The largest S&P 500 companies from 1990 to 2024: A 35-year shift in market power
Over the past 35 years, the S&P 500’s top 10 companies by market capitalisation have transformed dramatically, mirroring shifts in technology, consumer behaviour, and global economics.
In 1990, industrials and oil giants led the pack. By 2000 and 2010, tech firms like Microsoft and Apple began to rise. In 2024, tech dominance is clear, with Apple, Microsoft, and Nvidia among the leaders.
These top firms now account for a record share of the index’s total value, underscoring how innovation and digital transformation continue to reshape the U.S. stock market’s structure and investment landscape.
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According to data from Goldman Sachs and the American Enterprise Institute.
1990: Dominance of industrial and energy giants
In 1990, the list of top companies featured traditional heavyweights. IBM and Exxon Mobil both held a 2.9% share of the S&P 500, tying for first place. General Electric followed closely with 2.3%.
Top 5 S&P 500 Companies in 1990:
- IBM – 2.9%
- Exxon Mobil – 2.9%
- General Electric – 2.3%
- Philip Morris – 2.2%
- Royal Dutch Shell – 1.9%
The focus during this time was on industrials, consumer products and oil. Technology, though present, had not yet become dominant.
2000: Rise of technology and financial firms
By 2000, a shift was already underway. General Electric moved to the top with a 4.1% share. Tech companies like Cisco Systems and Microsoft made their way into the top 10. Pfizer and Citigroup represented the pharmaceutical and financial sectors.
Top 5 S&P 500 Companies in 2000:
- General Electric – 4.1%
- Exxon Mobil – 2.6%
- Pfizer – 2.5%
- Cisco Systems – 2.4%
- Citigroup – 2.2%
The turn of the millennium marked the initial rise of the tech industry, but traditional firms still held strong positions.
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2010: Tech’s influence grows
In 2010, technology started to take a more prominent role. Exxon Mobil was still the top company with a 3.2% share, but Apple and Microsoft had entered the top three. IBM and General Electric remained, although with smaller shares.
Top 5 S&P 500 Companies in 2010:
- Exxon Mobil – 3.2%
- Apple – 2.6%
- Microsoft – 1.8%
- General Electric – 1.7%
- Chevron – 1.6%
The growing presence of Apple and Microsoft pointed to a wider industry change. Oil companies were still major players, but their lead was narrowing.
2024: Technology takes over
In 2024, the landscape is markedly different. Apple holds the top spot with a 7.0% share of the S&P 500. Nvidia and Microsoft both follow at 6.4%. The top five companies are all technology-focused or tech-enabled firms. Only JPMorgan Chase, a banking institution, remains from the 2010 list, though it now holds a much smaller share.
Top 5 S&P 500 Companies in 2024:
- Apple – 7.0%
- Nvidia – 6.4%
- Microsoft – 6.4%
- Alphabet – 6.2%
- Amazon – 3.8%
This shift reflects changing consumer habits, innovation in AI, cloud computing, and digital services. Energy and industrial firms that once led the list are no longer in the top 10.
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What has changed in 35 years
Technology leadership: In 1990, tech firms had a minor presence. By 2024, they will dominate the list.
Energy decline: Oil companies such as Exxon Mobil and Chevron have dropped out of the top rankings.
Consumer shift: Companies like Amazon and Meta Platforms represent modern consumption patterns focused on digital products and online services.
Healthcare and pharma: Firms like Pfizer, Johnson & Johnson, and Eli Lilly have appeared intermittently, showing periodic strength but not consistent dominance.
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