With a promising start in 2024, the global economy’s dynamism continues to captivate investors and market aficionados. This begs the question: Which business holds the highly prized title of being the biggest in the world in terms of market capitalization? Market capitalization is the total value of all of a company’s shares of stock; market value, on the other hand, is a more all-encompassing word based on multiple criteria related to a company’s health and success. The first firm to reach a $1 trillion market capitalization was Apple in 2018.
Since then, a great deal of other companies have faced a variety of challenges, such as the pandemic, diverse labor demands and needs, sporadic supply-chain issues, and economic ramifications from the ongoing conflict between Russia and Ukraine. They are also trying to figure out where they fit into the rapidly advancing world of technology, particularly in the field of machine intelligence. Here are the top 10 companies in the world by market capitalization in 2024.
It is hardly surprising that Microsoft has continuously been rated among the biggest corporations in the world given the widespread use of its Windows operating system. The majority of computers run Windows. Even though it is best known for Windows, Microsoft offers a wide range of products and accessories that have contributed to its growth. These include forays into cloud computing services and hardware, as well as the well-known Office software suite, which has propelled the it to the top among the companies in the world by market capitalization.
The IT behemoth Apple is an example of how far superior goods and fervent brand devotion can go. It remained close to Microsoft in the rankings, having occupied the top slot for the majority of the previous ten years. Apple is the first firm to reach market valuations of $1 trillion, $2 trillion, and $3 trillion, despite ranking second among companies in the world by market capitalization. The brand continuously pushes the limits of technological innovation and is well-known for its revolutionary products, which include the iPhone, iPad, and Mac. Apple’s most notable recent product is the mixed-reality headset called the Vision Pro, and it has also ventured into streaming services.
With the most daily oil production and the second-largest verified reserves of any oil business, Saudi Arabian Oil, often referred to as Saudi Aramco, is an oil and chemical conglomerate. It is Saudi Arabia’s main economic engine, now holding the third-largest market capitalization worldwide. Saudi Aramco is one of the leading companies in the world market because of its enormous oil reserves and advantageous Middle Eastern location. Early in May 2022, strong oil demand helped it take the top spot in terms of market capitalization, but when demand declined, Apple and Microsoft overtook it once more. Saudi Aramco put $500 million into an LNG company in an effort to diversify its holdings.
The parent company of Google, Alphabet Inc., provides a broad range of products, such as digital marketing tools, cloud computing, software, hardware, and internet search engines. Alphabet’s ranking among the top firms by market capitalization is a result of its pervasiveness in the digital sphere. Google is most renowned, of course, for being a search engine; in fact, the word has come to be associated with internet searches due to its popularity. However, Alphabet also makes money from various other products, such as Pixel smartphones, Google Maps, Youtube, Gmail, and others.
It’s impressive to see how far Amazon has come considering that it began as an online bookstore. It’s currently the world’s biggest online retailer and the place where you can buy almost everything. Over 200 million people use the company’s Amazon Prime service globally. Through Amazon Web Services (AWS), it is also the biggest cloud service provider. Amazon also owns the Whole Foods Market food business and video streaming platforms, including Amazon Prime Video and Twitch. Amazon has consistently been a major force in terms of market cap due to its wide range of products and its supremacy in online shopping.
Nvidia is famous for its top-of-the line graphics processors (GPUs), which were first utilized for video games and PC graphics. The company has long been at the forefront of producing standalone GPUs, or graphics processing units, which are essential to generative AI systems such as Google’s Bard and OpenAI’s ChatGPT. Nvidia’s GPUs have gained popularity recently for mining cryptocurrencies, which involves employing computing resources to verify transactions and receive rewards. Nvidia has expanded into AI-related hardware and software as well.
Facebook, now known as Meta, is a massive social media conglomerate that owns a number of platforms, such as Instagram, WhatsApp, and the Oculus Metaverse. Over 98% of Meta’s revenue comes from advertising, which is how the company makes most of its money. The company is currently making significant investments to explore and prosper in the metaverse. With its promotion of a virtual three-dimensional environment that would provide lifelike experiences, Meta seeks to popularize the idea of the metaverse. Therefore, Oculus, a division of Meta, offers a smooth augmented reality where users may engage in real-life activities.
Although Berkshire Hathaway was founded and operated as a textile company for almost a century, it is currently best recognized for its connections to renowned investor Warren Buffett. Buffett turned Berkshire into a holding corporation in 1970 and has served as chairman and CEO ever since. Although Berkshire’s primary business is insurance, the company has made investments in businesses in a variety of sectors. Buffet’s robust leadership and the company’s varied portfolio contribute to Berkshire Hathaway’s large market capitalization.
One of the biggest pharmaceutical firms in the world, Eli Lilly was founded by the same-named scientist and Union Army soldier. It is the first firm to commercialize the polio vaccine and insulin, and its primary sources of income are medicines for diabetics. Eli Lilly also produces weight-loss medications and antidepressants, the most well-known of which is Prozac. Eli Lilly has risen quickly through the ranks of the largest corporations. With the acquisitions of Sigilon Therapeutics, Versanis Bio, and DICE Therapeutics in August 2023, the company has lately achieved record highs.
Tesla has been the only manufacturer to capitalize on the increasing popularity of electric vehicles (EVs). It is the most valuable automotive company in the world, and last year’s Model Y sold more units than any other vehicle. Tesla is most known for its automobiles, and when it comes to production volume, it is only surpassed by China’s BYD Company. But it offers more than just that. Tesla produces solar panels, solar roofs, and Powerwalls, which are integrated battery systems that store solar energy. Its dedication to renewable energy sources and creative approach to automobile design have elevated it to the top of its industry.
So, those were the top 10 companies in the world by market capitalization in 2024. This ranking not only clarifies the industries these businesses serve, but it also emphasizes their enormous impact on the world economy. Because of their dynamic character, these companies’ market caps fluctuate frequently, which has an effect on changes in stock prices. These swings can be particularly severe over long periods of time or from day to day. Therefore, when you read this, remember to use the internet to stay current as well.
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Business Talk is a digital business magazine that caters to CEOs, Entrepreneurs, VC, and Corporates. While working with entrepreneurs and business executives, we focus not only on their achievements. Our mission is to shed light on business entities, including their innovations, technological benchmarks, USPs, and milestones/accolades.
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