Where Data Tells the Story
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In June 2025, the NASDAQ’s market capitalization reached $32.0 trillion, surpassing the NYSE at $30.8 trillion for the first time. By August 2025, the NASDAQ had climbed further to $33.5 trillion, a 158% increase from $13.0 trillion in December 2019. Over the same period, the NYSE grew more modestly by 32%, from $24.1 trillion to $31.9 trillion. This divergence highlights the growing dominance of technology-driven companies, which have propelled the NASDAQ’s rapid expansion and reshaped the balance of U.S. equity markets.