Mr. Trump will launch a policy to promote oil and gas exploitation could reduce energy prices, thereby curbing inflation and boosting consumption.

Buying VinBrain, wanting to open an AI school, drinking beer with the Prime Minister: What is Nvidia CEO's ambition? Nvidia CEO Jensen Huang caused a media explosion when he came to Vietnam for the second time, established the world's third artificial intelligence center, opened Nvidia Vietnam, took over VinBrain, received the VinFuture award and drank beer with Prime Minister Pham Minh Chinh...