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Five firms dominated global capex among top U.S.-listed nonfinancial companies in 2025, Jason Furman notes

Five firms dominated global capex among top U.S.-listed nonfinancial companies in 2025, Jason Furman notes
Five firms control global capex share

Jason Furman reports that in 2025, just five companies—Amazon, Alphabet, Meta, Microsoft, and Oracle—were responsible for 37 percent of the global capital expenditure among the top 100 U.S.-listed nonfinancial companies.

Furman adds that this level of investment concentration had not been seen since the early 1970s, when AT&T was the dominant investor in the sector.

Furman has previously tracked notable trends in global trade flows. In an earlier analysis, he observed that China’s share of U.S. goods imports has declined below pre-PNTR levels. This marked a significant shift in the year’s trade composition.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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