Top tech companies rise above $17T

What the AI revolution means for markets — and humanity

Top technology companies stacked by market cap

Top tech companies have risen above $17T in total market valuation. (A figure larger than the GDP of every nation except the U.S. and China).

• $AAPL — $3.5T
• $MSFT — $3T
• $NVDA — 2.9T
• $AMZN — $2.4T
• $GOOG — $2.4T
• $META — $1.8T
• $TSLA — $1.2T

What has been driving technology outperformance? As evidenced by the Nasdaq technology index $QQQ, trillions of dollars have been infused. AI is the most impactful market story today — with $NVDA reaping lion’s shares.

QQQ versus other major index funds

Since 2008, $QQQ has risen nearly 1,000% while emerging markets ($IEMG), non-US developed markets ($VEA), real estate ($VNQ) and other major indexes have relatively underperformed.

Dominated by giants like Apple and Microsoft, tech titans may yet face emerging disruptions. The so-called “DeepSeek panic” corresponded with a nearly $1T whipsaw in $NVDA’s market valuation.