The rapid rise of artificial intelligence is captivating stock markets around the world. Chipmaker Nvidia became the world’s most valuable company last year and, with a market capitalization of $4.63 trillion (€3.93 trillion), even surpassed long-time leader Apple, valued at $4.04 trillion. This is based on data from the London Stock Exchange Group (LSEG) and calculations by the Reuters news agency. Google’s parent company, Alphabet, climbed from fourth to third place, overtaking Microsoft in the process.
With a market value of $3.79 trillion, Alphabet’s capitalization would have been enough for first place in 2024. Chipmaker Broadcom, ranked seventh, and contract manufacturer TSMC are also benefiting from the surging demand for artificial intelligence. TSMC is the only newcomer in the top ten and the second-largest non-U.S. company after Saudi oil giant Saudi Aramco. Overall, U.S. corporations continue to dominate the global stock market landscape. Sixteen of the world’s 20 most valuable listed companies are based in the United States, and 62 of the top 100 companies come from the U.S. Twelve companies worldwide now have a market capitalization exceeding one trillion dollars; three years ago, there were only four.
Overall market capitalization has increased by 160 percent during this period. One of the standout climbers in the rankings is also from the United States. Software company Palantir, which specializes in security and data monitoring, jumped from 79th to 22nd place. Its market capitalization surged by 160 percent to approximately $450 billion. Europe, however, continues to lag behind in the global stock market rankings. The most valuable European company is the Dutch chipmaker ASML, which has climbed to 24th place with a market value just under $412 billion. Germany’s leading company, the Walldorf-based software group SAP, has lost ground in global comparison, falling to 44th place (2024: 32nd) with a market capitalization of $300 billion.
Europe’s stock market favorite of 2024, Denmark’s Novo Nordisk, dropped sharply from 24th to 68th place, as its weight-loss drug Wegovy has long since lost its unique appeal. A year ago, three German companies were among the world’s top 100. The technology conglomerate Siemens has climbed to 72nd place (2024: 93rd) with a market capitalization of $224 billion, while insurance giant Allianz also reentered the top 100, ranking 98th (2024: 134th) with $175 billion. Deutsche Telekom failed to maintain its position in the top tier with a valuation of $158.5 billion; its U.S. subsidiary T-Mobile, by contrast, ranks 73rd with $225 billion.
With Franco-German aircraft manufacturer Airbus, another DAX company is represented at 91st place (2024: 126th). Industrial gases group Linde, which also has German roots, slipped from 61st to 85th place. Among Switzerland’s stock market heavyweights, rankings have also shifted. Roche remains the clear leader, ranking 35th globally with a market capitalization of $340 billion (2024: 46th). Second place is now held by Novartis with $295 billion, ranking 46th (2024: 66th). Nestlé, meanwhile, continued its downward trend, falling from 51st to 57th place.
By the end of the year, five German companies are expected to have a market capitalization exceeding $100 billion. New to this group is Siemens Energy, valued at $122 billion, having more than tripled its share price since spring. In total, eight German companies now rank among the world’s top 300, compared with only five a year ago. None of Germany’s traditional automobile manufacturers, once dominant figures in the rankings, have been represented in the global top tier for quite some time.
