Hitachi Valuation Multiples

NVIDIA is a US semiconductor and accelerated-computing company headquartered in Santa Clara, California. It was founded on 5 April 1993 by Jensen Huang, Chris Malachowsky and Curtis Priem, and Huang remains president and CEO. The company designs GPUs (GeForce, RTX), data-center AI accelerators and networking, system-on-chip processors and the CUDA software platform. For fiscal 2026 (year ended 25 January 2026) it reported revenue of US$215.9 billion, net income of US$120.1 billion and data-center revenue of US$193.7 billion, with about 42,000 employees. It is listed on Nasdaq (NVDA) and on 29 October 2025 became the first company to reach a US$5 trillion market capitalisation. NVIDIA is also an active strategic investor, taking part in 67 venture deals in 2025 against 54 in 2024, while its NVentures fund made 30 deals in 2025. Its largest commitments include up to US$10 billion in Anthropic (November 2025) and participation in funding rounds of OpenAI, xAI, Mistral AI and Cursor.

Apple is among the largest companies in the world, with a broad portfolio of hardware and software products targeted at consumers and businesses. Apple’s iPhone makes up a majority of the firm sales, and Apple’s other products like Mac, iPad, and Watch are designed around the iPhone as the focal point of an expansive software ecosystem. Apple has progressively worked to add new applications, like streaming video, subscription bundles, and augmented reality. The firm designs its own software and semiconductors while working with subcontractors like Foxconn and TSMC to build its products and chips. Slightly less than half of Apple’s sales come directly through its flagship stores, with a majority of sales coming indirectly through partnerships and distribution.

Alphabet is a holding company that wholly owns internet giant Google. The California-based company derives slightly less than 90% of its revenue from Google services, the vast majority of which is advertising sales. Alongside online ads, Google services houses sales stemming from Google’s subscription services (YouTube TV and YouTube Music, among others), platforms (sales and in-app purchases on Play Store), and devices (Chromebooks, Pixel smartphones, and smart home products such as Chromecast). Google’s cloud computing platform accounts for roughly 10% of Alphabet’s revenue. The firm’s investments in up-and-coming technologies such as self-driving cars (Waymo), health (Verily), and internet access (Google Fiber) make up the rest.

SpaceX is an American aerospace manufacturer and space transportation company founded in 2002 by Elon Musk and incorporated in Texas, alongside launch and manufacturing sites in Hawthorne, California, Cape Canaveral, Florida, and Vandenberg Space Force Base. The company designs, builds, and operates the Falcon 9 and Falcon Heavy rockets, the Dragon crew and cargo spacecraft, and the fully reusable Starship vehicle, and has accounted for the large majority of global mass launched to orbit in recent years on the strength of reusable-rocket economics and a high launch cadence. Its Starlink division operates a low-Earth-orbit satellite constellation delivering broadband internet to more than ten million subscribers across roughly 160 countries, while the Starshield program supplies satellite and connectivity services to government and defense customers. In February 2026 SpaceX combined with Musk's artificial intelligence firm xAI, the developer of the Grok chatbot, which had itself absorbed the social platform X, consolidating space, connectivity, and AI operations under common ownership. The company completed an initial public offering on June 12, 2026, one of the largest in market history, and is led by Musk as CEO.

Taiwan Semiconductor Manufacturing Co. is the world's largest dedicated chip foundry, with about 70% market share in 2025. TSMC was founded in 1987 as a joint venture of Philips, the government of Taiwan, and private investors. It went public in Taiwan in 1994 and as an ADR in the US in 1997. TSMC's scale and high-quality technology allow the firm to generate solid operating margins, even in the highly competitive foundry business. Furthermore, the shift to the fabless business model has created tailwinds for TSMC. The foundry leader has an illustrious base of customers, including Apple, AMD, and Nvidia, that look to apply its cutting-edge process technologies to their semiconductor designs. TSMC employs more than 83,000 people.

Meta is the largest social media company in the world, boasting close to 4 billion monthly active users worldwide. The firm's "Family of Apps," its core business, consists of Facebook, Instagram, Messenger, and WhatsApp. End users can leverage these applications for a variety of different purposes, from keeping in touch with friends to following celebrities and running digital businesses for free. Meta packages customer data, gleaned from its application ecosystem and sells ads to digital advertisers. While the firm has been investing heavily in its Reality Labs business, it remains a very small part of Meta’s overall sales.

