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Microsoft reclaims top spot in the Russell 1000 index following 26.7% annual growth
There’s been a major rejig in the positions of the magnificent seven
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Published onMay 28, 2024
published onMay 28, 2024
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AsFTSE Russellstarted sharing details about companies about to enter or leave theRussell 3000andRussell Microcapindexes, the news of Microsoft reclaiming its position at the top in theRussell 1000(large cap) index after three years became the topic of conversations in business circles.
This comes on the heels of Microsoft increasing its total market cap by26.7%, from$2,284.6Bto$2,893.6B. The top spot was previously held by Apple since 2021, which has slid to the second spot after losing2%market cap in the last year.
At the third position in theRussell 1000index is NVIDIA, which climbed 3 spots (previously at 6), fueled by a215.20%increase in market cap.
Alphabet and Amazon are in fourth and fifth positions, respectively. Both, despite an increase in market cap(47.60% for Alphabet, 68.30% for Amazon), slipped in the rankings this year due to the annual gains made by NVIDIA.
Here are the top 10 in theRussell 3000index:
All companies that comprise the magnificent seven(Microsoft, Google, NVIDIA, Alphabet, Amazon, Meta, Tesla)are a part of the top 10 in theRussell 1000index.
In the 2024 rankings, Tesla slipped two spots to the 10thposition. Amongst the top 10, it also posted the second-worst growth in market cap, only next to Apple.
The two new entrants to the list of top-10 companies by market cap areEli LillyandBroadcom. In 2023,Eli Lillywas placed at the 15thposition and has moved up seven spots in the last year. As forBroadcom, the company, fueled by a130.7%rise in market cap, has moved to the 9th position, fifteen spots up from the previous year’s ranking.
For the unversed, theRussell 3000index comprises the top 3000 stocks in the United States. Of it, the top 1000 are categorized asRussell 1000(large cap) while the bottom 2000 form a part of theRussell 2000(small cap) index.
Amongst the top 10, it’s Microsoft that everyone’s talking about. Much of its rise is a result ofinvestments inArtificial Intelligence, integration of AI into native software and services, and theunparalleled expansion ofMicrosoft Azure. AI also turned out to be the reason behind NVIDIA’s recent success!
What’s your take on Microsoft’s top position in theRussell 1000index? Share with our readers in the comments section.
More about the topics:apple,Google,microsoft,nvidia
Kazim Ali Alvi
Windows Hardware Expert
Kazim has always been fond of technology, be it scrolling through the settings on his iPhone, Android device, or Windows PC. He’s specialized in hardware devices, always ready to remove a screw or two to find out the real cause of a problem.
Long-time Windows user, Kazim is ready to provide a solution for your every software & hardware error on Windows 11, Windows 10 and any previous iteration. He’s also one of our experts in Networking & Security.
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Kazim Ali Alvi
Windows Hardware Expert
Kazim is specialized in hardware devices, always ready to remove a screw or two to find out the real cause of a problem.
