After a strong start to 2024, Microsoft (NASDAQ:MSFT) is the most valuable company in the world. It passed longtime rival Apple (NASDAQ:AAPL) in January and became just the second company to reach a market capitalization of $3 trillion. Seven of the largest companies have a market cap of at least $1 trillion.
Image source: Getty Images.
While tech companies dominate the top of the stock market, there are other sectors represented, including oil, insurance, medical companies, payment networks, and luxury brands. Read on to see the 20 biggest companies and where they stand as of May 2024.
Largest companies by market cap
Largest companies by market cap
Companies 1-5
1. Microsoft
- Market cap: $2.89 trillion (as of May 1)
- Revenue (TTM): $236.58 billion
- Gross profit (TTM): $165.36 billion
- Five-year annualized return: 26.34%
- Year founded: 1975
Considering the popularity of the Windows operating system, it’s no surprise that Microsoft has consistently ranked as one of the largest companies in the world. Over 70% of computers use Windows, according to Statcounter. While it's most famous for Windows, Microsoft also has a diverse selection of products and services that has helped to build on its success, including:
- Office Suite software
- Azure cloud platform
- Xbox video game consoles
- Surface computer and tablets
Microsoft has been making a big push into artificial intelligence (AI) technology. It invested $10 billion into OpenAI, creator of ChatGPT, and it has launched an AI-powered digital assistant, Microsoft Copilot.
2. Apple
- Market cap: $2.63 trillion (as of May 1)
- Revenue (TTM): $385.71 billion
- Gross profit (TTM): $173.67 billion
- Five-year annualized return: 27.14%
- Year founded: 1976
Tech giant Apple is proof of how far high-quality products and strong brand loyalty can go. It first became the world's most valuable company on Aug. 9, 2011, just 15 days before Steve Jobs resigned as CEO. It held the top spot for the better part of the last decade, and still isn't that far behind Microsoft. Apple also holds the distinction of being the first company to hit market caps of $1 trillion, $2 trillion, and $3 trillion.
Apple built its success off sales of its wildly popular products, including the iPhone, MacBook, and AirPods. Its latest major release is a mixed-reality headset, the Apple Vision Pro. It has also branched out into services, including its Apple TV+ streaming service.
On a negative note, the U.S. Department of Justice filed an antitrust lawsuit against Apple in March of this year. It alleges that Apple illegally maintains a monopoly over smartphones through contractual restrictions on developers.
3. Nvidia
- Market cap: $2.16 trillion (as of May 1)
- Revenue (TTM): $60.92 billion
- Gross profit (TTM): $44.30 billion
- Five-year annualized return: 78.71%
- Year founded: 1993
Tech company Nvidia (NASDAQ:NVDA) develops and manufactures graphics processing units (GPUs) originally used for PC graphics and video games. Its GPUs are in high demand because they play a key role in training and operating AI applications. They've also been used for mining cryptocurrency (using computer processing power to validate crypto transactions and earn rewards).
The AI boom has sent Nvidia stock soaring. On Feb. 22, 2024, its market cap increased by $277 billion, the largest one-day gain in Wall Street's history.
4. Alphabet (Google)
- Market cap: $2.05 trillion (as of May 1)
- Revenue (TTM): $317.92 billion
- Gross profit (TTM): $181.82 billion
- Five-year annualized return: 22.81%
- Year founded: 1998 (Google), 2015 (Alphabet)
Alphabet (NASDAQ:GOOGL) (NASDAQ:GOOG) is the holding company created through a restructuring of Google in 2015. Of course, Google is most well-known as a search engine, becoming so famous that the name is synonymous with online searches. That's just one of Alphabet’s many widely used products, which also include:
- Email service Gmail
- Video site YouTube
- Navigation apps Waze and Maps
- Pixel smartphones
On a negative note, Alphabet has been embroiled in antitrust lawsuits. The U.S. Department of Justice claims that Alphabet made anti-competitive deals with multiple companies, including Apple and Mozilla, to make its search engine the default option in their browsers. Epic Games won an antitrust trial claiming that Alphabet has an illegal monopoly over apps in its Google Play store.
