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Hi Tigers~[Happy]

On Wednesday's close(ET) , U.S. equity markets finished with mixed performance, $S&P 500(.SPX)$ advanced around 0.81%, closing at 6,946.13. $Dow Jones(.DJI)$ rose about 0.63%, finishing near 49,482.15. $NASDAQ(.IXIC)$ jumped roughly 1.26% to 23,152.08. According to statistical analysis of TradingView data, 42 companies of the S&P 500 with market capitalizations exceeding 20 billion USD hit all-time highs.

Overview of Market Drivers:

• Tech and AI Momentum: Markets rallied as enthusiasm for artificial intelligence and chip demand helped reverse earlier declines. Nvidia and other tech leaders rallied ahead of upcoming earnings, and software stocks showed renewed strength after recent pressure. Investors’ view of AI’s long-term growth outlook supported sentiment.

• Recovery After Earlier Sell-Off: The rebound followed a downturn earlier in the week driven by fears around tariffs and AI industry disruption. The Wednesday bounce suggested that traders were willing to buy dips, especially in technology and software sectors.

• Macro Economic and Policy Context: Beyond equity markets, broader economic narratives—such as inflation trends, labor market resilience, and Federal Reserve monetary policy—continued to shape sentiment. While strong GDP and jobs figures had earlier clouded near-term rate cut expectations, markets remained focused on data and policy signals for forward guidance.

Data Breakdown:

• 15 companies posted year-over-year EPS growth exceeding 30%: $MasTec(MTZ)$ $GE Vernova Inc.(GEV)$ $Corning(GLW)$ $Johnson Controls(JCI)$ $Comfort Systems USA(FIX)$ $Johnson & Johnson(JNJ)$ $Amgen(AMGN)$ $Analog Devices(ADI)$ $Philip Morris(PM)$ $Keysight(KEYS)$ $Lam Research(LRCX)$ $Coca-Cola Europacific(CCEP)$ $Cboe Global Markets, Inc(CBOE)$ $GE Aerospace(GE)$ $Howmet Aerospace Inc.(HWM)$

• 6 companies with negative EPS growth: $Monolithic Power(MPWR)$ $Bloom Energy Corp(BE)$ $Jabil Circuit(JBL)$ $NRG Energy Inc(NRG)$ $NextEra(NEE)$ $CSX Corp(CSX)$

In this article, we will specifically break down the key drivers behind the record highs of the top 10 companies by market capitalization.

Note from Tiger: Information and data are sourced from public markets. Views are for discussion and reference only and do not constitute investment advice.

The following is a compilation of key drivers behind the record-high stock prices of the top 10 companies, based on publicly available information. This is for discussion purposes only.

1. $Johnson & Johnson(JNJ)$

Core Business: Johnson & Johnson (JNJ) is a leading healthcare company that operates in three key segments: Pharmaceuticals, Medical Devices, and Consumer Health. Its pharmaceutical division focuses on areas like oncology, immunology, and neuroscience. The medical devices segment provides products for surgery, orthopaedics, and vision care, while the consumer health segment offers well-known brands in skincare, baby care, and over-the-counter products.

Financial Highlights: In FY 2025, JNJ reported revenue of $91.2 billion (up 2.5% YoY), net income of $15.8 billion ($6.20 EPS, adjusted $8.15 EPS), generated $24.8 billion in operating cash flow, returned $14.2 billion to shareholders through $8.5 billion in dividends and $5.7 billion in share repurchases, achieved 68.5% gross margins, and trades at ~17x forward earnings with a 3.0% dividend yield while maintaining $18.5 billion in cash.

2. $GE Aerospace(GE)$

Core Business: GE Aerospace is a leading player in the aerospace sector, specializing in the design and production of jet engines, propulsion systems, and integrated services for both commercial and military aviation. The company’s portfolio includes advanced engines for commercial airliners, military aircraft, and aerospace systems. GE Aerospace is at the forefront of developing technologies aimed at improving fuel efficiency, reducing emissions, and advancing performance.

