Varney: Tech giants Amazon, Facebook are 'crown jewels of American business'
'Amazon, Apple, Facebook and Google showed just how big, rich and powerful they really are'
FOX Business’ Stuart Varney, in his latest “My Take,” argues that the tech industries' heaviest hitters are "leading the world into the new, digital economy."
Varney says Amazon, Apple, Facebook and Google proved how powerful they really are Thursday after he says they were slammed by politicians for dominating their markets.
"These are the crown jewels of American business," Varney said, adding that "we should revel in the fact that it is American capitalism that's made their success possible."
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| F | FORD MOTOR CO. | 11.18 | +0.38 | +3.47% |
| AAPL | APPLE INC. | 229.87 | +1.35 | +0.59% |
| GOOGL | ALPHABET INC. | 164.76 | -2.87 | -1.71% |
| AMZN | AMAZON.COM INC. | 197.12 | -1.26 | -0.64% |
Amid shutdowns created by the pandemic, Varney noted that all four companies made a combined profit of $28 billion.
"It’s more than dollars and cents," he said. "These companies are the shape of things to come. The virus has pushed us all further into the new, digital era. And these are digital-era companies. They, and companies like them, are the future."
Markets are keenly aware of that, he said, and the companies' share prices are proof.
"Investors don't buy a stock because of its past performance," he said. "They buy because they think the future looks bright. As the "new economy" rolled out, investors piled in."
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Amazon shares have surged to nearly $3,200, he said adding that sales were up 40 percent during the lockdown orders.
"It’s the retailer of the future by dominating online shopping," Varney added.
iPhone-maker Apple is now the most valuable company in the world, he noted, worth $1.7 trillion.
And social media giant Facebook has 3 billion people that "regularly" log in to its site or one of its apps, Varney pointed out. Approximately, 2.4 billion people use it every day.
While Google's stock might be down as of July 31, Varney says the company is "synonymous with search." The company's stock has surged since March, he added.