Big Tech’s Domination of Business Reaches New Heights

As the economy contracts and many companies struggle to survive, the biggest tech companies are amassing wealth and influence in ways unseen in decades.

American tech titans flew high before the coronavirus pandemic, making billions of dollars a year.

Now, the upheaval has lifted them to new heights, putting the industry in a position to dominate American business in a way unseen since the days of railroads.

A rally in technology stocks elevated the S&P 500 stock index to a record high on Tuesday even as the pandemic crushes the broader economy. The stocks of Apple, Amazon, Alphabet, Microsoft and Facebook, the five largest publicly traded companies in America, rose 37 percent in the first seven months this year, while all the other stocks in the S&P 500 fell a combined 6 percent, according to Credit Suisse.

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https://www.nytimes.com/2020/08/19/technology/big-tech-business-domination.html

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