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Strong Growth of Major U.S. Tech Companies
The market capitalization of seven major U.S. technology companies, known as the Magnificent 7, surged by a factor of 13.7 (26% CAGR) from $1.1 trillion in 2012 to $15.7 trillion by June 21, 2024. This growth significantly outpaced the rest of the U.S. stock market, which grew by 2.3 times over the same period. Consequently, the share of the Magnificent 7 in the total U.S. market capitalization increased from 6% to 28%.
Market Capitalization of the Magnificent 7 (as of June 21, 2024):
- Microsoft: $3.34 trillion
- Apple: $3.18 trillion
- Nvidia: $3.11 trillion
- Alphabet (Google): $2.22 trillion
- Amazon: $1.97 trillion
- Meta Platforms (Facebook): $1.26 trillion
- Tesla: $0.58 trillion
Growth Rates by Company (2018-June 21, 2024):
- Nvidia: 38.2x
- Tesla: 10.2x
- Apple & Microsoft: 4.3x
- Meta Platforms: 3.4x
- Alphabet: 3.1x
- Amazon: 2.7x
Dominant Role of U.S. Tech in Market Growth:
From 2018 to June 21, 2024, the Magnificent 7 accounted for nearly half of the total increase in U.S. market capitalization. This highlights the dominant role these companies have played in the recent growth of the U.S. stock market. Their remarkable performance has been a key driver of overall market gains, showcasing their substantial impact on the financial landscape.
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