In this article, we take a look at the top 20 technology companies in Silicon Valley. If you want to skip articles about the world's technology hubs and the regions that have changed the world as we know it, check out: Five of Silicon Valley's top technology companies.
If there's one thing we know for sure in 2024, it's that Silicon Valley isn't going anywhere. The field that gave rise to microprocessors, personal computers, the Internet, and smartphones is now leading the way with a set of technologies called artificial intelligence. Typically the realm of science fiction, AI is a collection of technologies that fall under the category of data science. This is the most advanced type of data science, as the software is programmed to learn from vast data sets to generate and create unique insights.
With the end of the first quarter of 2024, Wall Street can now see how some of the world's largest technology companies, most of them located in Silicon Valley, are doing when it comes to artificial intelligence. Ta. Big-ticket technology and AI companies such as Microsoft Corporation (NASDAQ:MSFT), Meta Platforms, Inc. (NASDAQ:META), Intel Corporation (NASDAQ:INTC), and Alphabet Inc. (NASDAQ:GOOG) report their first financial results. The results primarily focused on how much companies spent on AI platforms in the first quarter and their plans for further spending this year.
One of the first companies to report earnings was Meta, Facebook's parent company. The company's shares plunged 16% in after-market hours on the day of the earnings release as Wall Street digested its multibillion-dollar AI capital spending plan for 2024, with costs rising for the first time in two consecutive quarters. . Alphabet sought to assure investors of its stability as it became another technology stock to declare a dividend. Additional revenue streams are almost always welcomed by investors, and despite peer Microsoft being one of the best-performing companies in the artificial intelligence space, the stock has had a mixed performance. Despite this, Alphabet's stock price soared more than 10% in the aftermarket.
Digging deeper into the earnings of Alphabet, the Silicon Valley giant known as the parent company of Google, it announced a 20-cent dividend and a $70 billion stock buyback. Both of these are great supports for the stock, with Alphabet stock up 6% since the earnings release, after stripping out some of the 10% post-earnings gains during regular trading hours. In terms of revenue, Alphabet brought in $80 billion and in terms of EPS, it earned $1.81. Both of these exceeded analyst estimates of $78.59 billion and $159 million, and combined with advertising revenue of $61.7 billion, well above expectations of $60.2 billion, the latest results are pretty solid. It became a thing.
On the hardware side, Intel, one of the world's largest semiconductor manufacturers, is currently focusing on the cutting-edge aspects of the industry. The company lost out to Taiwan's Taiwan Semiconductor Manufacturing Co., Ltd. (NYSE:TSM) in the chip manufacturing competition, and in April 2024 announced the “first light” of its high-NA EUV scanner, the world's most advanced chip manufacturing machine. . First light refers to the first time a chip-making machine is powered on, an event that typically marks the end of countless hours of work that went into setting up a complex machine.
When it comes to AI, here's what executives at Adobe Inc. (NASDAQ:ADBE), another Silicon Valley company, said in their Q1 2024 earnings call:
We're bringing generative AI to the Adobe Experience Cloud and demonstrating an AI assistant for customer experience management at Adobe Summit. Every student, communicator, creative professional, and marketer is now focused on leveraging generative AI to imagine, ideate, create, and deliver content and applications across a vast array of channels. Adobe is uniquely positioned to deliver this huge market opportunity through the combination of Express, Firefly, Creative Cloud, Acrobat, and Experience Cloud. The success of GenStudio products in the enterprise is a testament to our leadership, and we look forward to seeing that success spill over into other segments as we roll out these solutions throughout the year. We are strongly driving the use, value and demand for AI solutions across all customer segments.
With these details in mind, let's take a look at some of Silicon Valley's top technology companies. Notable companies include Oracle Corporation (NYSE:ORCL), Alphabet Inc. (NASDAQ:GOOG), and Apple Inc. (NASDAQ:AAPL).
our methodology
To create our list of Silicon Valley's top companies, we ranked all companies based in the region or originated in Silicon Valley by number of employees and selected the company with the most employees.
Top 20 Silicon Valley tech companies
20. ServiceNow, Inc. (NYSE:NOW)
Number of employees: 22,668 people
ServiceNow, Inc. (NYSE:NOW) is a technology company that enables businesses to leverage advanced analytics, artificial intelligence, and other capabilities in their daily operations. The stock has an average rating of “Strong Buy” and an average analyst price target of $859. The company joins Oracle Corporation (NYSE:ORCL), Alphabet Inc. (NASDAQ:GOOG) and Apple Inc. (NASDAQ:AAPL) on the list of Silicon Valley's top technology companies.
