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Technology Share of U.S. Equity Markets

Tech market concentration, with revenue and valuation context kept beside it.

Technology share of U.S. public equity markets

Broad technology concentration compared with the strict IT sector share.

Broad techIT sector
0%10%20%30%40%50%60% 190019251950197520002025 Year Equity market share Broad tech: Year 2025, Equity market share 54%IT sector: Year 2025, Equity market share 30% Broad tech: Year 1900, Equity market share 0%Broad tech: Year 1905, Equity market share 0%Broad tech: Year 1910, Equity market share 0%Broad tech: Year 1915, Equity market share 0%Broad tech: Year 1920, Equity market share 0%Broad tech: Year 1925, Equity market share 0.5%Broad tech: Year 1930, Equity market share 0.5%Broad tech: Year 1935, Equity market share 0.5%Broad tech: Year 1940, Equity market share 1%Broad tech: Year 1945, Equity market share 1%Broad tech: Year 1950, Equity market share 2%Broad tech: Year 1955, Equity market share 2%Broad tech: Year 1957, Equity market share 3%Broad tech: Year 1960, Equity market share 4%Broad tech: Year 1965, Equity market share 5%Broad tech: Year 1970, Equity market share 6%Broad tech: Year 1975, Equity market share 5%Broad tech: Year 1980, Equity market share 8%Broad tech: Year 1985, Equity market share 10%Broad tech: Year 1990, Equity market share 8%Broad tech: Year 1991, Equity market share 9%Broad tech: Year 1992, Equity market share 9%Broad tech: Year 1993, Equity market share 10%Broad tech: Year 1994, Equity market share 10%Broad tech: Year 1995, Equity market share 12%Broad tech: Year 1996, Equity market share 14%Broad tech: Year 1997, Equity market share 18%Broad tech: Year 1998, Equity market share 23%Broad tech: Year 1999, Equity market share 33%Broad tech: Year 2000, Equity market share 37%Broad tech: Year 2001, Equity market share 25%Broad tech: Year 2002, Equity market share 19%Broad tech: Year 2003, Equity market share 18%Broad tech: Year 2004, Equity market share 21%Broad tech: Year 2005, Equity market share 21%Broad tech: Year 2006, Equity market share 22%Broad tech: Year 2007, Equity market share 24%Broad tech: Year 2008, Equity market share 22%Broad tech: Year 2009, Equity market share 26%Broad tech: Year 2010, Equity market share 28%Broad tech: Year 2011, Equity market share 28%Broad tech: Year 2012, Equity market share 29%Broad tech: Year 2013, Equity market share 28%Broad tech: Year 2014, Equity market share 30%Broad tech: Year 2015, Equity market share 32%Broad tech: Year 2016, Equity market share 34%Broad tech: Year 2017, Equity market share 37%Broad tech: Year 2018, Equity market share 35%Broad tech: Year 2019, Equity market share 38%Broad tech: Year 2020, Equity market share 44%Broad tech: Year 2021, Equity market share 47%Broad tech: Year 2022, Equity market share 40%Broad tech: Year 2023, Equity market share 48%Broad tech: Year 2024, Equity market share 52%Broad tech: Year 2025, Equity market share 54%IT sector: Year 1900, Equity market share 0%IT sector: Year 1905, Equity market share 0%IT sector: Year 1910, Equity market share 0%IT sector: Year 1915, Equity market share 0%IT sector: Year 1920, Equity market share 0%IT sector: Year 1925, Equity market share 0.5%IT sector: Year 1930, Equity market share 0.5%IT sector: Year 1935, Equity market share 0.5%IT sector: Year 1940, Equity market share 1%IT sector: Year 1945, Equity market share 1%IT sector: Year 1950, Equity market share 2%IT sector: Year 1955, Equity market share 2%IT sector: Year 1957, Equity market share 3%IT sector: Year 1960, Equity market share 4%IT sector: Year 1965, Equity market share 5%IT sector: Year 1970, Equity market share 6%IT sector: Year 1975, Equity market share 5%IT sector: Year 1980, Equity market share 8%IT sector: Year 1985, Equity market share 10%IT sector: Year 1990, Equity market share 8%IT sector: Year 1991, Equity market share 9%IT sector: Year 1992, Equity market share 9%IT sector: Year 1993, Equity market share 10%IT sector: Year 1994, Equity market share 10%IT sector: Year 1995, Equity market share 12%IT sector: Year 1996, Equity market share 14%IT sector: Year 1997, Equity market share 18%IT sector: Year 1998, Equity market share 22%IT sector: Year 1999, Equity market share 30%IT sector: Year 2000, Equity market share 33%IT sector: Year 2001, Equity market share 21%IT sector: Year 2002, Equity market share 15%IT sector: Year 2003, Equity market share 14%IT sector: Year 2004, Equity market share 16%IT sector: Year 2005, Equity market share 15%IT sector: Year 2006, Equity market share 15%IT sector: Year 2007, Equity market share 16%IT sector: Year 2008, Equity market share 15%IT sector: Year 2009, Equity market share 18%IT sector: Year 2010, Equity market share 19%IT sector: Year 2011, Equity market share 19%IT sector: Year 2012, Equity market share 19%IT sector: Year 2013, Equity market share 18%IT sector: Year 2014, Equity market share 19%IT sector: Year 2015, Equity market share 20%IT sector: Year 2016, Equity market share 21%IT sector: Year 2017, Equity market share 23%IT sector: Year 2018, Equity market share 21%IT sector: Year 2019, Equity market share 23%IT sector: Year 2020, Equity market share 28%IT sector: Year 2021, Equity market share 29%IT sector: Year 2022, Equity market share 26%IT sector: Year 2023, Equity market share 29%IT sector: Year 2024, Equity market share 32%IT sector: Year 2025, Equity market share 30%
Data: tech-concentration-timeseries.csv tech-concentration-timeseries.xlsx