- Saudi Arabian Oil
- Market cap: $1.94 trillion (as of May 1)
- Revenue (TTM): $494.94 billion
- Gross profit (TTM): $317.70 billion
- Year founded: 1933
*Converted from Saudi riyals.
Saudi Arabian Oil, also known as Saudi Aramco, is an energy and chemicals company. Owned by the Saudi Arabian government, it has the largest daily oil production and the second-largest proven crude oil reserves of all oil companies.
Since Saudi Aramco is largely dependent on oil prices, it can go through significant ups and downs. Heavy oil demand helped it claim the top spot in terms of market cap early in May of 2022, but when demand fell, it was surpassed again. To diversify its portfolio, Saudi Aramco invested $500 million in a liquified natural gas (LNG) company, MidOcean Energy, in September 2023.
Companies 6-10
6. Amazon
- Market cap: $1.82 trillion (as of May 1)
- Revenue (TTM): $574.79 billion
- Gross profit (TTM): $270.05 billion
- Five-year annualized return: 12.78%
- Year founded: 1994
E-commerce leader Amazon (NASDAQ:AMZN) started out as an online bookstore, which goes to show just how much its reach has expanded. It's now the site where you can buy practically anything, and it’s the largest online retailer in the world.
The company’s Amazon Prime service has more than 200 million users worldwide. It's also the largest cloud provider in the world with Amazon Web Services (AWS). And that's only the tip of the iceberg. Amazon also has its Amazon Prime Video streaming service and video game streaming through Twitch, plus it owns the Whole Foods Market grocery chain.
Yet it isn't all good news. The Federal Trade Commission (FTC) and 17 states filed an antitrust lawsuit against Amazon in September 2023 alleging that Amazon is a monopoly that uses anti-competitive practices to maintain its position. It remains to be seen how much of an impact the lawsuit will have, but it's expected to be an uphill battle for the FTC.
7. Meta Platforms
- Market cap: $1.09 trillion (as of May 1)
- Revenue (TTM): $142.71 billion
- Gross profit (TTM): $116.31 billion
- Five-year annualized return: 17.60%
- Year founded: 2004
The company formerly known as Facebook rebranded in 2021 and announced a new focus on building the metaverse. The jury is still out on how successful the rebrand will be. For now, Meta Platform's (NASDAQ:META) biggest products are its social networks, Facebook, and Instagram.
It also owns WhatsApp and Messenger, and it has expanded into virtual reality with its Meta Quest 2 and its acquisition of Oculus. Meta makes the vast majority of its money from advertising, which accounts for over 96% of its revenue.
8. Berkshire Hathaway
- Market cap: $861.89 billion (as of May 1)
- Revenue (TTM): $364.48 billion
- Gross profit (TTM): $70.95 billion
- Five-year annualized return: 13.08%
- Year founded: 1839
Berkshire Hathaway (NYSE:BRK.A) (NYSE:BRK.B) started out as a textile company and remained in that business for more than a century, but it's now known for its ties to legendary investor Warren Buffett. He began investing in Berkshire in 1962, and he took majority control in 1965.
Buffett has acted as chairman and CEO since then and converted Berkshire to a holding company in 1970. Charlie Munger served as vice chairman from 1978 until his passing in late 2023. While Berkshire's main business is insurance (it owns one of the largest insurance companies, GEICO), Berkshire has also invested in companies across a range of industries.
9. Eli Lilly
- Market cap: $738.51 billion (as of May 1)
- Revenue (TTM): $35.93 billion
- Gross profit (TTM): $30.11 billion
- Five-year annualized return: 48.03%
- Year founded: 1876
Founded by a chemist and Union Army veteran of the same name, Eli Lilly (NYSE:LLY) is one of the world's largest pharmaceutical companies. Its main revenue drivers are diabetes drugs, and it was the first company to mass-produce insulin and the polio vaccine. Eli Lilly also manufactures antidepressants, most notably Prozac, along with weight-loss drugs.
Eli Lilly has rocketed up the ranks of the biggest companies. Less than a year ago, it was outside the top 20. But the company has recently hit record highs, in part thanks to the August 2023 acquisitions of Sigilon Therapeutics, Versanis Bio, and DICE Therapeutics.
