Only ten years ago, four of ten largest companies in the world by market cap were from oil and gas industry and only one tech company (Microsoft) was included in the list.
As of December 30, 2016, five of ten largest companies in the world are tech companies and only one is from oil and gas industry (Exxon Mobil).
|Top 10 companies by market cap|
|6||Industrial and Commercial Bank of China||Exxon Mobil|
|7||Toyota Motor Corporation|
|8||Bank of America||Johnson & Johnson|
|9||Royal Dutch Shell||JPMorgan Chase|
Right now we are not interested in the demise of oil & gas companies or decrease in the number of banks between top ten companies. We would like to turn your attention to tech companies.