European market cap concentration The Netherlands continues to lead Europe in terms of total public tech market cap. It is also home to four of the top 10 largest European tech companies by public market cap. ASML on its own is a true multi-hun- dred-billion-dollar European tech giant, accounting for 52% of the Netherlands’ total market cap. Meanwhile, the UK leapfrogged France, largely thanks to the ARM mega-listing, which contributed 34% of the country’s total market cap in 2023. Without a helping hand from ARM, the UK would have underperformed year-on-year. Similarly, the German public tech market is heavily reliant on SAP’s performance, as it contributes a whopping 53% to Germany’s total tech market cap. The stock price recovery of SAP is also re昀氀ected in Germany adding $33M to its market cap. The European public tech markets continue to be concentrated among a few top players, where the top three account for 35% of the total 2023 market cap and the top 10 for 58%. Total market cap ($B) for top 10 european countries, 2021 to 2023 2021 2022 2023 800 600 ) B $ ( p a c 400 t e k r a M 200 0 s y e d n d n y y e d n m c n e n i al a p n a o n la d la a t w o a d a r e p I r r rl rm g r e S o u e w r e e n F z I E i t S N h G K i f t o e d Sw t N e s t i e Un R Notes: Sources: S&P Capital IQ Platform, as of date 30 September 2023, for illustrative purposes only. 241 | Outcomes