Financial Highlights: In FY 2025, GE Aerospace generated $32.6 billion in revenue, marking a 9% increase year-over-year. The company experienced strong growth in both its commercial and military sectors, driven by an increase in aircraft engine deliveries and higher demand for maintenance and spare parts. GE Aerospace’s net income for the year reached $5.1 billion, reflecting solid profitability driven by higher margins in its services business. The company remains optimistic for continued growth in 2026, with an expected rise in aircraft deliveries and continued strength in its defense business.

3. $Applied Materials(AMAT)$

Core Business: Applied Materials is a global leader in providing equipment, services, and software for the semiconductor, display, and solar industries. The company focuses on wafer fabrication, deposition, etching, and metrology technologies, enabling the production of integrated circuits used in a wide range of applications, including AI, 5G, and IoT.

Recent Financial Highlights: In FY2025, Applied Materials reported revenue of $26.5 billion, a 12% increase compared to the previous year. The company saw strong growth in its semiconductor systems segment, driven by higher demand for wafer fabrication equipment, particularly in the memory and logic markets. Applied Materials’ net income for the year was $7.6 billion, or $6.85 per share, reflecting solid profitability and operational efficiency. With the ongoing semiconductor boom, the company’s outlook for 2026 remains positive, with expectations for continued growth in both semiconductor equipment and services.

4. $Lam Research(LRCX)$

Core Business: Lam Research is a leading supplier of semiconductor fabrication equipment and services, specializing in etch, deposition, and clean technologies essential for producing integrated circuits. The company’s solutions enable semiconductor manufacturers to enhance chip performance, improve yield, and reduce production costs. Lam Research is integral to the growth of advanced semiconductor technologies, particularly in memory, logic, and 3D NAND.

Recent Financial Highlights: In FY2025, Lam Research generated $17.5 billion in revenue, reflecting a 15% increase year-over-year, driven by strong demand for semiconductor equipment. The company's net income for the year was $4.8 billion, or $33.75 per share, surpassing analysts' expectations. The growth was primarily fueled by robust demand in memory and logic markets, as well as the continued trend toward advanced node technologies. Lam Research's strong performance positions the company well for continued success, with an optimistic outlook for fiscal 2026, supported by ongoing investments in next-gen semiconductor technologies.

5. $Philip Morris(PM)$

Core Business: Philip Morris International (PM) is a leading global tobacco company known for its production and sale of cigarettes and nicotine products. The company is transitioning toward a smoke-free future with a focus on reduced-risk alternatives, including electronic cigarettes (e-cigarettes) and heated tobacco products like IQOS. While traditional cigarettes remain a significant part of its business, Philip Morris is investing heavily in innovation to drive growth through smokeless products. The company aims to create a sustainable, smoke-free future and is expanding its portfolio with a focus on healthier alternatives for adult smokers.

Financial Highlights: In FY2025, Philip Morris reported revenue of $33.4 billion, up 8% from the previous year, driven by strong sales of its smoke-free products. The company’s net income for the year was $9.3 billion, or $6.00 per share, reflecting robust profitability. The growth was primarily fueled by the continued expansion of IQOS and other non-combustible products in key markets. Philip Morris is confident in its ongoing transformation, with an optimistic outlook for continued growth in smoke-free products and an expected rise in global consumer adoption of its reduced-risk alternatives.

6. $Linde PLC(LIN)$

Core Business: Linde PLC is a global leader in industrial gases and engineering solutions, providing a wide range of products and services to industries such as healthcare, chemicals, electronics, and energy. The company’s core offerings include oxygen, nitrogen, hydrogen, carbon dioxide, and specialty gases, which are used in manufacturing, production, and scientific research. Linde is also a key player in the development of sustainable energy solutions, particularly in hydrogen energy.

