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Business has never been better for America’s tech giants. After slumping in 2022, the combined market value of Alphabet, Amazon, Apple, Meta and Microsoft has surged by 70%, to over $10trn, since the start of 2023 amid the hype over artificial intelligence (AI). The technology has also propelled others into the industry’s upper echelons. On February 21st Nvidia, an AI-chip champion, reported that its sales rocketed by 265%, year on year, in the quarter to January. Its market value has risen from around
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