At IFS2012, Future Horizons' CTO, Mike Bryant, pointed out that ARM's market cap is now $12 billion.
Next largest market cap is NXP at $5.8 billion and rising quite steadily.
Third largest market cap is STMicroelectronics at $4.8 billion and falling quite steadily.
The market cap valuation is in dramatic contrast with the companies' sales - running at $4 billion each at Infineon and NXP, at $8 billion at ST and at $750 million at ARM.
Future Horizons also looked at the contribution of these companies to European economies based, among other criteria, on where they do their work.
ST's contribution was valued at $5.8 billion; Infineon's at $3 billion; NXP's at $2.6 billion; ARM's at $700 million.
However Bryant adds: "Of course the ARM ecosystem is huge, possibly creating more jobs than the whole European semiconductor industry, since it operates one and two levels up on the wealth creation triangle."