Tencent Enters Top Five of Forbes Global Tech Firm List

Forbes published the list of the world’s largest tech firms on May 12th, where Chinese Internet giant Tencent now rounds out the top five.

Apple heads up the technology rank for the seventh-straight year thanks in part to a market value of $2.6 trillion, up nearly $300 billion from one year earlier. Alphabet claims the No. 2 spot with a market value of $1.6 trillion.

Microsoft, Tencent, and Meta ranked third to fifth, and sixth with market values of $2.1 trillion, $414.3 billion, $499.9 billion respectively. They are followed by Intel ($190.3 billion), TSMC ($494.6 billion), Cisco ($213.4 billion) and IBM ($124.3 billion).

Forbes pointed out that Internet giant Tencent rounds out the top five with its highest placing yet, rising one spot to land at No. 28 overall despite a brutal sell-off in the Chinese tech sector.

Tencent, the only Chinese company among the world’s largest Top 20 tech firms, has seen its sales increase by 24% to $86.9 billion in the past year, but the company is now valued at about $414.3 billion, down from $773.8 billion last year.

SEE ALSO: Tencent Releases First Annual Sustainable Social Value Report

In total, about 72 of the world’s largest tech companies are based in the United States, down from 81 last year but still far more than any other country. China and Japan also remained tech hotspots, the former playing host to 36 of those companies while the latter being home to 12 names on the list.