Ringing in 2024: Exploring the Top 10 Companies by Market Capitalization

January 2, 2024

Welcome to 2024, a year full of promise for innovation and growth!

Defying gloomy forecasts, the US stock market soared in 2023, with the S&P 500 ending at 4,769, a 25% increase.

The NASDAQ, with its tech stocks, jumped 44.5%, and the Dow Jones grew by 13.74%.

Embracing this positive momentum, we are starting the year with a Welcome Pack for new members, offering a chance to get free shares in big companies like Apple Inc (NASDAQ: AAPL), The Walt Disney Co (NYSE: DIS), and Bank of America Corp (NYSE: BAC).

To start 2024, we will look at the top 10 global companies by market capitalization.

Notably, 9 out of these 10 are US-based, highlighting the US market’s dominance.

Source: Companiesmarketcap, Prosperus

1. Apple Inc. (NASDAQ: AAPL)

With a market cap of $2.994 trillion, Apple leads in technology, offering products from iPhones to various services.

In 2023, it achieved a total return of 49.3%. Its price-earning ratio stands at 29.35, above the 5-year average, highlighting its strong market position and investor confidence.

2. Microsoft Corporation (NASDAQ: MSFT)

Not far behind, with a market cap of US$2.794 trillion, Microsoft continues to soar on the strength of its cloud services, productivity software, and professional networking platforms.

It saw a 57.4% total return in 2023, boosted by its investment in OpenAI and the development of AI tools like Copilot.

3. Saudi Aramco (SAR: 2222)

As the only non-US company in the top 10, with a market cap of $2.136 trillion, Saudi Aramco leads in oil exports.

The reliance on fossil fuels will sustain revenue in the near term while strategic ventures into cleaner energy forms provide long-term growth opportunities for investors.

In 2023, it had a total return of 13.5% and a dividend yield of 3.7%.

4. Alphabet Inc. (Google) (NASDAQ: GOOG)

Alphabet, the parent company of Google, holds a market cap of $1.755 trillion.

Its dominance in internet search and advertising, along with ambitious ventures in cloud computing and consumer hardware, cements its status as a digital era colossus.

It had a 58.48% total return in 2023 and trades at a forward P/E of 24.4. The company is investing in AI, autonomous driving, and quantum computing.

5. Amazon. com, Inc. (NASDAQ: AMZN)

The e-commerce behemoth, with a market cap of $1.570 trillion, continues to expand its reach in retail, cloud computing, and an array of other ventures, proving its resilience and adaptability.

In 2023, it had an 80.5% total return. Its forward P/E ratio is 56.5, indicating strong market growth despite high valuation as investors look to its dominance in e-commerce and cloud services.

6. NVIDIA Corporation (NASDAQ: NVDA)

With a market cap of $1.223 trillion, NVIDIA leads the charge in the semiconductor industry, powering advancements in gaming, autonomous vehicles, and artificial intelligence.

One of the top performers in 2023, with a total return of 239.3%. NVIDIA’s leadership in GPUs makes it an essential player in the growing markets of gaming, data centres, AI, and autonomous vehicles, offering investors a stake in the backbone technology of future computing.

7. Meta Platforms, Inc. (Facebook) (NASDAQ: META)

Meta, with a market cap of $909.62 billion, continues to connect billions worldwide while investing heavily in the metaverse, seeking to define the future of social interaction and virtual experiences.

2023 saw a sharp recovery for Meta, with a total return of 194.4% after a sharp decline seen in 2022.

8. Tesla, Inc. (NASDAQ: TSLA)

Tesla, valued at $789.89 billion, leads in electric vehicles and renewable energy technology.

It had a 104.0% total return in 2023, trading at a forward P/E of 78.1, despite the competitive market.

9. Berkshire Hathaway Inc. (NYSE: BRK.A) (NYSE: BRK.B)

Warren Buffett’s conglomerate, with a market cap of $776.89 billion, showcases diversified investment strategies.

In 2023, it had a 15.4% total return, with a forward P/E of 21.9.

10. Eli Lilly and Company (NYSE: LLY)

Rounding out the top 10 with a market cap of $776.89 billion, this pharmaceutical company underscores the critical role of healthcare and medical innovation in a world still reeling from global health challenges.

In 2023, it saw a 60.4% total return. It is currently trading at a forward P/E ratio of 88.7, reflecting its strong position in the healthcare sector.

Join us on our Welcome Pack to invest in the US stock market

The US stock market continued to dominate in 2023, led by diverse and resilient companies such as Apple, Microsoft, and others.

In line with such strong performance, we encourage you to join us and take advantage of our special promotion for new members, including free shares in major firms.

Don’t miss this chance to invest and diversify into the US market with us!

Disclaimer: ProsperUs Head of Content & Investment Lead Billy Toh doesn’t own shares of any companies mentioned.

Billy Toh

Billy is deeply committed to making investment accessible and understandable to everyone, a principle that drives his engagement with the capital markets and his long-term investment strategies. He is currently the Head of Content & Investment Lead for Prosperus and a SGX Academy Trainer. His extensive experience spans roles as an economist at RHB Investment Bank, focusing on the Thailand and Philippines markets, and as a financial journalist at The Edge Malaysia. Additionally, his background includes valuable time spent in an asset management firm. Outside of finance, Billy enjoys meaningful conversations over coffee, keeps fit as a fitness enthusiast, and has a keen interest in technology.

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