Apple, Amazon, Facebook and Alphabet all reported blowout quarterly results this evening, with all beating analyst revenue expectations by billions of dollars. The market completely underestimated the growing market power these companies command. This momentum - at a time when GDP declined by 32.9% - suggests the recent massive stock market out-performance of these companies vs most other companies might be justified. The economy has rapidly shifted from "face-to-face" to "virtual" and a relatively small proportion of companies are benefiting at the expense of the rest.
The Great Wealth Transfer to Big Tech
The Great Wealth Transfer to Big Tech
The Great Wealth Transfer to Big Tech
Apple, Amazon, Facebook and Alphabet all reported blowout quarterly results this evening, with all beating analyst revenue expectations by billions of dollars. The market completely underestimated the growing market power these companies command. This momentum - at a time when GDP declined by 32.9% - suggests the recent massive stock market out-performance of these companies vs most other companies might be justified. The economy has rapidly shifted from "face-to-face" to "virtual" and a relatively small proportion of companies are benefiting at the expense of the rest.