A Global Concentration Like Never Before

Data from the FTSE Global All Cap Index as of September 2025 paints an extraordinary picture: seven American companies — Nvidia, Microsoft, Apple, Google, Amazon, Meta, and Broadcom — now outweigh most developed economies in global equity benchmarks. Their combined market capitalization surpasses that of entire nations, underscoring the unprecedented dominance of U.S. corporations in global finance.
Nvidia alone accounts for 4.3% of global market value — nearly matching Japan at 5.6% and exceeding countries such as the United Kingdom (3.3%), Canada (2.9%), and France (2.0%). Microsoft and Apple follow closely at 3.8% and 3.6%, placing the trio on par with China’s 3.6%.

America’s Power Flows Through the Nasdaq

The data illustrates a stark reality: global markets are now heavily dependent on a handful of technology firms, each exerting more influence than any country except the United States and Japan. Google (2.5%) and Amazon (2.1%) both surpass Germany (2.0%) and India (1.9%), while Meta (1.6%) and Broadcom (1.5%) exceed South Korea (1.3%) and the Netherlands (1.0%).
Put simply, the world’s stock indices now behave as if seven U.S. companies were “super-nations” in their own right — capable of moving entire markets with a single earnings report.

Technological Edge or Systemic Risk?

This dominance stems from record-breaking profit growth fueled by the artificial intelligence revolution, which has propelled Nvidia’s valuation into the trillions. Yet beneath the growth lies structural vulnerability: when such a large share of global wealth depends on a small group of companies, any technological disruption, policy change, or geopolitical shock could trigger broad financial instability.
Institutional investors warn that the global market is becoming “too American” — overly concentrated, geographically narrow, and increasingly exposed to U.S. megacaps. This overreliance heightens systemic risk and reduces portfolio diversification worldwide.

Looking Ahead

The key question is whether these seven giants can sustain their dominance over the next decade, or whether rising economies like China, India, and Japan will reclaim a larger share of the global market. For now, the collective weight of the seven continues to climb, reshaping the structure of international finance and redefining what global diversification means.
If this trend persists, global equity movements could become more dependent on corporate earnings than on national economic performance — a shift that would mark a fundamental change in market dynamics.

Power and Fragility

The 2025 market landscape highlights a clear reality: the world economy now rests on a narrow foundation of American innovation and corporate might. What was once a geographically balanced system has turned into a concentrated structure where seven stocks can move entire indices.
It is a remarkable testament to U.S. technological strength — but also a cautionary signal. When seven companies are worth more than twenty nations combined, their power becomes not just impressive, but potentially fragile.