Nvidia, Microsoft Sit Atop A $23.9 Trillion Empire—More Than China And Germany Combined

Zinger Key Points

• 10 U.S. stocks now worth $23.9 trillion—more than China and Germany’s GDPs combined.
• Seven stocks posted triple-digit returns over three years. Analysts still see upside despite stretched valuations.

Wall Street’s behemoths just hit a milestone that borders on surreal: 10 U.S. companies—including Nvidia Corp., Microsoft Corp. and Apple Inc. and the rest—now hold a combined market cap of $23.9 trillion, making them more valuable than the entire economies of China and Germany combined.

According to the latest International Monetary Fund data, China’s gross domestic product stands at $19.23 trillion, while Germany’s is $4.74 trillion, making this group of companies collectively more valuable than the world’s second- and third-largest economies.

Even more striking, seven of these giants—known as the Magnificent Seven—are responsible for over $20 trillion of that total on their own.

Nvidia Leads With $4.25 Trillion Market Cap

At the top of the pile sits Nvidia, whose meteoric rise amid the AI boom has made it the most valuable company in the world.

As of mid-September, its market cap stands at $4.25 trillion, after a 30.25% gain year-to-date, and a jaw-dropping 1,225% price increase over the last three years.

Despite Concentration And Valuation Risks, Analysts Still Bet On Growth

Over the past three years, companies like Nvidia, Meta, and Broadcom have delivered returns that rival early-stage startups — with triple- and even quadruple-digit gains. The group’s median return since September 2022 exceeds 150%, and the market-cap weighted average sits north of 370%.

These 10 stocks now account for 39% of the S&P 500’s entire market cap, the highest concentration level ever recorded in U.S. equity history.

This has both upside and risk: while stocks like Nvidia and Microsoft continue to deliver eye-watering gains, any stumble in these names — whether due to regulatory pressure, earnings misses, or broader tech fatigue — could have outsized ripple effects on the broader market.

Investors also need to weigh valuation risk. The median forward price-to-earnings ratio (next twelve months) across the 10 stocks is 31.9x, while the market-cap weighted average sits at 42.1x—well above historical averages.

Still, Wall Street isn’t pulling back. Analysts forecast an average upside, according to the median 12-month price target, with leaders like Nvidia and Microsoft expected to climb.

Tesla, however, looks most stretched based on current consensus targets.

Past performance is not indicative of future results.

What This Means For Investors

For investors, this $23.9 trillion milestone means these companies delivered exceptional long-term returns. But with great size comes great sensitivity. Investors now face concentrated exposure to a small set of companies with lofty valuations.

This means portfolios are more vulnerable to sharp corrections if market sentiment shifts or if earnings disappoint.

When companies start to outweigh countries, market impact becomes a matter of global scale.

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Originally Posted September 17, 2025 – Nvidia, Microsoft Sit Atop A $23.9 Trillion Empire—More Than China And Germany Combined