China’s state-owned banks and energy majors – once shoulder to shoulder with American firms at the top of market capitalisation rankings – have fallen behind as AI and technology companies capture the imagination of global investors, redirecting capital and reshaping the global corporate order.

As of Friday, Nvidia topped the global rankings, with a market capitalisation of about US$5.1 trillion, followed by Alphabet and Apple. According to financial data provider CompaniesMarketCap, seven US technology firms were among the world’s 10 largest listed companies, with Taiwan Semiconductor Manufacturing Co., Saudi Aramco and Samsung the only exceptions.

China’s corporate landscape tells a different story. The largest listed firms remain dominated by state-owned banks, energy producers and consumer brands such as liquor giant Kweichow Moutai, though Tencent Holdings, the country’s largest technology company, tops the domestic rankings at roughly US$505 billion.

Hong Hao, chief investment officer at Hong Kong-based Lotus Asset Management, said investors were increasingly willing to pay a premium for technology companies, while traditional industries were losing their appeal.

SpaceX’s market debut this month offered the starkest illustration yet. The rocket company vaulted to the sixth-largest listed firm in the world, reinforcing investor conviction that artificial intelligence and technology are redrawing the boundaries of global capital.

“The old economy is fading and everyone wants tech,” Hong said. “These are the signs of the time.”