The State of Arizona‘s Fortune 500 incumbents are quickly being replaced by its tech companies. Former “blue chips” are having a tough time keeping up with locally founded tech firms. In 2015, two of the state’s Top 6 companies were in the tech industry (Avnet and First Solar). Today, in 2021, tech has taken four spots with Carvana, Microchip Technology Inc., ON Semiconductor, and GoDaddy. These companies have a combined market cap of $120 billion!
Who will join these companies and fill out the rankings in 2024? Will it be NortonLifeLock, First Solar, Amkor Technology, Inc., Avnet, Insight, Benchmark, or Nikola Motor Company? Perhaps a company in the StartupAZ Foundation cohort? Maybe even an attendee at PHX Startup Week?
Even when we talk about the the Arizona’s Fortune 500s, it’s a tech story.