It is no secret that the main input for the growth of technology companies is investment in research and technology (R&D). growth of technology companies is investment in research and technology (R&D). This is highlighted by the ranking of the companies that dedicated the highest percentage of their sales to R&D in 2022 and which are listed on Nasdaq. Topping the list is Meta, with US$35.3 billion, equivalent to 30% of its sales, followed by Nvidia, with US$7.3 billion or 27% of its sales, and chip manufacturer ASML (US$3.3 billion, or 15% of its sales). However, the company in the ranking that invests the most in R&D in absolute terms is Amazon, with US$73.2 billion, equivalent to 14% of its sales.

The high levels of R&D investment by Meta and Nvidia, however, are far more common in the pharmaceutical industry, where the companies with the highest research investment relative to sales are in the range of 20% to over 30%. The list is headed by Roche, with US$14.7 billion in R&D investments, equivalent to 31% of its sales. Smaller companies also appear on the list, but with greater specialization, such as Regeneron, focused on developing drugs for complex diseases and which developed a cocktail for the treatment of Covid (the same that was administered to President Donald Trump). This company invested US$3,593 million in 2022, 29.5% of its sales.