Two years after the emergence of Covid-19, a jarring disconnect has emerged between the human toll and the record valuations of many large companies.
Silicon Valley dominates our list of companies whose market value grew the most in dollar terms since January 1 2020, headed by Apple, Alphabet and Microsoft. But non-tech companies were winners too: consultants Accenture, diagnostics specialist Thermo Fisher and retailer Home Depot all made the top 20.
Nor is it purely a US list, with companies such as Canada’s Shopify and France’s LVMH included. Although China is represented — by battery maker CATL and spirits producer Kweichow Moutai — many of the country’s big companies had a rough ride in 2021, as they faced increasing regulatory pressure. Alibaba heads our list of biggest pandemic losers, which also includes battered property developer Evergrande.
We also highlight companies, such as Zoom Video and Peloton, that faded after an initial rush of excitement about their prospects. Finally come the bouncers, including energy groups such as Gazprom and banks such as BNP Paribas, which endured sharp sell-offs but recovered strongly. Tom Braithwaite
1. Apple
Sector: TECHNOLOGY HARDWARE / HQ: CUPERTINO, us
123%
change in market value
$2.9tn
end-2021 market value
Apple’s stock ended 2021 close to a record — not just for the company but for any company, ever. Despite facing supply chain challenges and its stores closing worldwide, the iPhone maker is on the cusp of a $3tn market value, almost triple its pandemic low in March 2020. Employees working from home are spending less on travel and restaurants but upgrading their iStuff. Meanwhile, Apple is fattening its margins with an ever increasing array of services. Patrick McGee in San Francisco
2. Microsoft
Sector: SOFTWARE / HQ: REDMOND, US
110%
change in market value
$2.5tn
end-2021 market value
With the pandemic accelerating the shift to cloud computing, Microsoft is firing on all cylinders — and it has more cylinders than most. Its Azure cloud platform and Office 365 tools have been a mainstay. But Microsoft has a finger in many digital pies, including the hiring market (LinkedIn), business applications (Dynamics) and gaming (Xbox). Growth is above 20 per cent for the first time in a decade. Richard Waters in San Francisco
3. Alphabet
SECTOR: INTERNET / HQ: MOUNTAIN VIEW, US
108%
change in market value
$1.9tn
end-2021 market value
Google’s parent went into the pandemic as a powerful advertising company. It is coming out of it as one of the main engines of a booming digital economy. Retailers’ much greater reliance on digital sales has fed its search and YouTube advertising, while its cloud computing division is finally justifying its billing as a third player in the market behind Amazon and Microsoft. Late in the year, growth jumped to an extraordinary 40 per cent. Regulators are circling but Wall Street sees no immediate threat. Richard Waters
4. Tesla
SECTOR: AUTOMOTIVE / HQ: AUSTIN, US
1311%
change in market value
$1.1tn
end-2021 market value
The electric car pioneer became the first $1tn automaker and made its co-founder and chief executive the richest man in the world. To many, the stock price seems absurd, but even looking five years out, it’s unlikely any of its much larger rivals will outpace Tesla in producing electric vehicles — and those are the only vehicles investors care about at the moment. Patrick McGee
5. Amazon
SECTOR: ECOMMERCE / HQ: SEATTLE, US
85%
change in market value
$1.7tn
end-2021 market value
With Jeff Bezos busy blasting himself to space, new chief Andy Jassy took over in July. Since then, the costs of doing business during Covid-19 have throttled growth and profits, with billions spent on keeping Amazon’s reputation for fast delivery intact. The company’s stock underperformed compared with most big tech groups but analysts are optimistic. Staffing costs should drop in 2022, while the company’s emerging advertising business is shaping up as a bona fide challenger to the Google and Facebook duopoly. Dave Lee in San Francisco
6. Nvidia
SECTOR: SEMICONDUCTORS / HQ: SANTA CLARA, US
411%
change in market value
$735bn
end-2021 market value
No other chip company has ridden the pandemic wave as well as Nvidia. Its graphics chips have become the main workhorse behind artificial intelligence and other data-intensive applications that are fuelling the rise of giant cloud datacentres. The high-end gaming market and a useful sideline in selling chips to cryptominers have been a bonus. Its next target: the metaverse, where it is building a platform for other companies that want to reach their customers in new virtual worlds. Richard Waters
