Nov 4 (Reuters) - Nvidia ( NVDA ) led a surge in market

value among global firms in October, buoyed by unrelenting

demand for its new supercomputing artificial intelligence chips

as more companies integrate AI into their daily operations.

Nvidia's ( NVDA ) market cap rose 9.3% in October to $3.26 trillion,

while the company's supplier, TSMC, saw its market

value increase 6.5% to $832.8 billion. The gains came after the

world's largest contract chipmaker posted better-than-expected

third-quarter earnings and gave a robust outlook for AI demand.

Apple ( AAPL ) briefly ceded its top global market

capitalization spot to Nvidia ( NVDA ), with a 3% decline to $3.4

trillion last month on a modest growth forecast and sluggish

sales in China, before bouncing back.

The market values of Meta Platforms ( META ) and Microsoft ( MSFT )

fell in October after both companies warned about

escalating AI costs.

Mark Haefele, chief investment officer at UBS Global Wealth

Management, maintained his positive outlook on AI, advising

investors to use near-term volatility as an opportunity to

increase exposure to quality AI stocks.

"We continue to favor select semi names and big tech, and we

expect our AI portfolio to deliver 35% earnings growth in 2024

and 25% in 2025."

In Asia, the market value of Tencent Holdings ( TCTZF ) fell

9% to $483 billion in October, carried by a wider decline in

Chinese shares due to sluggish economic data, geopolitical

tensions and as investors paused to assess government support

measures.

U.S. drugmaker Eli Lilly's ( LLY ) market value dropped

6.45% to $787.6 billion last month as its quarterly sales of

high-profile weight-loss and diabetes drugs failed to meet Wall

Street's sales estimates, resulting in a sharp decline in its

shares.