A small and increasingly exclusive club of nations is now home to the world’s most valuable public companies, as a historic run in artificial intelligence spending pushes corporate valuations to levels once considered unthinkable.

As of late July 2026, roughly a dozen publicly traded companies carry market capitalizations above $1 trillion, and only four countries can claim to host them: the United States, Taiwan, South Korea and Saudi Arabia. The lineup reflects a global economy increasingly organized around semiconductors, cloud computing and the artificial intelligence infrastructure race, with chipmakers and technology platforms crowding out nearly every other industry from the top of the rankings.

The United States still dominates

America remains the undisputed center of the trillion-dollar economy. Nvidia, the AI chip designer, has emerged as the world’s single most valuable company, with a market capitalization exceeding $5 trillion. The Santa Clara, California-based firm’s graphics processing units have become the backbone of AI data centers worldwide, and its rise has been one of the fastest wealth creation stories in stock market history. Nvidia crossed the $1 trillion threshold in 2023 and the $4 trillion mark just two years later, in July 2025, before continuing its climb this year.

Apple and Alphabet, Google’s parent company, both sit above $4 trillion, while Microsoft and Amazon remain comfortably in the trillions as well. Rounding out the American contingent are Broadcom, Meta Platforms, Tesla, drugmaker Eli Lilly, memory-chip manufacturer Micron Technology, and Warren Buffett’s Berkshire Hathaway — the lone non-technology name on the list and the only company built primarily on insurance and diversified holdings rather than software or silicon.

That gives the United States roughly 11 companies above the trillion-dollar line, by far the largest concentration in the world. Analysts tracking global market capitalization say American firms account for the overwhelming majority of value among the world’s top 50 and top 100 public companies, a dominance built on decades of tech-sector leadership that has only accelerated since the generative AI boom began in 2023.

Taiwan’s chip giant joins the ranks

Taiwan Semiconductor Manufacturing Company, commonly known as TSMC, has become Asia’s first trillion-dollar company and remains the most valuable business based outside the United States, with a market capitalization above $2 trillion. TSMC manufactures advanced chips for Nvidia, Apple and nearly every other major technology company, making it one of the most systemically important firms in the global electronics supply chain. Its dominance in cutting-edge chip fabrication has made Taiwan a focal point of both the AI investment boom and broader geopolitical tension over semiconductor supply chains.

South Korea enters the club — twice

South Korea has become the newest entrant to the trillion-dollar tier, and it arrived with two companies rather than one. Samsung Electronics crossed the $1 trillion threshold for the first time this year, becoming just the second Asian company to do so after TSMC. The milestone came amid a sharp rally in chip stocks tied to surging demand for high-bandwidth memory used in AI servers, with Samsung shares jumping more than 15% in a single session in May after the company reported an eightfold increase in quarterly operating profit.

SK Hynix, Samsung’s domestic rival in memory chips, also joined the trillion-dollar tier this year. The combined value of the two South Korean chipmakers has, at times, surpassed the combined market capitalization of China’s two largest internet companies, Alibaba and Tencent, according to data reported by Bloomberg in February — a shift that underscored how the AI-driven memory chip boom has reordered valuations across Asian technology markets. The rally has also helped push South Korea’s benchmark Kospi index above 7,000 points for the first time.

Saudi Arabia’s oil giant remains the outlier

Saudi Aramco, the state-controlled oil producer, continues to hold its position as the world’s most valuable non-U.S., non-technology company, with a market capitalization near $1.7 trillion. Aramco went public on the Saudi Exchange in December 2019 in what remains the largest initial public offering in history, and it remains the only trillion-dollar company built primarily around fossil fuel production rather than software, chips or consumer technology. The Saudi government owns roughly 90% of the company, with the country’s sovereign wealth fund holding a significant additional stake.

A narrower club than before

The current four-country lineup is notably narrower than it was just a few years ago, when Chinese internet giants such as Alibaba and Tencent regularly featured among the world’s most valuable companies. Their retreat from the trillion-dollar tier reflects a broader shift in investor enthusiasm away from Chinese consumer internet platforms and toward the chipmakers and cloud infrastructure providers powering the AI buildout in the U.S., Taiwan and South Korea.

