For the better part of the last quarter century, the Global 2000—Forbes’ annual ranking of the world’s largest public companies based on sales, profits, assets and market value—has been a story about globalization’s steady march. Year after year, the world’s largest corporations have largely sold more goods, earned more money, accumulated more assets and built more market value as capital, manufacturing and consumers moved more freely across borders.

Despite the headwinds, ranging from President Trump’s trade war, conflict in the Middle East, rising energy prices and sustained inflationary pressure, the global growth story is intact. This year’s Global 2000, the 24th annual edition, reached records in all four categories of combined sales, profits, assets and market value, reflecting the durability of the multinationals that sit at the center of the global economy.

The world’s bellwether companies recorded a combined $56 trillion in annual sales (up 6% from last year’s record), $5.5 trillion in profits ( 13.9%), and $272 trillion in assets ( 12.9%). Most stunning of all, the combined market value of the Global 2000 jumped a whopping 31.8% from last year’s record, adding more than $30 trillion in shareholder value.

While the list is still dominated by banks with balance-sheet heft, this year’s movement was driven by AI-linked market value. Hardware and computer equipment providers, semiconductor companies, and software firms (which include hyperscaling giants like Microsoft and Meta) now account for over 10% of the list, or 209 companies, up from 186 last year. The combined market value of these firms has nearly doubled from $23.9 trillion to $41.4 trillion, accounting for more than half (57%) of the list’s net market value increase from last year. To put it plainly: Investor exuberance over AI is driving much of the earnings and valuation growth across global markets.

This euphoria has sparked fears of an AI bubble that is elevating stock portfolios and 401(k)s alike. Still, many in the business community believe the AI bull market still........

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