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Preliminary results from the 2025 reconstitution of the Russell U.S. indexes show that the U.S. equity market has grown significantly over the past year.
As of the April 30 rank day, the total market capitalization of the Russell 3000 Index rose 10%, reaching $58.4 trillion, up from $53.0 trillion at the time of last year’s rebalance.
Apple Regains Top Spot
In a notable shift among the market’s giants, Apple (NASDAQ:AAPL) reclaimed its position as the largest company in both the Russell 3000 and Russell 1000 Indexes—a title it last held between 2021 and 2023—overtaking Microsoft (NASDAQ:MSFT). On this year’s rank day, Apple stood as the only company to exceed a $3 trillion market capitalization.
Nvidia (NASDAQ:NVDA) maintained its third-place ranking, while Amazon.com (NASDAQ:AMZN) edged past Alphabet (GOOG) (GOOGL), which became the only member of the top 10 to experience a decline in market cap year-over-year. Meta (META) and Berkshire Hathaway (BRK.A) (BRK.B) held their respective positions at sixth and seventh.
Tesla (TSLA) rose to eighth place, marking the largest increase in market capitalization among the top 10 companies. Meanwhile, Eli Lilly (LLY), despite a 15% market cap increase, slipped from eighth to tenth.
“Magnificent Seven” Expand Their Lead
The cohort of mega-cap tech and growth companies dubbed the “Magnificent Seven”—Microsoft, Apple, Nvidia, Alphabet, Amazon.com, Meta, and Tesla—continued to expand their dominance. Their combined market capitalization rose 13.5%, reaching $15.0 trillion, up from $13.2 trillion a year ago.
All seven companies now boast market caps above $1 trillion, with three surpassing $2 trillion, and Apple leading the pack with over $3 trillion.
Largest companies in the Russell 3000 Index / Russell 1000 Index by size:
- Apple (NASDAQ:AAPL): 2025 total market cap of $3,192.2B (vs. $2,630.2B last year)
- Microsoft (NASDAQ:MSFT): 2025 total market cap of $2,937.8B (vs. $2,893.6B last year)
- Nvidia (NASDAQ:NVDA): 2025 total market cap of $2,657.6B (vs. $2,160.1B last year)
- Amazon (NASDAQ:AMZN): 2025 total market cap of $1,957.1B (vs. $1,820.5B last year)
- Alphabet (GOOG (GOOGL): 2025 total market cap of $1,927B (vs. $2,011.6B last year)
- Meta (META): 2025 total market cap of $1,385.9B (vs. $1,091.1B last year)
- Berkshire Hathaway (BRK.A) (BRK.B): 2025 total market cap of $1,150.4B (vs. $855.6B last year)
- Tesla (TSLA): 2025 total market cap of $908.8B (vs. $584.5B last year)
- Broadcom (AVGO): 2025 total market cap of $905B (vs. $602.6B last year)
- Eli Lilly (LLY): 2025 total market cap of $852.2B (vs. $742.4B last year)