Market analysts note that membership in the trillion-dollar club is fluid. Companies can drop below the threshold during downturns and climb back above it as investor sentiment shifts, meaning the list of countries represented could expand or contract in the months ahead. Walmart, for instance, has approached the trillion-dollar threshold from below in recent months, and further gains in retail or other sectors could eventually add a wider range of industries — and potentially additional countries — to the list.

For now, though, the story of the trillion-dollar economy remains a story about semiconductors and artificial intelligence. Nine of the roughly dozen companies above the threshold are directly tied to AI chips, cloud computing or the software platforms built on top of them. The exceptions — Berkshire Hathaway, Eli Lilly and Saudi Aramco — stand as reminders that insurance, pharmaceuticals and energy can still produce world-beating valuations, even in a market increasingly defined by silicon.

With earnings season underway across major exchanges, investors are watching closely for signs of whether the AI-fueled rally that has lifted Nvidia, TSMC, Samsung and their peers can be sustained, or whether the trillion-dollar club will see further reshuffling before the year is out.

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The fuel most Americans never think about could become the Iran conflict’s biggest economic consequence. While gasoline prices grab headlines, diesel quietly powers the trucks, farms, freight trains and heavy equipment that keep the U.S. economy moving.

From the groceries on supermarket shelves to the Amazon package on your doorstep and the materials used to build new homes, diesel is embedded in nearly every step of the supply chain. As prices rise, businesses face higher transportation costs that economists say often ripple through the economy, pushing up the cost of everyday goods.

Diesel prices, which averaged $3.56 a gallon in January 2025, have climbed to $5.13 following the Iran conflict, according to the U.S. Energy Information Administration.

A fully loaded semi-truck typically gets just 6 to 7 miles per gallon of diesel, according to Department of Energy data. Filling its roughly 250-gallon tanks can cost more than $1,280 at today’s prices.

BBQ LOVERS BEWARE: MIDDLE EAST CONFLICT MIGHT DISRUPT YOUR SUMMER PLANS THIS YEAR

“We all focus on gasoline because, ultimately, we’re consumers and pump prices are very visible. But what we don’t think about is the price of diesel, which is the workhorse fuel for the U.S. economy and especially for key sectors,” Bernard Yaros, lead U.S. economist for Oxford Economics, told Fox News Digital.

“From an inflationary perspective, I’m very concerned about the recent rise in diesel prices as it pertains to the cost of food or grocery store prices,” Yaros said.

“Take the food industry, for instance. Diesel powers the irrigation pumps, the tractors in the field and the trucks that bring food from the farm to your local grocery store. It’s part of every layer of food production in the U.S.”

‘KEEP A LOW PROFILE’: STATE DEPARTMENT WARNS AMERICANS OVERSEAS THEY COULD BE TARGETED

A person is seen grabbing the nozzle for diesel fuel at a gas station. (Rebecca Noble/Bloomberg/Getty Images / Getty Images)

An energy industry source, who requested anonymity because they were not authorized to speak publicly, said the recent diesel surge shows how geopolitical conflicts can quickly filter into the broader economy.

“The great majority of the price movement that you’ve seen in diesel markets over the last five months has been the direct result of the conflict in Iran and specifically the closure of the Strait of Hormuz,” the source told Fox News Digital.

The Strait of Hormuz, a narrow waterway between Iran, Oman and the United Arab Emirates, is one of the world’s most important energy chokepoints. Roughly 20 million barrels of oil pass through it each day, and disruptions can quickly tighten fuel supplies and drive diesel prices higher.

WHY THE STRAIT OF HORMUZ MATTERS AS TRUMP ISSUES FRESH ULTIMATUM TO IRAN

A satellite image shows the Strait of Hormuz, a key maritime passage connecting the Persian Gulf to the Gulf of Oman, vital for global energy supply. (Amanda Macias/Fox News Digital / Getty Images)

Even if tensions in the Middle East ease, diesel prices may not quickly return to pre-conflict levels.

“Refineries don’t process crude instantaneously,” the source said. “A lot of times what you’re filling up your car with today was refined a week and a half ago and was produced two months before that.”

