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Technology giants such as Alphabet, Amazon and Apple are more dominant than a year ago thanks to a greater reliance on their services during the pandemic. The forces propelling them to new heights are expected to outlast Covid-19.
- The tech industry’s titans were already huge before Covid-19, the subject of soaring valuations and snowballing antitrust investigations. The pandemic has only made them bigger. A lot bigger.
- Even amid one of the most punishing economic downturns on record, spending surged on computers, videogames, online retail, cloud-computing services and digital advertising.
- The result was dizzying growth for some of the largest corporations in history—and for their stock prices.
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Condensed knowledge
- Technology giants such as Alphabet, Amazon and Apple are more dominant than a year ago thanks to a greater reliance on their services during the pandemic. The forces propelling them to new heights are expected to outlast Covid-19.
- The tech industry’s titans were already huge before Covid-19, the subject of soaring valuations and snowballing antitrust investigations. The pandemic has only made them bigger. A lot bigger.
- Even amid one of the most punishing economic downturns on record, spending surged on computers, videogames, online retail, cloud-computing services and digital advertising.
- The result was dizzying growth for some of the largest corporations in history—and for their stock prices.
- At a time when companies such as airlines and bricks-and-mortar retailers struggled to survive, combined revenue for the five biggest U.S. tech companies— Apple Inc., AAPL -0.31%, Microsoft Corp. , Amazon.com Inc., AMZN 0.63%, Google-parent Alphabet Inc., and Facebook Inc. FB 0.60% —grew by a fifth, to $1.1 trillion. Their aggregate profit rose an even faster 24%. And their combined market capitalization soared by half over the past year to a staggering $8 trillion.
- Their economic sway expanded in other ways, too, including employment: Amazon alone added 500,000 new workers in a single year, roughly equivalent to the entire population of Atlanta.
- Microsoft Chief Executive Satya Nadella has said that he expects spending on technology to double to 10% of gross domestic product from its current level of 5%. This month he said he now expects that to happen even faster.
Category 2: The Big Picture of the Digital Age
[genioux fact produced, deduced or extracted from WSJ]
Type of essential knowledge of this “genioux fact”: Essential Deduced and Extracted Knowledge (EDEK).
Type of validity of the "genioux fact".
- Inherited from sources + Supported by the knowledge of one or more experts.
Authors of the genioux fact
References
How Big Tech Got Even Bigger, The staff of The Wall Street Journal, February 6, 2021, The Wall Street Journal, WSJ.