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Myth #1: Europe is irrelevant as its share of public tech market cap versus the US and China is small
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.
Share of total market cap of public Internet & Software companies by region
S&P Global Market Intelligence
All public tech companies
All public tech companies founded since 2006
Share of total public Internet & software market cap by region and cohort. % distribution based on share of total value of US, China and Europe. Total may not sum to 100% due to rounding.