Amazing to me the degree to which current economic devastation will probably make America's 5 biggest companies -- all of them tech companies -- bigger than ever.
Depending on your view, this is either
or
(thread)
Depending on your view, this is either


First thing to understand about the Big 5 (Facebook, Apple, Amazon, Alphabet, Microsoft -- aka Faaam) is, holy cow, that is a lot of cash they are sitting on.
These five companies have more cash than many sovereign wealth funds
These five companies have more cash than many sovereign wealth funds
Second thing to understand about Big 5 tech companies is every one of them said in their last earnings call they're committed to continuing to spend on R&D, hiring engineers, etc., whatever comes in 2020. Even if their revenues are dented, they certainly have the $$ to do it!
Just look at the history of R&D spending at the Big 5 tech companies over the past decade. Yowza.
https://www.wsj.com/articles/not-even-a-pandemic-can-slow-down-the-biggest-tech-giants-11590206412
https://www.wsj.com/articles/not-even-a-pandemic-can-slow-down-the-biggest-tech-giants-11590206412
Recall that investment in R&D is at the heart of the "flywheels" that drive the ongoing growth and success of any big company, but especially the Big 5 tech companies.
https://www.wsj.com/articles/why-do-the-biggest-companies-keep-getting-bigger-its-how-they-spend-on-tech-1532610001
https://www.wsj.com/articles/why-do-the-biggest-companies-keep-getting-bigger-its-how-they-spend-on-tech-1532610001
The markets "know" this of course, this is why the Big 5 tech companies are the one "sure bet" in a time when the markets are otherwise cratering
https://www.wsj.com/articles/not-even-a-pandemic-can-slow-down-the-biggest-tech-giants-11590206412
https://www.wsj.com/articles/not-even-a-pandemic-can-slow-down-the-biggest-tech-giants-11590206412
In my view there is, frankly, no end in sight to the continued growth of the Big 5 tech companies. That doesn't mean they will grow forever, just that, having established a new technological ecosystem which they dominate, they're likely to stay on top for a long time yet. (fin)