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The trillion‑dollar club: technology stocks

Posted by hkarner - 16. Januar 2020

Date: 15‑01‑2020

Source: The Economist

Amazon, Apple and Microsoft have already done it. And this week Alphabet, Google’s parent, is, for the first time, also flirting with a $1trn market capitalisation.

Big Tech shares keep soaring after a banner 2019, which saw the quartet outpace America’s frothy stockmarket.

Add Facebook, and America’s five biggest companies have gained a cumulative $1.8trn since the start of last year.

Surely, this cannot go on. Or can it? Although the Sino‑American trade war has spilled over into tech and controversies rage at home over abuses of user privacy and market power, the giants keep printing money.

After years of sacrificing profits for investment, even Amazon (poised to rejoin the $1trn gang soon) has generated billions in free cashflow.

Investors reckon more of this will be returned to shareholders, starting with Alphabet. A new chief executive, Sundar Pichai, took over from Google’s founders in December. He is expected to be more shareholder‑friendly—and less dividend‑wary.

 

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