That lag means higher diesel costs can continue working their way through the economy even after crude oil prices stabilize, leaving consumers to pay more for groceries, deliveries and other everyday goods long after the headlines from the Middle East begin to fade.

Tadej Pogačar is on the verge of one of the most dominant performances in modern Tour de France history, with the Slovenian all but locking up his fifth yellow jersey as this year’s race enters its final two days. Here are 10 things to know about the 2026 edition of cycling’s biggest event.

1. The race started in Spain for just the third time ever

The 113th Tour de France opened in Barcelona on July 4, marking the first time the Grand Départ has been held in Catalonia and only the third time Spain has hosted the race’s start, following San Sebastián in 1992 and Bilbao in 2023. Barcelona is the most southerly city ever to launch the Tour. Race director Christian Prudhomme said the route was built to keep the overall competition unsettled deep into the final week. “It’s designed to maintain the suspense until the end,” Prudhomme said when the route was unveiled last October.

2. It opened with an unusual team time trial

Stage 1 featured a 19.7-kilometer team time trial through Barcelona, including two climbs up Montjuïc — a rare choice for a Tour opener. It was the first time the race began with a team time trial since 1971, when Eddy Merckx’s Molteni squad won an 11-kilometer test in Mulhouse. This year’s version also introduced a new scoring wrinkle: rather than every rider on a team receiving the same time, each individual’s own time counted toward the general classification. Jonas Vingegaard’s Visma–Lease a Bike squad won the stage.

3. The route covers 3,333 kilometers and finishes in Paris

Running from July 4 to July 26, the race spans 21 stages and roughly 3,333 kilometers, with about 54,450 meters of total climbing — a genuine test of endurance built around the Pyrenees, the Massif Central, the Vosges and the Alps. After skipping northern France almost entirely this year, the route finishes, as it has since last year, beneath the Arc de Triomphe following three ascents of the cobbled Rue Lepic in Montmartre.

4. Pogačar has been nearly untouchable

The UAE Team Emirates–XRG rider seized the yellow jersey on stage 3 with a decisive move on the climb to Les Angles and never relinquished it. He extended his advantage through the Pyrenees, the Massif Central and the Alps, and comfortably held off his closest challengers in the race’s lone individual time trial. Pogačar is chasing his fifth Tour title in six years, a run interrupted only by Vingegaard’s back-to-back victories in 2022 and 2023.

5. His stage-win total is closing in on cycling history

Pogačar’s victory atop the brutal, mountain-heavy 20th stage — his fourth stage win of this year’s race — pushed his career Tour de France stage tally to 24, leaving him one shy of the all-time record shared among the sport’s most prolific winners. With one more opportunity in Paris on the final day, Pogačar has a chance to add to that mark before the race concludes.

6. Remco Evenepoel has emerged as the clearest challenger

While Vingegaard entered the race as Pogačar’s most credible rival, a crash mid-race dropped the Dane out of serious GC contention. Belgium’s Remco Evenepoel capitalized, winning the race’s individual time trial and consolidating second place overall. Mexico’s Isaac del Toro, Pogačar’s UAE teammate, has held third, giving the team a rare shot at a 1-2 finish in Paris.

7. A teenager has been one of the breakout stars

Paul Seixas, a 19-year-old from Lyon riding for Decathlon CMA CGM, became the youngest rider in the Tour in nearly nine decades and quickly established himself as a legitimate climbing talent. Seixas arrived off a breakthrough spring that included a win at La Flèche Wallonne and the Tour of the Basque Country, and he has spent the mountain stages trading blows with the sport’s biggest names while targeting a podium finish in the young rider’s white jersey classification.

8. Alpe d’Huez was climbed twice in as many days

For the first time, organizers routed the Tour up the legendary Alpe d’Huez on both stage 19 and stage 20, part of a brutal Alpine finale designed to reward attacking racing over defensive tactics. Stage 20, a 170.9-kilometer route from Le Bourg-d’Oisans finishing atop the Alpe, included more than 5,600 meters of elevation gain and was widely described by riders and organizers as one of the toughest single days in the race’s modern history.

