The 5 technology giants: Facebook, Amazon, Apple, Netflix and Google (parent Alphabet) collectively known as the FAANGS, now have individual annual turnover greater than many countries! Together, they are worth more than all the businesses that make up the FTSE 100 and, according to the Guardian, more than the companies that comprise the Hang Seng or Germany’s Dax and Frances Cac combined.
Amazon ships more than one million parcels a day through the channel tunnel! High street stores are suffering under the crippling burden of business rates and diminishing demand as many of us choose to shop on line. Who wants to go out in this heat?
Profit announcements from Facebook and Amazon should lead a healthy rise in the S&P 500 Index, despite Netflix’s profit drop following their CEO’s departure.