Varney: Big Tech companies are the ‘crown jewels’ of American business
Varney & Co. host Stuart Varney argues Apple, Nvidia, Microsoft, Google, and Amazon are leading the A.I. revolution.
During his “My Take,” Thursday, “Varney & Co.” host Stuart Varney praised the success and wealth accumulated by America’s technology companies despite pushback from the left because they can’t control or regulate Big Tech money.
STUART VARNEY: They are the crown jewels of American business.
They have accumulated vast wealth because they are good at what they do.
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They are leading the world into the digital revolution, which has become the A.I. revolution.
America’s top technology companies are worth just over $13 trillion. (Getty Images/FOX Business/Photo illustration / Fox News)
It’s good to see American companies out front.
Microsoft is the most valuable of all. $3.151 trillion at Wednesday’s closing price.
NVIDIA has jumped into second place at $3.011 trillion. Apple is third at $3.003 trillion.
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Google is fourth at $2.167 trillion and Amazon at $1.886 trillion.
Add it up and the crown jewels are worth just over $13 trillion.
It is hard to wrap your arms around that much money, but investors love it.
Constellation Research founder R Ray Rang weighs in on the competition between Microsoft and Google over A.I. dominance and the technologys impact on the markets.
According to Gallup, 162 million Americans own stocks. That is 62% of all the adults in the country.
Almost all of them have a piece of the Big Tech action.
The stock market has been a giant wealth creation machine.
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Of course, that makes these companies unpopular in some quarters.
The left isn’t happy because the wealth isn’t spread around evenly, and because Big Tech’s money is private, so they can’t control it.
Worse, Big Tech is largely non-union. The horror. The Europeans don’t like it, because they can’t compete.
Sundar Pichai, chief executive officer of Alphabet Inc. and Apple CEO Tim Cook. (Photographer: Geert Vanden Wijngaert/Bloomberg via Getty Images | Photo by Emma McIntyre/WireImage / Getty Images)
The regulators don’t like it because it’s just, well, big and therefore monopolistic.
There are Republicans who don’t like it because tech tends to be “woke.”
But what you can’t deny is the success of American technology.
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