10. Taiwan Semiconductor Manufacturing
- Market cap: $712.38 billion (as of May 1)
- Revenue (TTM): $71.39 billion
- Gross profit (TTM): $37.45 billion
- Five-year annualized return: 28.07%
- Year founded: 1987
Taiwan Semiconductor Manufacturing (NYSE:TSM), also known as TSMC, is a leader in semiconductor production and is Taiwan's most valuable company. As such, it works with many of the leading global technology companies, including Apple and Nvidia. It could also stand to benefit from the growth of AI. It's the largest contract chip manufacturer in the world, and the growing demand for AI chips should mean even more sales for TSMC.
Companies 11-15
11. Broadcom
- Market cap: $602.57 billion (as of May 1)
- Revenue (TTM): $38.87 billion
- Gross profit (TTM): $24.32 billion
- Five-year annualized return: 35.84%
- Year founded: 1961 (HP Associates), 2005 (Avago Technologies), 2016 (Broadcom Limited)
Broadcom (NASDAQ:AVGO) started out as HP Associates, the semiconductor division of HP (NYSE:HPQ). It's now one of the largest semiconductor companies. Broadcom is also expanding into software with an acquisition of VMware that was completed in November 2023.
12. Tesla
Electric vehicles (EVs) are growing in popularity, and no company has been riding that wave more than Tesla (NASDAQ:TSLA). It's the most valuable automaker in the world, and its Model Y was the world's best-selling car last year. After years of waiting, it also delivered the first Cybertrucks to 10 buyers on Nov. 30, 2023.
Tesla is most famous for its vehicles, and it's second only to China's BYD Company (OTC:BYDDY) among the largest EV companies in terms of manufacturing. That's not all it has to offer, though. In addition to EVs, Tesla also manufactures solar roofs, solar panels, and Powerwall, an integrated battery system that stores solar energy.
13. Novo Nordisk
- Market cap: $574.04 billion (as of May 1)
- Revenue (TTM): $31.17 billion
- Gross profit (TTM): $26.37 billion
- Five-year annualized return: 40.78%
- Year founded: 1958
Danish pharmaceutical manufacturer Novo Nordisk A/S (FRA:NOVC) became Europe's most valuable company due to demand for its diabetes and weight loss drugs Ozempic and Wegovy. The FDA has also approved Wegovy to reduce the risk of heart attacks, which could make it an even bigger revenue driver for this healthcare company.
14. JPMorgan Chase
- Market cap: $552.63 billion (as of May 1)
- Revenue (TTM): $161.69billion
- Gross Profit (TTM): $50.35 billion
- Five-year annualized return: 13.88%
- Year founded: 1799 (Bank of the Manhattan Company), 2000 (merger of JPMorgan and Chase)
While there are several big banks in the U.S., JPMorgan Chase (NYSE:JPM) is the biggest. It managed $3.40 trillion in assets as of the fourth quarter of 2023, more than any other U.S. bank and the fifth-highest in the world.
15. Visa
- Market cap: $537.49 billion (as of May 1)
- Revenue (TTM): $34.14 billion
- Gross profit (TTM): $26.35 billion
- Five-year annualized return: 11.29%
- Year founded: 1958
Visa (NYSE:V) is the most widespread payment network in the world, and it processes transactions for prepaid cards, debit cards, and credit cards. It's accepted in over 130-million merchant locations across more than 200 countries and territories, and it reported $12.3 trillion in payments volume in 2023.
16. Walmart
- Market cap: $474.32 billion (as of May 1)
- Revenue (TTM): $648.13 billion
- Gross profit (TTM): $157.98 billion
- Five-year annualized return: 13.41%
- Year founded: 1962
Walmart (NYSE:WMT) may not have the largest market cap, but it is No. 1 in terms of revenue, and it’s the largest retailer in the world. With more than $600 billion in annual revenue, it earns more than most of the other companies on this list by a wide margin.