19. Advanced Micro Devices, Inc. (NASDAQ:AMD)
Number of employees: 26,000
Advanced Micro Devices, Inc. (NASDAQ:AMD) is a semiconductor design company based in Santa Clara, California. The company, along with Intel, is one of the few companies in the world that can sell microprocessors designed through the x86 microarchitecture. The stock has been the center of attention on Wall Street ahead of its first quarter results, with Morgan Stanley lowering its price target from $193 to $177 and keeping its rating on the stock “overweight.”
18. PayPal Holdings, Inc. (NASDAQ:PYPL)
Number of employees: 27,200
PayPal Holdings, Inc. (NASDAQ:PYPL) is the world's first software company to introduce a digital payments system that enables cross-border payments and transactions. The stock has an average rating of “buy” and an average price target of $66.70.
17. NVIDIA Corporation (NASDAQ:NVDA)
Number of employees: 29,600
NVIDIA Corporation (NASDAQ:NVDA) is also a semiconductor design company. The company primarily designs and sells graphics processing units, which has propelled it to the top of his AI food chain. The AI boom has also helped his NVIDIA financially, with his EPS beating analyst expectations in all four of his recent quarters.
16. Adobe (NASDAQ:ADBE)
Number of employees: 29,945
Adobe Inc. (NASDAQ:ADBE) is a software company that provides products that help engineers, designers, and others manage their daily tasks. The company has also started monetizing its AI products, offering Reader AI Assistant for a fee of $4.99.
15. Uber Technologies, Inc. (NYSE:UBER)
Number of employees: 30,400
Uber Technologies, Inc. (NYSE:UBER) is another innovative Silicon Valley company that was among the first in the world to introduce ride-sharing applications. The stock also has a high evaluation, with an average rating of “Strong Buy” and an average price target of $81.65.
14. Seagate Technology Holdings plc (NASDAQ:STX)
Number of employees: 33,400
Seagate Technology Holdings plc (NASDAQ:STX) is a computer hardware company that sells storage systems such as hard disks. The company has been performing well financially recently, beating analyst EPS estimates in three of the last four quarters.
13. Sanmina Corporation (NASDAQ:SANM)
Number of employees: 34,000
Sanmina Corporation (NASDAQ:SANM) is a technology company that manufactures and sells printed circuit boards and other products.
12. Applied Materials, Inc. (NASDAQ:AMAT)
Number of employees: 34,500
Applied Materials, Inc. (NASDAQ:AMAT) is a back-end semiconductor company whose products are used in chip design and testing. The company increased its dividend to 40 cents per share in April 2024, which is good news for investors.
11. Micron Technology (NASDAQ:MU)
Number of employees: 43,000
Micron Technology, Inc. (NASDAQ:MU) is one of the world's largest memory chip manufacturers. The company received billions of dollars in funding from the U.S. government in April 2024 to establish a chip manufacturing facility in the United States.
10. Qualcomm Inc. (NASDAQ:QCOM)
Number of employees: 50,000
QUALCOMM Incorporated (NASDAQ:QCOM) is a San Diego-based company that designs and sells CPUs, GPUs, and other chips used in smartphones and other mobile products.
9. Western Digital Corporation (NASDAQ:WDC)
Number of employees: 53,000
Western Digital Corporation (NASDAQ:WDC) is also a computer hardware company that manufactures and sells storage devices. The stock has an average rating of “Buy” and an average analyst price target of $86.53.
8. HP Inc. (NYSE:HPQ)
Number of employees: 58,000
HP Inc. (NYSE:HPQ) is one of Silicon Valley's oldest companies and one of the companies that has played a key role in the personal computing revolution. However, the company has struggled financially recently, beating analysts' EPS estimates in only one of the last four quarters.
7. Meta Platforms, Inc. (NASDAQ:META)
Number of employees: 69,329
Meta Platforms, Inc. (NASDAQ:META) is the holding company for Facebook, WhatsApp, and Instagram. In the latest earnings call, CEO Mark Zuckerberg reiterated the benefits of having open source AI models and virtual reality headsets when it comes to developing and benefiting from AI.
6. Salesforce (NYSE:CRM)
Number of employees: 72,682
Salesforce, Inc. (NYSE:CRM) is an enterprise software company that helps businesses manage customer relationships. The company's head of climate change said in April 2024 that he took an interesting approach to AI, saying that while it is important to focus on AI, the industry also needs to focus on the impact of change on the climate. I shared that there is.
Oracle Corporation (NYSE:ORCL), Salesforce, Inc. (NYSE:CRM), Alphabet Inc. (NASDAQ:GOOG), and Apple Inc. (NASDAQ:AAPL) are some of Silicon Valley's largest technology companies.
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Disclosure: None. Top 20 Silicon Valley tech companies Originally published on Insider Monkey.