9. Sprinters and breakaway riders still found their moments

Even with the general classification battle dominating headlines, sprinters including Mads Pedersen, Jasper Philipsen and Olav Kooij collected stage wins along the flatter and rolling stages, while riders such as Richard Carapaz and Mathieu van der Poel scored victories out of breakaways. Pedersen has held the green points jersey for much of the race, while Carapaz has led the mountains classification, giving the race multiple storylines beyond the yellow jersey fight.

10. The race wraps up with a decisive final weekend

With Pogačar’s overall lead considered all but insurmountable heading into the final stages, attention has shifted to the fight for the remaining podium spots and the young rider’s classification, along with the traditional processional-turned-competitive finale into Paris. The 21st and final stage on July 26 will once again send riders through Montmartre before the traditional sprint finish on the Champs-Élysées, closing out a race that has been defined by an unusually southern start, a punishing mountain-heavy back half, and another commanding performance from cycling’s dominant rider of the decade.

ASEAN foreign ministers in Manila agreed to develop benchmarks for measuring Myanmar’s progress and discussed a longer-term special envoy, refining proposals from Bangkok talks. Officials will finalize details before November’s summit. Ministers reaffirmed the Five-Point Consensus, emphasizing measurable steps, while analysts view this as recalibration, not a fundamental policy shift.

Key Points

• ASEAN foreign ministers meeting in Manila agreed to develop benchmarks for assessing progress in Myanmar and discussed appointing a longer-term special envoy, refining proposals from senior officials before November’s summit.
• Discussions reaffirmed the Five-Point Consensus, not a departure, despite Myanmar’s foreign minister disputing parliament’s rejection; a “non-paper” will define “demonstrable progress.”
• Analysts call it recalibration, not policy shift, amid ongoing conflict, humanitarian crisis, and calls for coordinated engagement.

ASEAN Moves to Strengthen Myanmar Peace Efforts

Manila outcomes: ASEAN foreign ministers meeting in Manila on July 21 agreed to develop benchmarks for measuring progress in Myanmar and began discussing the appointment of a longer-term special envoy, replacing the current rotating role. These proposals will be refined by senior officials before being presented to ASEAN leaders at the November summit, according to Philippine Foreign Secretary Ma. Theresa Lazaro.

Bangkok origins: The Manila talks built on an informal Bangkok meeting on July 12, the first to bring together nearly all ASEAN foreign ministers with Myanmar’s foreign minister since the 2021 coup, where similar reform ideas were first floated, including a proposed ASEAN Secretariat unit to support the envoy’s work.

Reaffirming the Five-Point Consensus Amid New Proposals

Clarifying intent: Lazaro stressed these discussions do not signal abandonment of the Five-Point Consensus, ASEAN’s 2021 peace framework. She noted Myanmar’s foreign minister disputed claims that the plan had been rejected by Parliament, insisting it remains valid. ASEAN is now drafting a “non-paper” to define what constitutes “demonstrable progress” in Myanmar.

Collective reaffirmation: Singapore’s Foreign Minister Vivian Balakrishnan and fellow ministers reaffirmed the Consensus, calling for measurable steps—a permanent end to violence, release of political prisoners, and unimpeded humanitarian access. Ministers also addressed Middle East tensions, urging respect for international law and safe passage through key straits.

Analysts Weigh Recalibration Versus Real Progress

Cautious optimism: Experts, including ISEAS-Yusof Ishak Institute’s Sharon Seah and Joanne Lin, described the shift as a “recalibration rather than a fundamental change.” They warned that bilateral engagement with Naypyitaw must remain coordinated and linked to clear expectations, cautioning that fragmented approaches could weaken ASEAN’s collective leverage and credibility as a regional institution.

Humanitarian urgency: With over 100,000 deaths and 22,400 political detainees, including Aung San Suu Kyi, analysts see realistic progress markers as improved humanitarian access, envoy engagement, and localized violence reduction—not a full breakthrough. The bloc’s credibility, they add, hinges on translating dialogue into tangible, coordinated action across Myanmar and other regional flashpoints.

Source : ASEAN weighs benchmakrs to bolster Myanmar peace plan

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