Below is an updated look at the 35 largest S&P 500 companies. It’s worth noting that recent gains have put four companies into the $800+ billion market cap club. Apple (AAPL) is still on top with a market cap of $933 billion, followed by Amazon (AMZN) at $873 billion, Alphabet (GOOGL) at $830 billion, and Microsoft (MSFT) at $826 billion. It’s easy to forget that Microsoft (MSFT) was a company left for dead in the early part of this bull market. Its turnaround over the last few years driven by its shift to the Microsoft 365 “software as a subscription” model has been impressive to watch in real time.
You’ll notice that the five largest companies are all Tech-related, while the 6th through 14th largest companies are non-Tech. You have to move down to the #15 spot — Intel (INTC) — to find the next Tech company, and after that the next Tech company is Cisco (CSCO) at #24.
For each stock on the list, we also show where its market cap stood 3 years ago on July 23rd, 2015. The seven largest companies right now have all seen their market caps rise by at least 30% over the last 3 years. Even JP Morgan (JPM) — which ranks 7th — has seen its market cap jump nearly 50% from $257.5 billion up to $383 billion. Three years ago, a market cap of $383 billion would have ranked as the 3rd largest company in the US.
Netflix (NFLX) and NVIDIA (NVDA) are the two other stocks worth pointing out. Netflix has seen its market cap jump from $46.7 billion up to $157 billion over the last 3 years, which makes it the 31st largest company in the S&P. The rise for NVDA has been even more impressive, as it has seen a jump from just $10 billion up to $147 billion — a gain of 1,318%.
Below we show a snapshot of the 35 largest companies as of three years ago on July 23rd, 2015. For each stock on the list, we include where it ranked then in terms of market cap and where it ranks now. Apple (AAPL) ranked #1 then and it ranks #1 now, but the next six largest companies as of three years ago have all dropped in the rankings.
Amazon.com (AMZN) has seen the biggest jump from 12th place up to 2nd — increasing its market cap by $648 billion over the last 3 years!
On the downside, the biggest drop has been General Electric (GE) — which has fallen from 9th place down to 45th place (it used to be in first place too!). Along with GE, six other stocks have fallen out of the top 35 over the last 3 years — GILD, IBM, PM, AMGN, CVS, and AGN.