So far in 2025, we've had not one, but two companies achieve a $4 trillion market capitalization. Both Nvidia (NVDA 3.56%) and Microsoft (MSFT 2.18%) have joined this ultra-exclusive club, with Nvidia remaining over that threshold, and there are a few others that aren't too far behind.
If I were to ask you what the largest companies were during the dot-com boom of the late 1990s, you might assume that the top of the list might have a tech stock or two, just like there is today. And you'd be right.
Image source: Getty Images.
However, there are two big differences. The largest companies today are more than an order of magnitude larger than in 1999, and technology doesn't just appear on the list -- it completely dominates it.
With that in mind, here's how the largest companies of 1999 compare with those of 2025.
Company (Symbol) | Industry | Market Capitalization |
---|---|---|
Microsoft (MSFT 2.18%) | Technology | $348 billion |
General Electric (GE 2.47%) | Conglomerate | $261 billion |
Intel (INTC 1.04%) | Technology | $197 billion |
Walmart (WMT 1.01%) | Retail | $181 billion |
ExxonMobil (XOM -2.18%) | Energy-Oil and Gas | $178 billion |
Data source: CNBC.com. Market caps as of 1/1/1999.
Company (Symbol) | Sector | Market Capitalization |
---|---|---|
Nvidia | Technology | $4.24 trillion |
Microsoft | Technology | $3.90 trillion |
Apple (AAPL 0.45%) | Technology | $3.02 trillion |
Alphabet (GOOGL 3.11%) (GOOG 3.04%) | Technology | $2.29 trillion |
Amazon (AMZN -1.42%) | Technology | $2.28 trillion |
Data source: CNBC.com. Market caps as of 8/3/2025.
As a final thought, considering the differences between the two lists, it's interesting to consider what the list of the largest companies might look like in another quarter-century. Will the largest companies increase by yet another order of magnitude? And will the tech industry continue to dominate?
免责声明:投资有风险,本文并非投资建议,以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请,作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考,不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证,投资者应自行研究并在投资前寻求专业建议。