The leading tech giants, commonly referred to as the 'Magnificent Seven', have witnessed a year of remarkable gains, with Microsoft (MSFT) and Apple (AAPL) at the forefront in terms of market capitalization. The graph provided lists the top ten U.S. stocks by market capitalization, showcasing their current values. Microsoft and Apple stand out significantly, with Nvidia (NVDA) and Alphabet (GOOGL), parent of Google, trailing by over $1 trillion in the third and fourth positions.
Top 10 US Stocks by Market Capitalization
Source: Bloomberg as of February 14, 2024
The scale of MSFT and AAPL is so vast that their market capitalizations surpass those of almost all other countries. Considering the table below, and realize that the majority of Hong Kong stocks are listed Chinese companies, only three non-US countries surpass them in size: China, Japan, and India. Each company's value exceeds the total market capitalization of all listed companies in the UK, France, Canada, or Germany. Even when combining the market caps of the bottom 69 countries, their total value remains less than that of AAPL or MSFT individually.
Top 11 Countries by Market Capitalization Plus MSFT & AAPL
Country | Market Capitalization (trillion) |
United States | $49.65 |
China | $10.89 |
Japan | $5.47 |
India | $5.00 |
Hong Kong | $3.97 |
Microsoft | $3.04 |
Apple | $2.84 |
France | $2.82 |
UK | $2.82 |
Canada | $2.64 |
Saudi Arabia | $2.43 |
When comparing MSFT and AAPL to the world's major stock exchanges, a similar narrative unfolds. Microsoft's worth exceeds that of 71 global stock exchanges, ranking seventh if the NYSE and Nasdaq are excluded. Together, their combined value nearly equals the total value of all stocks in Japan.
Top 20 Global Stock Exchanges by Market Capitalization Plus MSFT & AAPL
Exchange | Market Capitalization (trillion) |
NYSE | $25.56 |
Nasdaq - US | $23.41 |
Euronext | $6.89 |
Shanghai Stock Exchange | $6.52 |
Japan Exchange Group | $6.15 |
National Stock Exchange of India | $4.34 |
Shenzhen Stock Exchange | $4.29 |
Hong Kong Exchanges and Clearing | $3.97 |
TMX Group | $3.09 |
Microsoft | $3.04 |
Saudi Exchange (Tadawul) | $3.02 |
Apple | $2.84 |
Nasdaq Nordic and Baltics | $2.12 |
Deutsche Boerse AG | $2.07 |
SIX Swiss Exchange | $2.04 |
Korea Exchange | $1.97 |
Taiwan Stock Exchange | $1.85 |
ASX Australian Securities Exchange | $1.79 |
Tehran Stock Exchange | $1.71 |
Johannesburg Stock Exchange | $1.03 |
It's not only in market capitalization that these tech behemoths dominate. The liquidity and trading volume of their stocks also stand out. More money is traded in AAPL in a given month than on the majority of the world's stock exchanges. The monthly traded value of MSFT surpasses that of Europe's major cross-border exchange, Euronext, and all stocks traded electronically in Germany and Australia combined.
December 2023 Traded US$ Value by Top 20 Global Exchanges plus MSFT & AAPL
Exchange | US Dollars Traded (millions) |
NYSE | $2,384,644 |
Nasdaq - US | $2,096,508 |
Shenzhen Stock Exchange | $1,388,866 |
Cboe Global Markets | $1,286,773 |
Shanghai Stock Exchange | $971,785 |
Japan Exchange Group | $570,737 |
Korea Exchange | $272,435 |
National Stock Exchange of India | $247,548 |
Apple | $206,725 |
Taiwan Stock Exchange | $198,706 |
Microsoft | $194,155 |
Euronext | $182,869 |
TMX Group | $179,114 |
Hong Kong Exchanges and Clearing | $164,734 |
Cboe Europe | $152,066 |
MIAX Exchange Group | $136,056 |
B3 - Brasil Bolsa Balcão | $93,358 |
Deutsche Boerse AG | $85,476 |
Borsa Istanbul | $74,246 |
ASX Australian Securities Exchange | $71,428 |
Sources: https://focus.world-exchanges.org/issue/february-2024/market-statistics, https://finance.yahoo.com/
Only time will tell if these behemoths retain their leading positions in market capitalization and liquidity. What’s remarkable is how two tiny computer rivals from the 1980s have risen to occupy such an important place in our daily lives and in our portfolios.
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