Tech stocks dramatically outperformed the broader market in 2020, despite the COVID-19 effects. According to data gathered by ForexSchoolOnline, the combined market cap of the five largest tech companies in the United States surged by $2.2trn in the last year, reaching $6.4trn value in July.
With nearly $1.7trn market value at the end of last week, multinational technology giant Apple ranked as the leading US tech company.
Apple Stock Price Soared in 2020
In 2006, the combined market cap of Apple, Microsoft, Amazon, Google now Alphabet, Facebook, and IBM as the leading US tech companies stood at $465.4bn, revealed Statista and Yahoo Finance data. In the next ten years, this figure grew by almost five times, reaching over $2trn in May 2016.
The US tech giants' stock price continued rising in the following years, and by June 2019, their combined value of shares stood at $4.1trn, a 100% jump in three years. The increasing trend continued in the last twelve months, with the market cap growing by 53% between June 2019 and July 2020, the most significant increase in fifteen years.
The Yahoo Finance data also revealed that Apple and Amazon have witnessed the most impressive development in 2020. In June 2019, Apple's market cap stood at $913bn. In the last twelve months, this figure jumped by 84%, reaching nearly $1.7trn last week and pushing the company ahead of last year's leader Microsoft.
Amazon Market Cap Jumped 57% in a Year
The multinational eCommerce giant Amazon witnessed the second-largest stock value increase among the leading US tech companies. Statistics show that Amazon's market cap rose by 57% year-on-year, growing from $936bn in June 2019 to $1.4trn last week. Microsoft market cap stood at $1.5trn on July 19th, a 49% jump year-on-year.
As the fourth-largest tech giant on this list, Alphabet has also witnessed a significant growth of its market value in the last twelve months. In June 2019, the total value of the company's shares amounted to $767bn. Statistics show this figure rose by 36%, reaching over $1trn last week.
The world's most popular social network, Facebook, ranked as the fifth-largest tech company in the United States. The Yahoo Finance data shows Facebook's market cap increased by 26% year-on-year, growing from $574bn in June 2019 to $690bn last week.