Broadcom is one of the largest semiconductor companies in the world and has also expanded into infrastructure software. Its semiconductors primarily serve computing, wired connectivity, and wireless connectivity. It has a significant position in custom AI chips to train and run inference for large language models. It is primarily a fabless designer but holds some manufacturing in-house. In software, it sells virtualization, infrastructure, and security software to large enterprises, financial institutions, and governments. Broadcom is the product of consolidation. Its businesses are an amalgamation of former companies like legacy Broadcom and Avago Technologies in chips, as well as VMware, Brocade, CA Technologies, and Symantec in software.

Tesla is a vertically integrated battery electric vehicle automaker and developer of real-world artificial intelligence software, which includes autonomous driving and humanoid robots. The company has multiple vehicles in its fleet, which include a midsize sedan and crossover SUV in the entry-level luxury category, a luxury light truck, and a semitruck. Tesla also runs a robotaxi service in four US metropolitan areas. Global deliveries in 2025 were nearly 1.64 million vehicles. Additionally, the company sells batteries for stationary storage for residential and commercial properties, including utilities, solar panels, and solar roofs for energy generation. Tesla also owns a fast-charging network and a US auto insurance business.

Berkshire Hathaway is a holding company with a wide array of subsidiaries engaged in diverse activities. The firm's core business segment is insurance, run primarily through Geico, Berkshire Hathaway Reinsurance Group, and Berkshire Hathaway Primary Group. Berkshire has used the excess cash thrown off from its operations to acquire Burlington Northern Santa Fe (railroad), Berkshire Hathaway Energy (utilities and energy distributors), and the companies that make up its manufacturing, service, and retailing operations (which include Precision Castparts, Lubrizol, Clayton Homes, Marmon, and IMC/ISCAR). The conglomerate is unique in that it is run on a completely decentralized basis. Berkshire is expected to generate close to $375 billion in revenue in 2025.

Micron Technology is a semiconductor manufacturer headquartered in Boise, Idaho. The company designs, develops and manufactures memory and storage technologies used in electronic equipment. Its principal technologies include dynamic random-access memory, NAND flash and NOR memory, which support the storage and retrieval of digital information. Customers use its products in data centres, personal computers, smartphones, vehicles and other connected equipment. Micron earns revenue from sales of memory and storage products to equipment manufacturers and other business customers. Founded in 1978, it developed from a small semiconductor design company into an international manufacturer with fabrication, assembly, testing and research operations. Its manufacturing footprint spans the United States and multiple Asian locations, while design centres and customer laboratories support product development and applications. The company operates under the Micron Technology name and maintains its corporate base in Boise.

Advanced Micro Devices is a United States semiconductor company founded in 1969 and headquartered in Santa Clara, California. It designs central and graphics processors, data-center accelerators, adaptive computing products and related system-on-chip technology for computer makers, cloud operators, enterprises and embedded-system customers. Revenue comes from sales of chips and computing platforms, intellectual-property arrangements and long-term supply relationships. AMD historically manufactured many of its own processors but later separated fabrication into GlobalFoundries and became primarily a fabless designer. Its products compete in personal computers, gaming consoles, servers, artificial-intelligence infrastructure and industrial applications. Advanced Micro Devices serves B2B and B2C customers through activities spanning Semiconductors, AI Chips & Hardware and Artificial Intelligence.

SK Hynix is a semiconductor memory manufacturer with around 60%-70% of its revenue from DRAM and 30%-35% of its revenue from NAND. The company is both the second-largest DRAM and NAND supplier globally, with a 33% and 21% market share, respectively, as of 2024. SK Hynix increased its market position in NAND from fourth to second, after acquiring Intel's NAND business in 2021. SK Square, an investment management company spun off from SK Telecom, is SK Hynix's largest shareholder and currently holds 20% of the company's shares.

