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While tech giants like Apple (with intangible assets of $2.7 trillion) and Microsoft ($2.3 trillion) continued to lead the pack in the 2023 analysis, last years most intangible sector in relative terms, with 91 percent of total enterprise value, was tobacco and e-cigarettes, as companies invested heavily in proprietary technology and patented intellectual property around vaping devices to drive growth, according to Brand Finance

However, scientists do not yet fully understand the exact biological mechanisms behind these effects

The researchers focus their analysis on inhaling metal contaminants in the air as it can represent a part of the total exposure burden