7. Meta Platforms
SECTOR: INTERNET / HQ: MENLO PARK, US
60%
change in market value
$936bn
end-2021 market value
It has been a bruising year for Meta (formerly Facebook), battered by accusations that its poor moderation contributed to January’s Capitol riots, whistleblower allegations that it prioritises profits over safety and new regulatory investigations. Nevertheless, its share price has weathered the reputational hits, reaching a record $1tn for the first time in June. Its resilience is testimony to the booming digital advertising market. It is now in a headlong dash to build its version of the metaverse. Hannah Murphy in San Francisco
8. Taiwan Semiconductor Manufacturing Company
Sector: semiconductors / HQ: hsinchu, Taiwan
100%
change in market value
$575bn
end-2021 market value
The world’s largest manufacturer of made-to-order chips has not only been boosted by a leap in demand for electronics gadgets during the pandemic. It also expects to keep growing faster until 2025 as 5G and AI further push the use of semiconductors in everything from factories to cars to homes. TSMC is ratcheting up investment in new plants from an average 30 per cent of revenue to more than 40 per cent. The goal is to widen the lead it has over competitors such as Samsung and Intel. Kathrin Hille in Taipei
9. ASML
SECTOR: SEMICONDUCTOR EQUIPMENT / HQ: VELDHOVEN, NETHERLANDS
164%
change in market value
$327bn
end-2021 market value
Of the many businesses claiming to be “the most important tech company you have never heard of”, Dutch machine-maker ASML has perhaps the best case. A Philips spinout, it is the leading manufacturer of the enormous lithography systems used by virtually all chip producers, including Taiwan’s TSMC. The rush to expand semiconductor manufacturing capacity helped ASML sell a record number of its most advanced machines this year, boosting profits more than 60 per cent in its most recent quarter. Joe Miller in Frankfurt
10. The Home Depot
SECTOR: RETAIL / HQ: ATLANTA, US
82%
change in market value
$433bn
end-2021 market value
Consumers have spent more time at home than usual during the pandemic, prompting them to spruce up their living spaces with everything from a fresh coat of paint to new backyard furniture. The do-it-yourself frenzy has been a boon to Home Depot, the largest US home-improvement retailer. It has also benefited this year from an increase in sales to professional contractors and builders, while rising property prices have encouraged Americans to invest in bigger home renovations. Matthew Rocco in New York
11. UnitedHealth
Sector: HealtHCARE / HQ: Minnetonka, us
70%
change in market value
$473bn
end-2021 market value
America’s biggest health insurer has benefited from an uplift in healthcare spending and increased collaboration between its insurance and services divisions. It has added 2m health insurance customers since the end of 2020 and now has 50m customers. Its services arm, Optum, is growing fastest. accounting for more than half of group revenues. It owns a pharmacy benefit manager, surgical hospitals and other healthcare businesses. Jamie Smyth in New York
12. Kweichow Moutai
Sector: beverages/ HQ: zunyi, china
90%
change in market value
$405bn
end-2021 market value
State-backed Kweichow Moutai, the premium Chinese liquor maker, posted revenue growth of just 11 per cent in the first nine months. But the growth figure has never been the focus for Chinese stock pickers, who instead prize the company’s 90 per cent gross profit margins and Moutai’s place on the table at almost every business meeting and upper-class function. Its shares have been a sure bet for the past decade and do not look as though they will lose their shine any time soon. Ryan McMorrow in Beijing
13. LVMH
Sector: luxury goods/ HQ: Paris, France
79%
change in market value
$417bn
end-2021 market value
When Covid arrived, investors feared luxury conglomerate LVMH would be hard hit given its heavy reliance on affluent Chinese tourists taking shopping pilgrimages to Paris and Milan. Instead, the sector’s undisputed leader has gone from strength to strength. Consumers not only in China but also in the US kept buying despite the pandemic. Plus, when stores were…
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