ASML is the leader in lithography systems for manufacturing semiconductors with 90% market share. Lithography is the process in which a light source is used to expose circuit patterns from a photo mask onto a semiconductor wafer. Lithography allows chipmakers to increase the number of transistors on the same area of silicon, with lithography historically representing a high portion of the cost of making cutting-edge chips. ASML outsources the manufacturing of most of its parts, acting like an assembler. ASML’s largest clients are TSMC, Samsung, and Intel.

Johnson & Johnson is the world's largest and most diverse healthcare firm. It has two divisions: innovative medicine and medtech. These now represent all of the company's sales following the divestment of the consumer business, Kenvue, in 2023. After restructurings in 2023-24, the drug division focuses on three main therapeutic areas: immunology, oncology, and neurology. Geographically, just over half of total revenue is generated in the United States.

Intel is a United States semiconductor and computing company founded in 1968 and headquartered in Santa Clara, California. It designs and sells processors, chipsets, accelerators, networking products and related software used in personal computers, data centers, edge devices and embedded systems. The company serves hardware manufacturers, cloud providers, enterprises and consumers through product sales, licensing and technical partnerships. Intel also develops software and research capabilities that improve how computing platforms process data and interact with users. It has used acquisitions to add engineering teams and technologies complementary to its core hardware and software platforms. Buying Spanish natural-language software company Indisys in 2013 supplied dialogue technology and specialist researchers for Intel's perceptual-computing work. The acquired capability supported efforts to make human-machine interaction more conversational across future devices and applications.

CXMT Corp is engaged in the research, design, production and sales of Dynamic Random Access Memory (DRAM) products. These DRAM products are widely used in mobile terminals, computers, servers, virtual reality, and the Internet of Things (IoT).

Cisco Systems is a United States networking technology company headquartered in San Jose, California. It develops and sells routers, switches, security products, collaboration systems and software used to connect and manage digital networks. The company serves enterprises, telecommunications providers, public-sector organizations and smaller businesses worldwide. Revenue comes from hardware product sales, software subscriptions, licensing and technical support services. Cisco agreed to acquire CAIS Software Solutions and its IPORT technology in 2000 to strengthen products for property-based broadband access. The company is publicly listed and operates globally through direct sales and partner channels, with products spanning campus, data-center, wide-area and Internet infrastructure.

Lam Research is one of the largest semiconductor wafer fabrication equipment manufacturers in the world. It specializes in deposition and etch, which entail the buildup of layers on a semiconductor and the subsequent selective removal of patterns from each layer. Lam holds the top market share in etch and holds the clear second share in deposition. It is more exposed to memory chipmakers for DRAM and NAND chips. It counts as top customers the largest chipmakers in the world, including TSMC, Samsung, Intel, and Micron.

Applied Materials is the largest semiconductor wafer fabrication equipment manufacturer in the world. It has a broad portfolio spanning nearly every corner of the WFE ecosystem. Applied Materials holds leading market share in deposition, which entails the layering of new materials on semiconductor wafers. It is more exposed to general-purpose logic chips made at integrated device manufacturers and foundries. It counts the largest chipmakers in the world as customers, including TSMC, Intel, and Samsung.

Dell Technologies is an American information technology company headquartered in Round Rock, Texas, where Dell has been based since 1994, and listed on the New York Stock Exchange. It was formed in September 2016 when Dell Inc., founded by Michael Dell and taken private in 2013, completed its $67 billion acquisition of the storage and software company EMC. The company has two main divisions: the Client Solutions Group, which sells personal computers, monitors and peripherals including the Alienware gaming brand, and the Infrastructure Solutions Group, which sells servers, data storage and networking equipment. It also offers cloud, security, IT consulting and managed services, and sells to business and consumer customers directly and through channel partners, earning its revenue mainly from hardware sales plus services and software. In the fiscal year ended January 2026 Dell reported revenue of $113.5 billion and net income of $5.9 billion, and it employed about 97,000 people. Michael Dell is chairman and chief executive and owns about 59% of the company. Dell Technologies ranked 44th on the 2025 Fortune 500.

Caterpillar is the world’s leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives. Its reporting segments are construction, resource, energy, and transportation. Market share approaches 20% across many products. Caterpillar operates a captive finance subsidiary to facilitate sales. The firm has a global reach that is approximately evenly balanced between the US and the rest of the world. Construction skews more domestic, while the other divisions are more geographically diversified. An independent network of over 150 dealers operates approximately 2,800 facilities, giving Caterpillar reach into about 190 countries for sales and support services.

