The Trillion Dollar Portfolio

The list of companies valued at over $1 trillion is swelling steadily, with eight companies over $2 trillion, 13 over $1 trillion, two of which are not US-quoted. They make a useful portfolio. You can see instantly the progress that they are making – $1 trillion, $2 trillion, etc., and there are more of them. Leaving aside PetroChina, just over seven years ago, there were none.

I suspect one reason for this fantastic performance is that these mighty companies have the footprint and the resources to react to each iteration of the unfolding technology revolution. Huge trends like search, advertising moving online, software as a subscription, the cloud, streaming and now the biggest leap of all, artificial intelligence and one way or another, they are involved in everything with new developments like robotics, autonomous driving, quantum computing and goodness knows what else to look forward to. I guess that they will even become involved in the unfolding healthcare revolution.

This is a great chart. Coppock is falling, but after such an explosive rise, that just reflects a slower rate of climb.

At GeneDx, we believe that everyone deserves personalized, targeted medical care—and that it all begins with a genetic diagnosis. Fueled by one of the world’s largest rare disease data sets, our industry-leading exome and genome tests translate complex genomic data into clinical answers that unlock personalized health plans, accelerate drug discovery, and improve health system efficiencies. It all starts with a single test.

GeneDX web site.

As you can see, the sexy part of GeneDX’s business, exome and genome, is growing rapidly and becoming ever more important.

There is a ton of stuff highlighting the exciting journey GeneDX is on.

There are over 10,000 rare diseases impacting 1 in 10 Americans, most of them children, and it still takes an average of 5 years to reach an accurate diagnosis. Receiving an accurate genetic diagnosis is a pivotal milestone in a patient’s journey that is often not the end.

Today, 95% of rare diseases have no approved treatment. But as the largest provider of rare disease diagnosis in the world, GeneDx will be central in changing that. As we look to our future, GeneDx isn’t just the starting point for rare disease. We’re the nexus, connecting patients, biopharma, health systems, payers, policymakers and advocacy to unlock the full potential of genomic medicine. We recently announced 2 key executive hires, Lisa Gurry as Chief Business Officer; and Dr. Mimi Lee as Chief Precision Medicine Officer, to unite our data diagnostics and partnerships so that clinical adoption, equitable access and therapeutic advancements reinforce one another, creating a network effect.

Katherine Steuland, CEO, GeneDX, Q3 2025, 28 October 2025

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The trillion-dollar portfolio

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Thanks to those subscribers who responded to my request to know if my alerts were too long. Apparently, the trick is to read my copy and maybe check out the quotes. I will bear that in mind.