Tech sector P/E ratio

Sector-weighted estimated price/earnings ratio.

P/E
020406070 190019251950197520002025 Year P/E ratio P/E: Year 2025, P/E ratio 40 P/E: Year 1900, P/E ratio 0P/E: Year 1905, P/E ratio 0P/E: Year 1910, P/E ratio 0P/E: Year 1915, P/E ratio 0P/E: Year 1920, P/E ratio 0P/E: Year 1925, P/E ratio 15P/E: Year 1930, P/E ratio 12P/E: Year 1935, P/E ratio 10P/E: Year 1940, P/E ratio 12P/E: Year 1945, P/E ratio 14P/E: Year 1950, P/E ratio 15P/E: Year 1955, P/E ratio 16P/E: Year 1957, P/E ratio 15P/E: Year 1960, P/E ratio 18P/E: Year 1965, P/E ratio 20P/E: Year 1970, P/E ratio 22P/E: Year 1975, P/E ratio 12P/E: Year 1980, P/E ratio 14P/E: Year 1985, P/E ratio 18P/E: Year 1990, P/E ratio 16P/E: Year 1991, P/E ratio 22P/E: Year 1992, P/E ratio 24P/E: Year 1993, P/E ratio 25P/E: Year 1994, P/E ratio 22P/E: Year 1995, P/E ratio 26P/E: Year 1996, P/E ratio 30P/E: Year 1997, P/E ratio 35P/E: Year 1998, P/E ratio 45P/E: Year 1999, P/E ratio 65P/E: Year 2000, P/E ratio 55P/E: Year 2001, P/E ratio 40P/E: Year 2002, P/E ratio 32P/E: Year 2003, P/E ratio 28P/E: Year 2004, P/E ratio 25P/E: Year 2005, P/E ratio 22P/E: Year 2006, P/E ratio 21P/E: Year 2007, P/E ratio 23P/E: Year 2008, P/E ratio 18P/E: Year 2009, P/E ratio 24P/E: Year 2010, P/E ratio 16P/E: Year 2011, P/E ratio 14P/E: Year 2012, P/E ratio 15P/E: Year 2013, P/E ratio 18P/E: Year 2014, P/E ratio 19P/E: Year 2015, P/E ratio 20P/E: Year 2016, P/E ratio 22P/E: Year 2017, P/E ratio 25P/E: Year 2018, P/E ratio 20P/E: Year 2019, P/E ratio 26P/E: Year 2020, P/E ratio 38P/E: Year 2021, P/E ratio 42P/E: Year 2022, P/E ratio 24P/E: Year 2023, P/E ratio 32P/E: Year 2024, P/E ratio 35P/E: Year 2025, P/E ratio 40
Data: tech-concentration-timeseries.csv tech-concentration-timeseries.xlsx

Tech sector revenue, 2025 dollars

Estimated aggregate revenue inflation-adjusted to 2025 dollars.

