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The combined market value of the United States' Magnificent Seven tech giants has now exceeded the entire output of the European Union, as a relentless rally in technology stocks stretches valuations and stokes concerns over potential market excess.
As of the close on 2 October 2025, the seven leading US tech companies — Nvidia, Microsoft, Apple, Alphabet, Amazon, Meta and Tesla — commanded a total market capitalisation of $20.8 trillion (€17.7tn), eclipsing the EU’s total economic output of $19.4tn (€16.5tn).
Nvidia alone, now the world’s most valuable company, boasts a market valuation of around $4.3tn (€3.9tn) — equivalent to the GDP of Germany, Europe’s largest economy.
This extraordinary milestone is fuelling debate. Is this a transformative moment for global capitalism, or are we witnessing the early signs of a new tech bubble?
To assess that, we must ask: What truly defines a technology s
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