With Microsoft joining Nvidia in surpassing a $4 trillion market valuation, the world’s top three tech giants — Apple, Microsoft, and Nvidia — now boast a combined market capitalisation of $11.6 trillion, exceeding the total valuation of any other equity market outside the United States.
According to Bloomberg data, the US equity market remains the largest globally with a total valuation of $66.7 trillion, representing 49% of the global market cap. In contrast, China, the world’s second-largest equity market, commands a valuation of $11.5 trillion — now less than that of the combined value of Apple, Microsoft, and Nvidia.
Interestingly, at a market value of $4.5 trillion, Nvidia Corporation is now larger than India’s GDP, which the IMF estimates at $4.2 trillion, projected to rise to $4.3 trillion by the end of 2025.
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The three tech titans now account for 17.4% of the total US market capitalisation. For comparison, India’s three largest listed companies — Reliance Industries, HDFC Bank, and Bharti Airtel — have a combined market value of $523 billion, or just 10.2% of India’s $5.2 trillion equity market.
Globally, India ranks fifth in total market capitalisation, behind the US, China, Japan ($7.1 trillion), and Hong Kong ($6.8 trillion).
Shares of Microsoft Corp surged 8.2% in Thursday’s trading session, pushing its market value past the $4 trillion mark — becoming the second company ever to do so, following Nvidia. The rally followed stronger-than-expected June quarter earnings, with revenue climbing 18% year-on-year to $76.4 billion, and net income at $3.65 per share, beating analysts’ expectations of $73.9 billion in revenue and $3.37 EPS.
A key driver was the robust performance of Microsoft’s Azure cloud-computing unit, which posted 39% growth in sales — exceeding the company’s prior guidance of 34–35%.
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Barclays, which raised its 12-month price target on Microsoft to $625 from $550 and maintained an “overweight” rating, called it a “very strong report” with widespread strength. “Expectations were high, but 39% year-on-year Azure growth in constant currency (vs. 34–35% guidance) was even better than numbers we discussed with our bullish investors,” Barclays said in a note.
Since the beginning of 2025, the combined market value of Nvidia, Microsoft, and Apple has increased 14%, with Nvidia leading the pack at 34% YTD gains. Microsoft shares have advanced 28%, while the broader S&P 500 index is up 9% over the same period.
