Digital Friday >>> Is Big Tech Too Big?
America's tech giants: Apple, Amazon, Google, Microsoft and Facebook have only grown further in terms of sales, profits and their global presence with each passing year. It doesn't seem like their trajectory is reaching a plateau or taking a downturn in the near future atleast.
The current stock market value of the Big Five ($9.3 trillion) is greater than the combined value of the next 27 most valuable U.S. companies. These include corporate giants such as Tesla, Walmart and JP Morgan Chase. In addition, Apple's profits from just the past three months ($21.7 billion) was nearly double the profits of the five largest U.S. airlines put together, in pre-pandemic 2019.
The same goes for Google, whose $5o billion in revenue from selling advertisements in April and June was equivalent to the total spendings of what all of the Americans spent on gasoline and gas station purchases last month.
Even LinkedIn, a company that falls under its parent organisation Microsoft, saw an annual revenue that was four times that of Zoom Video Communications, which says a lot considering Zoom saw a staggering growth over the course of the pandemic.
These statistics indicate the vast expanse at which these tech giants operate. Whats more, they seem to have generated profits with such ease at a time when economic conditions and instability should have hurt their profits. At a time when companies across the globe are scrambling to keep their workers safe, deal with shipping constraints, and manage a disrupted supply chain, these five have managed to increase their profit margins.
The gap keeps widening between the far superior rich tech superstars and the merely super. If these five have blazed through a crippling economy, and a detrimental pandemic, then what else is there to stop them?