The market value is the new secret weapon of American dominance—how American companies swallow their competitors without borrowing...

What is happening today in the United States is a massive surge in the market values of companies, raising serious questions about the future of global competition. For many of the largest American companies, capital or bank financing is no longer an obstacle, after the market value of some of them exceeded several trillion, even though some have not distributed cash dividends to shareholders for years. Tesla is an example: it has not paid dividends since it was listed in 2010 up to now.

As a result, these companies have gained an exceptional ability to finance their expansion and acquire competitors using their highly valued shares, without needing to borrow huge sums or rely on traditional cash flows—and this gives them an advantage that is difficult for many companies around the world to match.

As a company’s valuation rises in the market, its ability to raise financing also increases—funding research and development, attracting talent, and executing acquisition deals—so that market value itself turns into an independent source of economic power.

Critics of this model believe that the continuation of this phenomenon could gradually lead to the concentration of economic influence in the hands of a limited number of giant companies, making competition even harder—especially when high stock prices become a financing and acquisition tool no less important than a company’s real profits or operational strength.

This has been clearly demonstrated by companies such as Tesla and other major tech giants, which benefited from higher share prices to support financing, global expansion, spending on innovation, and acquisitions (such as Oracle buying TikTok and Tesla buying Twitter). Also, yesterday, SpaceX—after just a few days from its listing—approved the acquisition of the emerging company Koursor, founded in 2022 and specialized in AI programming, in a deal valued at 60 billion dollars, further strengthening its position as a leading company in this field. Why not? SpaceX’s market value exceeded 2.6 trillion dollars.

Unlike in the past, when giant companies built their value mainly on profits and accumulated cash flows, today, in many cases, market value is built on very distant expectations—then this market value itself turns into a tool for financing and acquisitions, which is exactly what is happening with SpaceX and Tesla.

The tactic has been exposed: it raises a company’s valuation, and therefore its market value rises accordingly; then the company begins to acquire competing firms. For this reason, some critics argue that what is happening is not just a passing matter, but a broader phenomenon in an era of cheap money, abundant liquidity, and rising asset prices—where companies that pay no dividends and do not generate stable profits can reach market values surpassing the entire economies of whole countries.

Therefore, the question facing the global economy today is no longer about how much the market value of these companies is, but rather how far it can be allowed for this accumulation of financial power without weakening competition, monopolizing innovation, and confining the future of entire industries to the hands of a limited number of giant companies—especially the artificial intelligence industry, which has become to a large extent monopolized by the United States, with limited competition from China. This is a very dangerous future for the world: what if one entity controls a technology like artificial intelligence?...
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