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Tech Overtakes Finance Among Top Global Companies (cityam.com)
An anonymous reader writes:Technology has stolen a march on finance, with the success of companies such as Alphabet and Microsoft helping the innovative sector surpass the traditional world of financial services among the world's top 100 companies over the past year. Technology firms in the list notched up a combined value of $3bn compared to financial firms' $2.7bn and the $2.6bn value of consumer goods companies. Apple held its position at the top of the ranking, compiled by PwC, despite losing $121bn in market value over the past year to the end of March, and the overall value of the world's top 100 firms falling four per cent -- the most significant decrease since the financial crisis, with a cash value of $668bn. Alphabet closed the gap on Apple in second place, narrowing its market capitalisation from $350bn to just $86bn, while Microsoft rounded out the top three. Facebook was in sixth position while Amazon entered the top 10 for the first time. Tech firms have better weathered more choppy conditions in the global markets, particularly conditions in China and Europe's struggle with economic growth.
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Finance has been tech for quite a while now... The idea of one tech company displacing another is a way of life.
Thirty four characters live here.
When many of us said silicon valley had supplanted wall street and the banks, well, here you go. They are somehow even less ethical than the old guard, too. Would be nice if we cared at all about regulation in the USA, *THIS* is what Senator Warren should have been focused on. It is not a a normal market with regular old companies anymore, and hasn't been for years.
Look it up.
$3 bil value? That's a swing in Apple's quarterly profits, not an industry's value.
http://www.accountkiller.com/removal-requested
Q: What's the difference between a bank and a tech company?
A: The bank has smaller financial reserves.
As others have pointed out here, tech companies are banks. And banks are tech companies. They are both just mechanisms for siphoning off your wealth and productivity.
You are welcome on my lawn.
If car, airplane, and defense companies are added. Are these not considered "technology"? Is an F-22 not considered "technology" anymore? Why does software and computer hardware only get counted as "technology"?
Companies prattling on about being "leaders in the fintech space" are simply selling huge heaping piles of bullshit. Just like "cloud" and CRM salescreatures of prior years.
$3 bil value? That's a swing in Apple's quarterly profits, not an industry's value.
That doesn't make any sense. That's like comparing apples and cars.
Quarterly profits is a measure of income. Value is a measure of base value. In addition, Apple as stated in the summary has lost $121B in value as their stock price has gradually declined for a solid year. The $3B is a trend up in total value of tech companies, which is notable given the gradual downturn of Apple, the anticipated market depreciation, and the Brexit sending all stocks down.
Most of the money is made from lawsuits and patent/copyright trading. That is the major "innovation" of this industry.
“He’s not deformed, he’s just drunk!”
All this money in technology and the industry is quickly moving away from employing any Americans, instead wanting more and more outsourcing and H1Bs. It makes me sad.
And that's just the way you like it, you bleeding heart SJW you.
We all know you're with Her.
DIAF.
Trump 2016.
Read again. Market value is typically 10-50 the profit (PE), not the other way around.