The fierce global tech race between the US, China, and Europe is already obvious – given the ongoing trade war and the long-lasting tech competition. Which of them is going to be the first this year?
Before answering, we need to get it straight: the real runners at the global tech race are not the countries themselves but their companies. Let’s see some recent data (as of July 2025) on 1,105 publicly traded tech companies worldwide so that we can conclude:
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The number of tech businesses. The US is the home country for 504 tech companies, which accounts for 45.6%; then goes China, with 83 companies or 7.5%. However, if we take Europe as a whole, rather than a group of separate countries, then it leaves China far behind – 216 companies in total, accounting for 19.5% of all tech businesses. Still, the US remains the leader in this aspect.
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Market capitalization. Here, the order is as follows: the US (80%), China (5.4%), and then Europe (4.9%). China and Europe can only boast two firms in the top 20 each: Tencent and Alibaba, and SAP and ASML correspondingly. The US is beating off the competition – nine out of the top 10 companies are from there, including such giants as NVIDIA, Microsoft, and Apple.
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Revenue. The US leads again, with a 58% share of the total revenue of all tech companies. China’s share is 11%, and Europe’s share is only 6%.
What conclusions can we draw?
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First, the US is the undoubted leader in the ongoing global tech race – in 2025 for sure. In fact, there is a strong chance that this leadership will be long-term: over the last three years, the share of Chinese tech companies in global market capitalization only rose by 0.1% annually, and if the trend remains, by 2100, the US will still be ahead in the race.
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Second, China is only competing with Europe to be the second. However, most Chinese tech companies generate their revenues from domestic markets, while European tech companies are truly global and compete with counterparts worldwide, including the US. Moreover, Europe has more tech brands than China, even though they are smaller. This, in turn, leads us to the conclusion that it is Europe – rather than China – that ranks second this year in the race.
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Third, let’s not forget that global competition starts in a specific tech area. Even if China is the third in the global race, it can lead in some niches. Thanks to businesses like Huawei and TikTok, it can excel in 5G, social media, and a range of other industries.
Nevertheless, the one who wins the global tech race will be the one who sets tech rules.