Companies 16-20
17. ExxonMobil
- Market cap: $457.51 billion (as of May 1)
- Revenue (TTM): $331.92 billion
- Gross profit (TTM): $78.68 billion
- Five-year annualized return: 14.55%
- Year founded: 1882 (Standard Oil of New Jersey), 1999 (merger of Exxon and Mobil)
As recently as 2013, ExxonMobil (NYSE:XOM) was the largest company by market cap. However, environmental disasters and a long history of climate change denial led to heavy criticism of the oil company. Although ExxonMobil is
18. UnitedHealth Group
- Market cap: $445.04 billion (as of May 1)
- Revenue (TTM): $379.49 billion
- Gross profit (TTM): $168.07 billion
- Five-year annualized return: 17.60%
- Year founded: 1977
UnitedHealth Group (NYSE:UNH) is a healthcare and insurance company. It operates two main businesses: UnitedHealthcare and Optum. UnitedHealthcare offers employer and individual, Medicare and retirement, community and state, and global health insurance. Optum provides healthcare services, analytics, and pharmacy care services.
In February 2024, UnitedHealth Group disclosed that its subsidiary, Change Healthcare, was the victim of a cyberattack. The attack caused issues throughout the healthcare sector. CEO Andrew Witty later confirmed that UnitedHealth Group paid a ransom of $22 million in Bitcoin (CRYPTO:BTC) to try to protect patient data, but the breach still resulted in compromised personal information.
19. Mastercard
- Market cap: $450.99 billion (as of April 1)
- Revenue (TTM): $93.14 billion
- Gross profit (TTM): $64.09 billion
- Five-year annualized return: 19.63%
- Year founded: 1987
Mastercard (NYSE:MA) has long been Visa's closest competitor among payment networks. In 2023, it processed over 143 billion transactions for a gross dollar volume of $9 trillion.
20. LVMH
- Market cap: $411.02 billion (as of May 1)
- Revenue (TTM): $93.14 billion
- Gross profit (TTM): $64.09 billion
- Five-year annualized return: 17.63%
- Year founded: 1987
LVMH (OTC:LVMHF), a holding company headquartered in Paris, focuses on luxury goods across several industries, including wine and spirits, fashion, and jewelry. It owns many high-end brands, with some big names being Tiffany, Dior, Moët & Chandon, and Bulgari.
Takeaways
Takeaways for investors
Large-cap stocks like these are an important part of every investor's portfolio. They generally provide more safety and stability than smaller stocks since most of them are established companies with strong brands.
They can be highly profitable as well; 18 of the stocks on this list outperformed the S&P 500 over the past five years. Tech companies, in particular, can often be profitable investments. They make up four of the top five -- and seven of the top 10 -- largest companies by market cap.
Yet even with the biggest companies in the world, no investment is a sure thing. A diversified portfolio is still a must so that you're not overly reliant on any single company or market sector.
Sources
- JPMorgan Chase & Co. (2024). "Fourth-Quarter 2023 Results."
- Mastercard (2024). "2023 Annual Report."
- Meta (2024). "Meta Reports Fourth Quarter and Full Year 2023 Results; Initiates Quarterly Dividend."
- Statcounter GlobalStats (2024). "Desktop Operating System Market Share Worldwide."
- Techjury (2023). "15 Amazon Prime Statistics to Show How Big It Is In 2023."
- Visa (2024). "Annual Report 2023."
Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to Meta Platforms CEO Mark Zuckerberg, is a member of The Motley Fool's board of directors. John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. JPMorgan Chase is an advertising partner of The Ascent, a Motley Fool company. Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Lyle Daly has positions in Bitcoin. The Motley Fool has positions in and recommends Alphabet, Amazon, Apple, BYD, Berkshire Hathaway, Bitcoin, HP, JPMorgan Chase, Mastercard, Meta Platforms, Microsoft, Nvidia, Taiwan Semiconductor Manufacturing, Tesla, Visa, and Walmart. The Motley Fool recommends Broadcom, Novo Nordisk, and UnitedHealth Group and recommends the following options: long January 2025 $370 calls on Mastercard, long January 2026 $395 calls on Microsoft, short January 2025 $380 calls on Mastercard, and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.
