Our chart of the week compares the combined value of privately held technology companies from the world’s largest economies — the U.S., China, and the European Union. The U.S. has long held the lead in this space, driven by Silicon Valley’s culture of innovation and risk-taking, with China emerging as a serious contender through companies such as ByteDance, DeepSeek, and Ant Group. European start-ups have not seen the same level of growth, with estimates showing that European venture capital tech investment is just one-fifth that of U.S. levels. As AI technologies evolve and new companies seize opportunities, questions remain relating to Europe, where a risk-averse business culture, strict labor laws, and increased regulations have hindered the growth of privately held tech firms.