"Many of today's firms do not get their value from the physical...

"Many of today's firms do not get their value from the physical products they move around...the true source of these companies' profits is more ethereal. The software that runs Google's search engine, the data that represents the network of friends in Facebook, the designs and brand identity of Apple, the algorithms that recommend your evening's viewing on Netflix - this is where their true value lies. Economists call these non-physical assets 'intangible'.

The speed of the shift to intangible assets has been remarkable. In 1975, about 83% of the market value of companies on the Standard & Poor 500 stock market index comprised tangible assets. Intangible assets accounted for the remaining 17%. By 2015, those proportions had reversed. Only 16% of the S&P's 500's value could be accounted for by tangible assets, and 84% by intangibles.

In 2019, the stock market value of Apple, Google, Microsoft, Amazon and Tencent combined was $3.5 USD Trillion - of which 94% is represented by intangibles."

Source: 'Exponential - How Accelerating Technology Is Leaving Us Behind and What To Do About It' by Azeem Azhar, pages 104-105

According to Brand Finance, a brand valuation consultancy, in 2021 Microsoft overtook Apple to become the world's most intangible company.