The titans of tech dominate the stock market.
Apple (AAPL) is now worth more than $2 trillion. The industry’s Fab 5 — Apple, along with Amazon (AMZN), Microsoft (MSFT), Google owner Alphabet (GOOGL) and Facebook (FB) — are collectively worth more than $7 trillion.
To put into context just how staggering this is, look at the Russell 2000.
The companies in that index, which includes nearly 2,000 of America’s smaller publicly traded companies, have a total market value of about $1.9 trillion, according to data from Refintiv.
Apple and Tesla, which both have announced plans to split their high-flying stocks in order to lower the share price, are trading at record highs. The other five tech giants are not far from records either.
All seven Nasdaq leaders have thrived this year despite the global economic slowdown resulting from Covid-19.
Apple has generated booming demand for services and apps tied to its iPhone.
Microsoft, Amazon and Alphabet dominate cloud computing and a host of other industries, such as gaming, e-commerce and search.
Facebook continues to be the leader in social media despite concerns about abuses on its platform. Tesla is the king of the electric car industry. And Netflix remains on top of the streaming world.