PwC has released its latest Global Top 100 report ranking the largest public companies by market cap as of the end of March 2024. The market cap of the top 100 is now $8,438 billion, up 27% in the year, driven to a large extent by investor interest in AI. Further, the new threshold to enter the list of 100 biggest global companies is now $141 billion, up 16% from the previous year.
“The growth this year has been supercharged by the surge in interest for AI, and how it may transform how companies operate,” said the report.
The aggregate value of the top 100 companies is up 86% since March 2020 at $39.9 billion.
Five companies – Microsoft (NASDAQ:MSFT), Nvidia (NASDAQ:NVDA), Alphabet (NASDAQ:GOOGL), Amazon (NASDAQ:AMZN) and Meta (NASDAQ:META) – contributed to 54% of the growth in market cap, with Nvidia itself accounting for 20% of growth. Microsoft regained the top spot on the list after five years, while Nvidia entered the top five for the first time. Meanwhile, Apple fell to second place, one of the few tech stocks “to experience limited growth” as it deals with competition to its core product offerings and the fact that its “AI story has not yet landed with investors.”
The top 100 also saw 13 new entrants, among which Uber (NYSE:UBER) was the “largest climber,” rising 150 places in total after posting its first annual profit since it went public.
Other than Tech, three other sectors on the list that also grew over 25% and outperformed their respective sector benchmarks were Consumer Discretionary, Communication Services and Financials.
Gains in the healthcare sector were accounted for mainly by Eli Lilly (NYSE:LLY) and Novo Nordisk (NYSE:NVO) whose shares benefited from their new obesity drugs, while on the other hand, Pfizer (NYSE:PFE) and Astra Zeneca (ASTR) were down as they deal with challenges surrounding patents and drug repricing.
A country-wise break-up of the list reveals that the US continues to dominate, contributing 72% of the top 100, higher than the 67% in the previous year. It also comprises eight of the top 10 spots, down from nine in the previous year. China (and its regions) was the only one to experience a decline in valuations as it struggles with investor sentiment.
Meanwhile, Saudia Arabian Oil Co. (2222), Samsung (SSNLF (OTC:SSNLF)) and Toyota (NYSE:TM) were big contributors increase in valuation for the Rest of the World.