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The Fortune 500 companies based in America’s three biggest tech towns—San Francisco, San Jose, and Seattle—had total sales of $2.04 trillion in 2019. That’s enough to surpass even New York.

For the past five years, the No. 1 and No. 2 spots on the Fortune 500 have reflected a head-to-head retail rivalry. Walmart, which has ranked in first or second place on the list of America’s ...