As of July 30th 2020, four of the five biggest tech companies (Apple, Facebook, Amazon & Alphabet) based in the United States are worth a combined $4.9 trillion. Enough capital to buy the entire continent of Africa (combined GDP $2.5 trillion) two times over.
The strong earnings reports come one day after the four CEOs of the companies spent several hours answering questions from the House Of Antitrust Committee about their relentless power and influence.
Concerns arose after these big tech institution made a combined $200 billion after hours of trading on Thursday, as each released strong earnings reports that beat analysts’ expectations on most fronts.
According to CNBC, Apple reported a historically strong quarter and added around $74.4 billion to its market capitalization in after-hours trading. Amazon, which saw sales soar due to the coronavirus pandemic, also added roughly $74.4 billion. Despite reporting its annualized first revenue decline since becoming a public company, Alphabet added $7.6 billion. Facebook reported its slowest revenue growth since its market debut in 2012, but added $42.6 billion.