Revenue
0B1000B2000B3000B4000B5000B 190019251950197520002025 Year Revenue, 2025 USD billions Revenue: Year 2025, Revenue, 2025 USD billions 4500B Revenue: Year 1900, Revenue, 2025 USD billions 0BRevenue: Year 1905, Revenue, 2025 USD billions 0BRevenue: Year 1910, Revenue, 2025 USD billions 0.3BRevenue: Year 1915, Revenue, 2025 USD billions 0.6BRevenue: Year 1920, Revenue, 2025 USD billions 0.5BRevenue: Year 1925, Revenue, 2025 USD billions 0.9BRevenue: Year 1930, Revenue, 2025 USD billions 1.5BRevenue: Year 1935, Revenue, 2025 USD billions 1.4BRevenue: Year 1940, Revenue, 2025 USD billions 3.4BRevenue: Year 1945, Revenue, 2025 USD billions 7BRevenue: Year 1950, Revenue, 2025 USD billions 13BRevenue: Year 1955, Revenue, 2025 USD billions 17BRevenue: Year 1957, Revenue, 2025 USD billions 22BRevenue: Year 1960, Revenue, 2025 USD billions 42BRevenue: Year 1965, Revenue, 2025 USD billions 79BRevenue: Year 1970, Revenue, 2025 USD billions 120BRevenue: Year 1975, Revenue, 2025 USD billions 116BRevenue: Year 1980, Revenue, 2025 USD billions 132BRevenue: Year 1985, Revenue, 2025 USD billions 203BRevenue: Year 1990, Revenue, 2025 USD billions 286BRevenue: Year 1991, Revenue, 2025 USD billions 297BRevenue: Year 1992, Revenue, 2025 USD billions 322BRevenue: Year 1993, Revenue, 2025 USD billions 356BRevenue: Year 1994, Revenue, 2025 USD billions 389BRevenue: Year 1995, Revenue, 2025 USD billions 450BRevenue: Year 1996, Revenue, 2025 USD billions 536BRevenue: Year 1997, Revenue, 2025 USD billions 660BRevenue: Year 1998, Revenue, 2025 USD billions 803BRevenue: Year 1999, Revenue, 2025 USD billions 973BRevenue: Year 2000, Revenue, 2025 USD billions 1050BRevenue: Year 2001, Revenue, 2025 USD billions 951BRevenue: Year 2002, Revenue, 2025 USD billions 884BRevenue: Year 2003, Revenue, 2025 USD billions 898BRevenue: Year 2004, Revenue, 2025 USD billions 957BRevenue: Year 2005, Revenue, 2025 USD billions 1022BRevenue: Year 2006, Revenue, 2025 USD billions 1114BRevenue: Year 2007, Revenue, 2025 USD billions 1233BRevenue: Year 2008, Revenue, 2025 USD billions 1231BRevenue: Year 2009, Revenue, 2025 USD billions 1133BRevenue: Year 2010, Revenue, 2025 USD billions 1258BRevenue: Year 2011, Revenue, 2025 USD billions 1358BRevenue: Year 2012, Revenue, 2025 USD billions 1467BRevenue: Year 2013, Revenue, 2025 USD billions 1578BRevenue: Year 2014, Revenue, 2025 USD billions 1742BRevenue: Year 2015, Revenue, 2025 USD billions 1953BRevenue: Year 2016, Revenue, 2025 USD billions 2108BRevenue: Year 2017, Revenue, 2025 USD billions 2368BRevenue: Year 2018, Revenue, 2025 USD billions 2630BRevenue: Year 2019, Revenue, 2025 USD billions 2884BRevenue: Year 2020, Revenue, 2025 USD billions 3191BRevenue: Year 2021, Revenue, 2025 USD billions 3622BRevenue: Year 2022, Revenue, 2025 USD billions 3736BRevenue: Year 2023, Revenue, 2025 USD billions 3885BRevenue: Year 2024, Revenue, 2025 USD billions 4182BRevenue: Year 2025, Revenue, 2025 USD billions 4500B
Data: tech-concentration-timeseries.csv tech-concentration-timeseries.xlsx

Description

This module keeps tech share, estimated sector revenue, and P/E together as one valuation-and-concentration package.

Methodology

Broad tech is plotted against the strict IT-sector share. Revenue is inflation-adjusted to 2025 dollars, and P/E is a sector-weighted estimate.

Data

All chart files for this module are local to this research folder.

Sources

Limitations

Pre-modern sector definitions are reconstructed. Broad-tech classification depends on functional role, not only formal GICS labels.