Roche is a Swiss biopharmaceutical and diagnostic company. The firm's bestselling pharmaceutical products include a variety of oncology therapies from acquired partner Genentech, and its diagnostics group was bolstered by the acquisition of Ventana in 2008. Oncology products account for 50% of pharmaceutical sales, and centralized and point-of-care diagnostics for more than half of diagnostic-related sales.

Arm Holdings is the IP owner and developer of the ARM architecture, which is used in 99% of the world’s smartphone CPU cores, and it also has high market share in other battery-powered devices like wearables, tablets, or sensors. Arm licenses its architecture for a fee, offering different types of licenses depending on the flexibility the customer needs. Customers like Apple or Qualcomm buy architectural licenses, which allow them to modify the architecture and add or delete instructions to tailor the chips to their specific needs. Other clients directly buy off-the-shelf designs from Arm. Both off-the-shelf and architectural customers pay a royalty fee per chip shipped.

Dallas-based Texas Instruments generates over 95% of its revenue from semiconductors and the remainder from its well-known calculators. Texas Instruments is the world's largest maker of analog chips, which are used to process real-world signals such as sound and power. Texas Instruments also has a leading market share position in processors and microcontrollers used in a wide variety of electronics applications.

Arista Networks is a networking equipment provider that primarily sells Ethernet switches and software to data centers. Its marquee product is its extensible operating system that runs a single image across every single one of its devices. The firm operates as one reportable segment. It has steadily gained market share since its founding in 2004, with a focus on high-speed applications. Arista counts Microsoft and Meta Platforms as its largest customers and derives roughly three-fourths of its sales from North America.

Thermo Fisher Scientific sells scientific instruments and laboratory equipment, diagnostics consumables, and life science reagents. The firm operates through four segments as of year-end 2025 (revenue figures include some cross-segment revenue): analytical technologies (17% of sales); specialty diagnostic products (11%); life science solutions (23%); and lab products and services, which includes CRO services (the remainder).

Marvell Technology is a fabless chip designer focused on wired networking, where it has the second-highest market share. Marvell serves the data center, carrier, enterprise, and consumer end markets with processors, optical and copper transceivers, switches, and storage controllers.

KLA is one of the largest semiconductor wafer fabrication equipment, or WFE, manufacturers in the world. It specializes in the market segment of semiconductor process control, wherein machines inspect semiconductor wafers during research and development and manufacturing for defects and verify precise measurements. In this section of the market, KLA holds a majority share. It also has a small exposure to the etch and deposition segments of the WFE market. It counts as top customers the largest chipmakers in the world, including TSMC and Samsung.

Siemens is a German industrial technology group headquartered in Munich that supplies automation, electrification, rail and healthcare equipment, software and services. It was founded in Berlin on October 1, 1847 by Werner von Siemens and Johann Georg Halske as Telegraphen-Bauanstalt von Siemens & Halske. The group reports through Digital Industries (factory automation and industrial software), Smart Infrastructure (buildings and electrical distribution), Siemens Mobility (rolling stock, signalling and rail systems) and Siemens Financial Services, and holds about 75% of separately listed Siemens Healthineers. It sells mainly to manufacturers, utilities, infrastructure owners, transit operators and hospitals, and in fiscal 2025 generated revenue of €78.9 billion and net income of €10.4 billion with about 327,000 employees. In 2020 it spun off Siemens Energy, keeping a 17.1% stake, and bought Varian Medical Systems for US$16.4 billion; in 2025 it added Altair Engineering for about US$10 billion, its largest acquisition, and Dotmatics for US$5.1 billion. Roland Busch has been chief executive since February 2021, and the shares trade on the Frankfurt Stock Exchange as a DAX member.

Founded in 1997, MediaTek is a fabless semiconductor designer focusing on solutions for smartphones, digital televisions, and connectivity products. The business is divided into three segments. The first is "mobile," which accounts for more than half of sales, where MediaTek is the second-largest third-party supplier of smartphone SoCs by revenue to the likes of Xiaomi and Vivo. The second is "smart edge," which accounts for just over 40% of sales, that covers most devices other than smartphones. The third is "power IC" that includes power management products for mobile devices, data centers, connectivity devices and more. Mediatek is headquartered in Hsinchu, Taiwan and employs about 22,400 people.

