i was surprised to discover that only a very small number of companies have managed to retain their status as the “most valuable companies” over the past thirty-six years, from 1989 to 2025. this observation shows how circumstances change and positions shift over time. what is considered expensive can become cheap, and what seems dominant today may disappear tomorrow. it becomes clear that nothing lasts forever, and that wise people and governments should anticipate change and adapt to new conditions.
for example, the price of a barrel of oil once reached $147 in 2008, but later fell below $60. much of the revenue earned during that peak period may have been lost or wasted, often on unimportant or short-term matters. such unjustified waste should not be ignored, and it shows that governments still have a long journey toward better planning and accountability.
exxonmobil dominated the global market from 1989 to 1996 without interruption. its roots go back to the giant standard oil company, founded in 1870 by john d. rockefeller and his partners in ohio. standard oil monopolized nearly every aspect of the petroleum industry in the united states, including exploration, drilling, extraction, transportation, and sales. this dominance led u.s. lawmakers to intervene in 1911 and break the company into smaller entities. because his practices bankrupted most competitors, rockefeller was labeled “public enemy number one.” as a result, the history of exxonmobil is deeply connected to rockefeller’s nineteenth-century industrial empire.
in 1997 and 1998, coca-cola became the most valuable company in the world. at that time, i wrote several articles about it, noting that its brand value had reached $50 million as early as the 1960s. this was remarkable for a company whose main asset was its brand rather than factories or real estate. looking back, i realize how naïve that perspective may have been, and perhaps i still hold some of that naivety today.
the global rise of logic, intelligence, and so-called “mind companies” began when microsoft became the most valuable company in 1999 and 2000, driven by its innovative software. exxonmobil briefly reclaimed the top position, but microsoft regained it in 2001 before losing it again between 2002 and 2004. exxonmobil then returned to dominance from 2005 until 2012, after which it disappeared entirely from the top rankings.
the year 2012 marked a major turning point. it signaled the complete dominance of companies focused on intelligence, artificial intelligence, software, and innovative ideas. firms such as nvidia, apple, microsoft, google, and amazon rose to the top, while companies in oil, banking, automobiles, real estate, and traditional investment sectors declined. apple led from 2013 to 2018, followed by microsoft in 2019, and then apple again from 2020 to 2025.
nvidia, now the world’s largest manufacturer of graphics processors, video cards, computer chipsets, and gaming systems, depends on memory chips produced by south korean companies such as samsung and sk hynix. by the end of 2025, nvidia’s market value reached $4.6 trillion and was expected to grow by more than $130 billion in the first days of 2026. this made it not only the most valuable company in the world, but also one of the most powerful and influential.
sales of nvidia’s products to countries such as china require approval from the u.s. government, highlighting the company’s strategic importance. most of the companies mentioned are american, and many of them once dominated global markets before eventually losing their position. history offers clear lessons, and the question remains: are we ready to learn from them?