Big Tech Is Getting Clobbered on Wall Street. It’s a Good Time for Them. – The New York Times

Flush with cash, Facebook, Apple, Amazon, Microsoft and Google are positioned to emerge from a downturn stronger and more powerful. As usual.

SAN FRANCISCO — Apple, Amazon, Microsoft and the parent companies of Facebook and Google have lost more than $2.7 trillion in value so far this year, about the annual gross domestic product of Britain.

So what have the companies done about this thrashing on Wall Street? Microsoft has doubled its employees’ bonus pool, Google has committed to hiring more engineers, and Apple has showered its top hardware talent with $200,000 bonuses.

The dissonance between the stock market’s relative panic and the tech giant’s business-as-usual calm foreshadows a period when analysts, investors and economists predict that the world’s largest companies will widen their lead in their respective markets.

The bullishness about their prospects reflects an understanding that the companies have tight control of some of the world’s most lucrative businesses: social…

Read Full Story: https://www.nytimes.com/2022/05/20/technology/facebook-amazon-apple-markets.html

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