IBM (International Business Machines) is an American technology company headquartered in Armonk, New York, and operating in more than 175 countries. It sells hybrid-cloud and AI software, including Red Hat and the watsonx portfolio, IT consulting services, and infrastructure hardware such as IBM Z mainframes. Its customers are mainly large enterprises and governments, and it earns revenue from software subscriptions and licences, consulting and managed-services contracts, and hardware sales and financing. In 2025 IBM reported revenue of $67.5 billion, up 8%, with software up 11%, consulting up 2% and infrastructure up 12%, and free cash flow of $14.7 billion. The company was founded in 1911 as the Computing-Tabulating-Recording Company and renamed International Business Machines in 1924; it dominated mainframe computing with the System/360 and launched the IBM Personal Computer in 1981 before selling its PC division to Lenovo in 2005. More recently it bought Red Hat for $34 billion in 2019, spun off its managed infrastructure services unit as Kyndryl in 2021, and in December 2025 agreed to acquire data-streaming company Confluent for about $11 billion. Arvind Krishna is chairman and chief executive.

SanDisk is a flash memory company headquartered in Milpitas, California, that designs and manufactures NAND flash products, including memory cards, USB flash drives and solid-state drives (SSDs) for consumers, PC makers and data centers. It produces its flash chips through its long-running Flash Forward manufacturing joint venture with Kioxia in Japan and sells both under the SanDisk brand and through storage products formerly marketed under Western Digital's WD brand. The company earns its revenue from product sales to retailers, device manufacturers and cloud and enterprise customers; revenue was $7.4 billion in fiscal 2025 and rose 175% to $20.25 billion in fiscal 2026, driven by data-center demand and higher pricing, with net income of $11.43 billion. SanDisk had about 11,000 employees in 2025; its shares trade on Nasdaq under the ticker SNDK and rejoined the Nasdaq-100 index in April 2026. It was founded on June 1, 1988 as SunDisk by Eli Harari, Sanjay Mehrotra and Jack Yuan, produced the first flash-based SSD for IBM in 1991, renamed itself SanDisk and went public in 1995. Western Digital agreed to buy it in October 2015 and completed the purchase in May 2016 at a valuation of about $16 billion, then spun the flash business off again as the independent Sandisk Corporation in February 2025, with David Goeckeler as chief executive.

Amphenol is a United States manufacturer of electrical, electronic and fiber-optic interconnect products, sensors and cable systems. Its connector portfolio supports applications involving high-speed data, electrical power, radio-frequency signals and operation in demanding environments. The company also supplies cable assemblies, wiring harnesses, antennas, power distribution components and flexible or rigid printed circuit boards. Its sensors measure conditions such as pressure, temperature, position, moisture and vibration. Customers use these products in automotive systems, industrial equipment, communications networks, computing infrastructure, aerospace and other electronic applications. Revenue comes from sales of components and assemblies to business customers that incorporate them into larger products and systems. Amphenol offers both standard products and customized designs, with manufacturing and technical capabilities supporting customers across international markets.

IHC is an Abu Dhabi-listed diversified operating and investment holding company founded in 1998. Its subsidiaries and equity interests span real estate, healthcare, food, utilities, technology, financial services, marine activities and other industrial sectors. The group serves consumers, businesses and government counterparties through its operating companies. Revenue is generated from consolidated services, product sales, development activity and returns on investment holdings. IHC Capital acted as the group vehicle participating alongside ADQ in the transaction that formed the enlarged Modon Holding. Because IHC Capital carries the parent brand and is not a separately managed external investment house, it is resolved to the existing IHC record under the one-house rule. The listed parent allocates capital centrally while operating through separately managed subsidiaries and associates.

CATL, headquartered in Ningde, Fujian Province, is a global leading battery manufacturer founded in 2011. The company specializes in the development and production of lithium-ion batteries for electric vehicle and energy storage systems. CATL is the largest EV battery manufacturer in the world and leads the industry in innovative battery technology development for higher-energy density and safety, longer battery service life, and super-fast charging. CATL is also involved in the manufacturing of cathode and other related battery materials. Through subsidiary Brunp, it works with customers to create a closed-loop battery life cycle from production, application, to recycling.

