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Press release
03 Jul 2026
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Zurich, Switzerland
US tech companies continue to dominate global stock markets – four Swiss companies among the world’s top 100
- Nvidia, Alphabet and Apple are the world’s most valuable companies at mid-year
- The number of technology companies in the global top 100 rises from 27 to 38
- Eight of the world’s ten most valuable companies are headquartered in the United States, while no European company makes the top 10
- Four Swiss companies rank among the global top 100, nine are in the top 300 and ten are in the top 500
Zurich, 3 July 2026 – The world’s most valuable publicly listed companies once again significantly increased their market value during the first half of 2026 – despite geopolitical tensions, sluggish economic growth and persistently high inflation. As of the end of the first half of the year (30 June), the combined market capitalization of the world’s 100 most valuable listed companies stood at approximately USD 62.0 trillion.
Growth continues to be driven primarily by the boom in artificial intelligence (AI). Technology companies in particular have benefited strongly: the combined market value of technology firms in the top 100 increased by 30% since the beginning of the year to around USD 35.2 trillion. The industrials sector recorded an equally strong performance, with its combined market capitalization also rising by 30% to USD 2.3 trillion. It was followed by the materials sector, which posted a 27% increase. More moderate growth was recorded in healthcare (+11%), energy (+7%), as well as the consumer products and financial sectors, each of which increased their combined market capitalization by 1%. The only sector to record a decline was communications and media, whose combined market value fell by 8% compared with the end of 2025.
The world’s ten most valuable companies remain overwhelmingly dominated by US businesses. Eight of the top 10 are headquartered in the United States, including new entrant SpaceX. The aerospace and technology company currently ranks sixth with a market capitalization of approximately USD 2.3 trillion.
The ranking continues to be led by chipmaker Nvidia, with a market capitalization of around USD 4.8 trillion, followed by Alphabet with approximately USD 4.3 trillion, Apple with approximately USD 4.2 trillion and Microsoft with approximately USD 2.8 trillion. Besides the United States, only Taiwan, represented by TSMC, and Saudi Arabia, represented by Saudi Aramco, are among the top 10.
US companies also dominate the broader ranking. The top 100 currently includes 56 US companies. China, including Hong Kong, ranks second with 12 companies, while Japan and the United Kingdom share third place with five companies each. Switzerland is represented by four companies, while France has two. Overall, only 16 European companies currently rank among the global top 100, compared with 46 in 2007.
The findings are based on an analysis by the auditing and consulting firm EY, which examines the market capitalization of the world’s most valuable publicly listed companies on a semi-annual basis. The reference date for the analysis is the close of trading on 30 June 2026.
AI boom drives the markets – Europe continues to lose ground
“The AI boom is fundamentally reshaping the balance of power in international capital markets,” says Stefan Rösch-Rütsche, Country Managing Partner of EY Switzerland. “Companies that are seen as drivers or enablers of artificial intelligence are currently benefiting from tremendous growth expectations and, consequently, very high valuations. The primary beneficiaries are the major US technology companies.”
The dominance of the technology sector is becoming increasingly evident: the number of technology companies among the global top 100 increased from 27 to 38 in just six months. As a result, the sector now accounts for by far the largest number of companies in the top 100. It’s followed by the financial sector with 19 companies, ahead of the consumer goods sector with 16 companies. The healthcare sector is represented by nine companies.
“Artificial intelligence has long been far more than a technology trend – it’s increasingly becoming the most important driver of value creation in global equity markets,” says Rösch-Rütsche. “Stock markets are rewarding companies with leading technologies, extensive data resources, high-performance semiconductors and global cloud infrastructures. As a result, the gap between international technology leaders and many traditional companies continues to widen.”
Europe has so far played only a minor role in this development. Of the 38 technology companies in the global top 100, 26 are headquartered in North America, ten in Asia and only two in Europe. As a result, Europe’s presence among the world’s most valuable companies remains well below the levels seen in previous years.
“Europe has a strong research landscape and highly innovative companies, but it continues to face challenges in translating new technologies into globally leading businesses,” says Rösch-Rütsche. “The coming years will determine which economic regions succeed in attracting value creation and capital over the long term, particularly in the field of artificial intelligence.”
Swiss companies maintain their position in the global ranking
Swiss companies continue to hold their position in the global ranking, with four companies currently represented among the world’s top 100 – one more than at year-end 2025. Roche remains the highest-ranked Swiss company, placing 45th with a market capitalization of USD 328.5 billion (year-end 2025: 35th). Novartis follows in 57th place with a market capitalization of USD 286.8 billion (year-end 2025: 53rd), while Nestlé ranks 66th with a market capitalization of USD 264.5 billion (year-end 2025: 57th). ABB recorded the strongest improvement among Swiss companies: the industrial company climbed from 143rd to 99th place, now joining the world’s 100 most valuable companies. Its market capitalization increased to USD 196.6 billion.
Swiss companies also remain well represented beyond the top 100. A total of nine Swiss companies are ranked among the global top 300. In addition to the four top 100 companies, UBS ranks 138th with a market capitalization of USD 150.7 billion (year-end 2025: 129th), Richemont ranks 153rd with USD 135.8 billion (year-end 2025: 156th), Chubb ranks 159th with USD 132.2 billion (year-end 2025: 167th), Zurich Insurance Group ranks 202nd with USD 110.7 billion (year-end 2025: 192nd), and Glencore improves significantly from 345th to 297th place, reaching a market capitalization of USD 79.9 billion.
Overall, ten Swiss companies are represented among the world’s top 500. The list is completed by Galderma, which ranks 477th with a market capitalization of USD 53.4 billion (year-end 2025: 481st). Compared with the previous analysis, Holcim, Swiss Re and Lonza are no longer among the world’s 500 most valuable companies.
“Alongside the continued dominance of the major US technology companies, the valuation of Swiss companies continues to be shaped by industry-specific developments and company-specific factors,” says Rösch-Rütsche. “While ABB in particular recorded strong gains and has joined the world’s 100 most valuable companies, other major Swiss companies faced greater pressure. Overall, however, Switzerland continues to maintain a stable presence among the world’s leading publicly listed companies.”
EY Market Capitalization Analysis (just in German)
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