Busted: If you choose to look at all the data, then yes, the market cap of public European tech companies make up just 8% compared to the market caps of US and Chinese tech companies. However, given that most the US companies’ market cap is taken up by just five companies (Alphabet, Amazon, Apple, Facebook and Microsoft) and most of them are over 20 years old, it is much better to look at the market caps of those public tech companies founded after 2006 if you want to understand the direction of future travel. Once you do that, then Europe begins to punch a lot harder.