Comparing country by market cap will always favours the US while oil is traded in dollars, especially since passive investment is so big and dollar debt is so b

Comparing country by market cap will always favours the US while oil is traded in dollars, especially since passive investment is so big and dollar debt is so big. You ought to compare them on efficiency and/or profitability. If you really want to compare the biggest companies while including investors preferences (which mechanically favours the US, but it's fine in your case, your point is about US advantages, and the dollar is a big one), to account for AI and 'tech' (Tesla), EV/EBITDA is probably what you're looking for