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This is from Morgan Stanley:There are fewer publicly listed companies today than there were in 1976. However, the average market cap for a publicly listed company today is over $10 billion, up from less than $700 million in 1976, adjusted for inflation.
The enormous increase of the average U.S. company is driven by changes at opposite ends of the spectrum; The big are getting bigger, and the tiny ones are disappearing, mostly as a result of M&A.