Analog Devices is a leading analog, mixed-signal, and digital-signal processing chipmaker. The firm has a significant market share lead in converter chips, which are used to translate analog signals to digital and vice versa. The company serves tens of thousands of customers; more than half of its chip sales are to industrial and automotive end markets. ADI's chips are also incorporated into wireless infrastructure equipment.

Qualcomm is a San Diego semiconductor, software and wireless-technology company founded in 1985. It designs modem, radio-frequency, connectivity, automotive and computing platforms used by device manufacturers and network operators worldwide. The company develops and licenses a large portfolio of patents essential to cellular standards and earns revenue through chip sales and technology licensing. Its Snapdragon platforms combine processors, connectivity, graphics and artificial-intelligence capabilities for smartphones, vehicles, personal computers and connected devices. Qualcomm also invests in and acquires technologies that extend its wireless intellectual-property base into adjacent markets. At the time of the HaloIPT transaction, its European Innovation Development group was pursuing wireless-power systems for electric vehicles. Qualcomm acquired substantially all HaloIPT technology and hired its team in November 2011 while establishing a continuing research relationship with Auckland UniServices. The company is publicly traded on Nasdaq and primarily serves manufacturers, carriers and enterprise customers.

Founded in 1954 and headquartered in Tokyo, Advantest specializes in semiconductor test systems and is a well-known leader in automated test equipment, or ATE. Advantest also has a high market share in test systems for nonmemory semiconductors, including application processors for mobile phones. The company is also involved in peripheral businesses, such as semiconductor device transport equipment. Following its acquisition of Verigy in July 2011, Advantest holds a market share of over 60% in the ATE market.

Abbott manufactures and markets cardiovascular and diabetes devices, adult and pediatric nutritional products, diagnostic equipment and testing kits, and branded generic drugs. Products include pacemakers, implantable cardioverter defibrillators, neuromodulation devices, coronary stents, catheters, infant formula, nutritional liquids for adults, continuous glucose monitors, and immunoassays and point-of-care diagnostic equipment. Abbott derives roughly 60% of sales outside the United States.

Deere is the world’s leading manufacturer of agricultural equipment and a major producer of construction machinery. The company is divided into four reporting segments: production & precision agriculture, or PPA, small agriculture & turf, or SAT, construction & forestry, or CF, and financial services, or FS, its captive finance subsidiary. The core PPA business is the largest contributor to sales and profits by far. Geographically, Deere sales are 60% US/Canada, 17% Europe, 14% Latin America, and 9% rest of the world. Deere goes to market through a robust dealer network that includes over 2,000 dealer locations in North America with reach into over 100 countries. John Deere Financial provides retail financing for machinery to its customers and wholesale financing for dealers.

ABB is a Swiss-Swedish electrification and automation group headquartered in Zurich and incorporated in Switzerland as ABB Ltd. It was formed in 1988 by the merger of Sweden's ASEA, founded in 1883, and Switzerland's Brown, Boveri & Cie, founded in 1891, creating a group with about $15 billion of revenue and 160,000 employees at the time. Its roughly 20 divisions sit in four business areas: Electrification, Motion, Process Automation, and Robotics & Discrete Automation. It sells electrical distribution products such as circuit breakers, motors and drives, industrial robots and automation systems to industrial, utility, building and infrastructure customers. ABB sold its power grids business to Hitachi in 2020, spun off its turbocharging business in 2022, and in October 2025 agreed to sell its industrial robotics unit, with about 7,000 employees and $2.3 billion of 2024 revenue, to SoftBank Group for $5.4 billion. Major 21st-century acquisitions include Baldor Electric, Thomas & Betts and GE Industrial Solutions. The shares are listed on the SIX Swiss Exchange and Nasdaq Stockholm, and Morten Wierod has been chief executive since August 2024.

