How the rise of Big Tech is shaping the future of US equity markets
The emergence of these companies as a dominant force reflects the longer-term megatrends towards digitalisation and innovation
THE US equity market has grown by leaps and bounds since the beginning of the 21st century, riding on the wave of structural megatrends. But over the past few years, the rapid digitalisation of the global economy has taken things to the next level.
Just look at the largest publicly listed companies in the world today. Among the top 10, eight hail from the US. The two exceptions are Saudi Aramco and Taiwan Semiconductor Manufacturing Company.
Among the eight companies, six are Big Tech firms. The sheer dominance of the companies in equity markets underscores the pivotal role US tech companies play, not just in the US, but in the global economy as well.
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