Report: Adobe, Zoom, and HP have collectively lost nearly $300 billion in market cap since 2021

For years, technology companies have been among the most successful moneymakers on Wall Street, but the sector’s performance has been far from uniform. Even as tech giants continue to shape the global economy, several major publicly traded companies have suffered steep declines in market value since 2021. To give more detail, I am sending out a recent report that tracks the five-year changes in the market capitalisation of the world’s 1,000 largest publicly listed companies.

 
The team at BestBrokers analysed market capitalisation changes among the world’s 1,000 largest publicly listed companies between 13 August 2021 and 25 September 2026. After excluding companies affected by major corporate restructurings and other changes that could distort comparisons, the team identified companies that lost market value over these five years and grouped their losses by industry. All data and calculations are available on Google Drive via this link.

Based on these estimates, companies in the technology sector recorded the largest combined decline between 2021 and 2026, losing $637.3 billion in market value, more than any other industry in the analysis. Of the thousand companies we looked at, a total of 17 tech businesses saw their value on the stock market plunge – by an average of $37.49 billion. This massive market cap loss was led by American software giant Adobe, whose value shrank by $208.6 billion within just five years.

These are the tech companies with the largest market cap losses over the past 5 years:
 

1. Adobe: down $208.6 billion to $93.6 billion (-69.03%)
2. Sea Limited: down $99.6 billion to $61.0 billion (-62.03%)
3. Tencent: down $83.2 billion to $502.7 billion (-14.20%)
4. Zoom: down $81.6 billion to $26.2 billion (-75.71%)
5. Hikvision: down $40.5 billion to $43.9 billion (-48.01%)
6. Atlassian: down $37.0 billion to $47.5 billion (-43.78%)
7. Autodesk: down $29.3 billion to $43.8 billion (-40.09%)
8. Twilio: down $22.9 billion to $42.4 billion (-35.08%)
9. Workday: down $12.5 billion to $45.7 billion (-21.45%)
10. HP: down $8.3 billion to $28.2 billion (-22.71%)
11. Veeva Systems: down $3.6 billion to $45.4 billion (-7.28%)
12. Fujifilm: down $3.3 billion to $25.4 billion (-11.52%)
13. Amadeus IT Group: down $2.3 billion to $25.4 billion (-8.24%)
14. Okta: down $2 billion to $34.1 billion (-5.58%)
15. Zscaler: down $1.8 billion to $31.5 billion (-5.41%)
16. Canon: down $814 million to $24.3 billion (-3.24%)
17. RELX: down $47.1 million to $58.3 billion (-0.08%)

Other highlights from the analysis:

• Adobe lost $208.6 billion in market capitalisation, the largest decline among the technology companies in the analysis. Its market cap fell by 69.03% over the past five years to $93.6 billion in late September.
• Singapore-based Internet and mobile platform developer Sea Limited shed $99.6 billion, with its market capitalisation down 62.03% over the same period. From $160.6 billion back in 2021, it dropped to approximately $61 billion this year.
• Chinese technology and entertainment conglomerate Tencent lost $83.2 billion, despite a comparatively smaller 14.20% decline in market capitalisation. American tech company Zoom, known for its video conferencing platform that exploded in popularity during the pandemic lockdowns, lost $81.6 billion, with its market value plunging 75.71% – the steepest percentage decline among the companies analysed.
• Surveillance software company Hikvision also recorded substantial losses, shedding $40.5 billion, while the value of enterprise software makers Atlassian and Veeva Systems dropped by $37 billion and $3.6 billion, respectively. Cybersecurity firms Okta and Zscaler recorded more modest declines of 5.58% and 5.41%. Only Japanese camera maker Canon (down 3.24%) and information-based analytics company RELX’s value remained broadly unchanged, with a decline of just 0.08%.
• Across all industries, Technology’s $637.3 billion loss put it ahead of Food & Beverage (down $545.6 billion) and Fashion & Apparel (down $472.7 billion). Fintech followed with a combined loss of $420 billion, with PayPal being the largest contributor – over the past five years, the company saw more than $275.5 billion of its market value disappear.

‘The technology sector is often treated as if growth were inevitable, but the past five years show how quickly investor confidence can turn into disappointment. Adobe’s $208.6 billion loss is particularly striking because it shows that even established software businesses are not immune to changing expectations, while Zoom’s 75.71% decline is a reminder that the extraordinary demand of the pandemic years was never guaranteed to last.

Some companies benefited from temporary shifts in behaviour or valuations that proved difficult to sustain, while others have faced tougher competition and questions about how much future growth was already priced into their shares. What matters here is not simply that these businesses are worth less than they were in 2021, but how much investors were once willing to pay for their future. In technology, a strong business and a good investment are not always the same thing, especially when expectations run ahead of reality.’

– comments Stanislava Savisheva, data researcher and author at BestBrokers.

More details about the companies we included, the sources we used, and the exact methodology behind these findings are available in the full report. The complete dataset created for the analysis can be accessed on Google Drive via this link.