Seagate is a data storage company that makes hard disk drives, and together with Western Digital it dominates the global hard drive market. Its parent, Seagate Technology Holdings plc, has been legally domiciled in Dublin, Ireland since 2010, while its operational headquarters is in Fremont, California. The company designs and manufactures hard disk drives, hybrid drives and solid-state drives, as well as LaCie-branded external storage, and sells them mainly to cloud and enterprise data-center operators, PC and device makers, distributors and retailers. Seagate earns its revenue from product sales and reported revenue of $9.10 billion and net income of $1.47 billion for the fiscal year ended June 27, 2025, with about 30,000 employees, nearly half of them at manufacturing and R&D sites in Thailand. It was incorporated on November 1, 1978 as Shugart Technology and began operations in 1979, founded by Al Shugart, Tom Mitchell, Doug Mahon, Finis Conner and Syed Iftikar, and in 1980 introduced the first 5.25-inch hard disk drive, the ST-506. Much of its growth came through acquisitions, including Control Data's Imprimis division in 1989, Conner Peripherals in 1996, Maxtor in 2006 and Samsung's hard drive business in 2011. Its shares trade on Nasdaq under the ticker STX, and Dave Mosley is chairman and chief executive.

Schneider Electric is a French energy technology company headquartered in Rueil-Malmaison, near Paris, whose products cover electrification, automation and digitalisation for buildings, homes, data centers, infrastructure and industry. It sells electrical distribution equipment, switches and sockets, building and home automation, industrial control and process safety systems, grid automation, critical power and cooling for data centers, and energy management and industrial software, under brands including Square D, APC, AVEVA, Clipsal, Merlin Gerin, Telemecanique and Modicon. The company earns most of its revenue from product and system sales to distributors, panel builders, contractors, utilities, data-center operators and industrial customers. It reported revenue of 40.15 billion euros and net income of 4.35 billion euros for 2025 and employed about 177,000 people in 2024. Schneider Electric is registered as a Societas Europaea, trades on Euronext Paris as part of the CAC 40 and Euro Stoxx 50 indices, and is led by chief executive Olivier Blum and chairman Jean-Pascal Tricoire. Its history begins in 1836, when brothers Adolphe and Eugène Schneider took over an iron foundry in Le Creusot and founded Schneider-Creusot, a maker of steel, heavy machinery and transport equipment that later refocused on electrical equipment.

Founded in 1911 by Joseph Eaton, the eponymous company began by selling truck axles in New Jersey. Eaton has since become an industrial powerhouse largely through acquisitions in various end markets. Eaton's portfolio can broadly be divided into two parts: its electrical and industrial businesses. Its electrical portfolio (representing around 70% of company revenue) sells components within data centers, utilities, and commercial and residential buildings, while its industrial business (30% of revenue) sells components within commercial and passenger vehicles and aircraft. Eaton receives favorable tax treatment as a domiciliary of Ireland, but it generates over half of its revenue within the US.

In 1984, Danaher's founders transformed a real estate organization into an industrial-focused manufacturing company. Then, through a series of mergers, acquisitions, and divestitures, Danaher now focuses primarily on manufacturing scientific instruments and consumables in the life sciences and diagnostic industries after the late 2023 divestiture of its environmental and applied solutions group, Veralto.

Foxconn Industrial Internet Co Ltd is engaged in the design, research and development, manufacturing, and sales of various electronic equipment products. The company's main products include communications network equipment, cloud service equipment, precision tools, and industrial robots.

Intuitive develops, produces, and markets a robotic system for assisting minimally invasive surgery. It also provides the instrumentation, disposable accessories, and warranty services for the system. The company has placed more than 10,000 da Vinci systems in hospitals worldwide, with more than 6,000 installations in the US and a growing number in emerging markets.

Safran is a Paris-listed aerospace and defence group formed in 2005 from the merger of Snecma and Sagem. Its propulsion division produces aircraft and helicopter engines and provides parts and maintenance over their operating lives. Other businesses supply landing gear, nacelles, electrical systems, avionics, defence equipment and aircraft interiors. Safran participates with GE Aerospace in CFM International, a major supplier of engines for narrow-body commercial aircraft. Airlines, airframers, armed forces and government customers buy the group’s products and services worldwide. Revenue comes from original equipment, aftermarket parts, maintenance and long-term service contracts. Safran acquired Indian test-systems specialist Captronic from Axon Partners in August 2022.