Financial Highlights: In FY2025, Linde PLC reported revenue of $39.1 billion, up 9% from the previous year, driven by strong demand for industrial gases, particularly in the healthcare and electronics sectors. The company’s net income for the year was $6.2 billion, or $10.25 per share, reflecting strong operational efficiency and high margins. Linde continued to benefit from its focus on sustainability, with a growing portfolio of hydrogen and clean energy solutions. The company expects continued growth in the coming year, particularly in Asia and North America.

7. $GE Vernova Inc.(GEV)$

Core Business: GE Vernova is a leading energy company spun off from General Electric in April 2024, focused on electrification and decarbonization of the energy sector. The company operates through three segments: Power (gas turbines, steam turbines, and power generation services), Wind (onshore and offshore wind turbines), and Electrification (grid solutions, transformers, and power conversion technologies).

Recent Financial Highlights: In FY2025, GE Vernova reported revenue of $38.5 billion (up 12% YoY), net income of $1.8 billion ($3.25 EPS, adjusted $3.85 EPS), generated $3.2 billion in free cash flow, achieved record gas turbine orders of 72 units, grew electrification segment revenue by 18%, and trades at ~25x forward earnings while maintaining a $95 billion backlog and benefiting from strong demand for grid modernization and renewable energy solutions.

8. $Amgen(AMGN)$

Core Business: Amgen is a global biopharmaceutical company focused on developing and delivering innovative therapies to treat serious diseases, including cancer, cardiovascular conditions, and autoimmune disorders. The company’s portfolio includes biologic drugs, biosimilars, and small molecules designed to address unmet medical needs. Amgen is committed to advancing biotechnology and life sciences through research, development, and strategic partnerships.

Financial Highlights: In FY2025, Amgen reported revenue of $28.2 billion, a 7% increase year-over-year, driven by strong sales of its oncology and cardiovascular products, including its blockbuster drug, Repatha. The company’s net income for the year was $6.8 billion, or $12.45 per share. Amgen's solid performance was attributed to robust demand for its innovative therapies and a growing pipeline of new treatments. The company maintains a positive outlook for 2026, with continued investment in research and development to support its expanding product portfolio.

9. $NextEra(NEE)$

Core Business: NextEra Energy is a leading clean energy company, with operations primarily focused on renewable energy generation through wind, solar, and energy storage technologies. It is one of the largest producers of wind and solar power in the world. The company also owns and operates a regulated electric utility, Florida Power & Light, which serves millions of customers. NextEra Energy is committed to driving the transition to a low-carbon future by expanding its clean energy portfolio and investing in innovative technologies that enhance energy efficiency and reduce environmental impact.

Financial Highlights: FY2025, NextEra Energy reported revenue of $19.1 billion, a 10% increase from the previous year, largely driven by growth in its renewable energy and utility businesses. The company’s net income for the year was $3.2 billion, or $2.70 per share. NextEra’s renewable energy segment performed particularly well, benefiting from higher energy production and new wind and solar projects. The company maintains a positive outlook for 2026, with plans for continued investment in clean energy projects and energy storage solutions to meet rising demand.

10. $Analog Devices(ADI)$

Core Business: Analog Devices is a global leader in analog, mixed-signal, and digital signal processing (DSP) semiconductor solutions. The company designs and manufactures high-performance integrated circuits used in a wide range of applications, including communications, automotive, healthcare, and industrial automation. Its products play a critical role in the advancement of technologies such as 5G, autonomous driving, industrial IoT, and healthcare diagnostics.

Financial Highlights: In FY2025, Analog Devices reported revenue of $13.8 billion, an 8% increase from the previous year, driven by strong demand across its industrial and automotive segments. The company’s net income for the year was $3.7 billion, or $4.73 per share, reflecting solid profitability and margin expansion. The company continues to see growth in the automotive and industrial markets, with a positive outlook for 2026, supported by its ongoing investments in 5G, electric vehicles, and other high-growth areas.

Call to Action

We invite you to explore these companies further and consider their potential impact on your investment portfolio or business strategy.

Join the conversation and share your insights on these market leaders. What do you think will be the next big trend driving their growth? Let us know in the comments below.

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