The stock prices of Nvidia, Google, and Apple, the world's top three listed companies by market capitalization, all hit record closing highs on Wednesday, driven by the worldwide artificial intelligence boom.
Nvidia's stock price closed up 2.29 percent at 225.83 US dollars per share on the day, pushing its market capitalization to 5.488 trillion dollars, thus maintaining its top position in the world.
Alphabet, Google's parent company, saw its stock price surge 3.94 percent to 402.62 dollars per share, bringing its total market capitalization to 4.839 trillion dollars.
Apple's stock price rose 1.38 percent to close at 298.87 dollars per share, pushing its market capitalization to 4.39 trillion dollars.
According to US media reports, the recent strong performance of US tech stocks is mainly due to increased spending on AI infrastructure by many companies, coupled with better-than-expected earnings reports, which have boosted market optimism. Apple, on the other hand, has benefited from strong sales of its main products and continued high growth in its services business.
US tech company stocks hit record closing highs
Abu Dhabi National Oil Company (ADNOC), the UAE's energy giant, announced that two of its key subsidiaries, ADNOC Drilling and ADNOC Distribution, delivered solid profit growth in the first quarter of this year, demonstrating operational resilience despite ongoing regional geopolitical uncertainties.
According to newly released financial reports, ADNOC Drilling generated revenue of 1.23 billion U.S. dollars in Q1, a 5-percent increase from the same period last year, while its net profit rose 2 percent to 350 million U.S. dollars. The company attributed the solid performance to a portfolio of long-term contracts, high utilization rates of equipment, and sustained operational efficiency.
ADNOC Distribution posted even stronger growth, with first-quarter net profit surging 20.7 percent year on year to 210 million U.S. dollars. The growth reflects strategic network expansion and strengthening international operations.
"[The Middle East tensions have] no impact actually in the supply of the fuel. This year versus last year, we added 13 [gas service] stations in the UAE. So, additional stations [are] bringing higher volumes. And finally, the international businesses that we have, Saudi Arabia has been growing, and Egypt has been growing also. If you look at Saudi Arabia, under the DO/CO model, Dealer Operated, Company Owned, we added roughly 40 stations," said Athmane Benzerroug, Chief Strategy, Transformation, Investor Relations and Sustainability Officer, at ADNOC Distribution.
While emphasizing supply chain stability, Benzerroug said, to address potential energy security challenges, the company is actively advancing diversification and localization of energy systems to reduce reliance on external fossil fuel sources.
Earlier this month, ADNOC announced plans to award projects worth 200 billion dirhams (about 54.46 billion U.S. dollars) between 2026 and 2028 as part of its investment strategy to accelerate growth. The projects span the full value chain, from exploration and production to refining and marketing, aimed at meeting global demand and enhancing sector resilience.
A key pillar of this transition is the expansion of electric vehicle (EV) infrastructure, as ADNOC Distribution is systematically deploying charging networks across its service stations.
"By the end of this year, we're going to have roughly 450 EV chargers. And by 2028, I would say 500 to 750 EV chargers. So, we are deploying in a disciplined manner," said Benzerroug.
UAE's energy giant ADNOC posts solid profit growth in Q1 despite regional tensions
