Thanks to the AI boom

Apple, Nvidia and Microsoft lead in stock market value

The stock market value of the 100 most expensive listed companies rose by 25 percent in 2024.

(Bild: APA/Getty Images via AFP/GETTY IMAGES/Michael M. Santiago)

In the global ranking of companies with the highest market capitalization, the USA is in a league of its own: 62 of the 100 most expensive companies are based in the United States, reported the US consulting firm EY on Friday. There is not a single European company in the top 10.

According to the report, the stock market value of the 100 most expensive listed companies rose by 25 percent in 2024, reaching a new high of 44.9 trillion dollars.

"The record hunt on the stock markets is being driven by the AI boom, which is pushing up the valuations of many companies in the technology sector. There are currently 24 technology companies in the top 100. The market capitalization of these companies has risen by 40 percent over the past year - no other sector has seen such strong growth," says EY.

Novo Nordisk is the most valuable European listed company
Of the 100 most valuable listed companies, only 18 are headquartered in Europe - 17 are from Asia. The most valuable European company is the Danish pharmaceutical group Novo Nordisk in 24th place, followed by the French luxury group LVMH in 28th place. In the field of artificial intelligence, the German software group SAP and the Dutch chip supplier ASML are relatively far ahead in Europe, occupying 32nd and 33rd place in the ranking.

"With very few exceptions, Europe plays a subordinate role when it comes to AI and the digital sector in general," says Gunther Reimoser, Country Managing Partner of EY Austria. Given the superiority of the USA in this area, it is unlikely that Europe will be able to produce top technology companies in the coming years.

"Europe is still dominated by the traditional industrial sectors, which are currently undergoing profound change and are confronted with weak global demand. From an investor's point of view, many of these companies currently offer little potential and are highly risky, which explains the relatively weak share price performance," analyzes Reimoser.