As a technology leader, the rise of the tech-driven economy has been exceptionally gratifying. It’s a great feeling to watch the companies we’ve been following for so many years hit incredible new heights.
Here’s an excerpt from Sunday’s CNN Business newsletter: “Facebook, Amazon, Apple, Alphabet and Microsoft, the five largest US companies, now account for more than one fifth of the value of the S&P 500, up from 16% a year ago, Goldman Sachs said in a recent note to clients. These stocks have returned roughly 35% this year, while the 495 other stocks in the index have lost 5%, per the investment bank.”
Last week was not a great week for tech stocks, but they seem poised for a recovery this week. “The S&P 500 and Nasdaq Composite each opened slightly to the upside, with the materials and information tech sectors leading advances in the S&P 500,” writes Emily McCormick of Yahoo Finance.
“Shares of Amazon jumped 2.7% in the opening minutes of trading after several Wall Street analysts raised their price targets on the stock. Much of the commentary focused on the e-commerce side of the business, which has benefited from the economic restrictions during the pandemic,” writes Jessie Pound of CNBC.
From my point of view, we’ve reached a stage at which investors perceive technology as a bellwether. As a result, tech news tends to produce overreactions that can be inconsistent with reality. When you overlay the uncertainty and anxiety created by the pandemic, the market’s gyrations seem understandable.
The good news is that technology has become part of the economic bedrock that sustains modern society. Today, every organization relies on technology to survive and thrive. From a historical perspective, we’ve never been stronger or more essential.
That enhanced stature is a double-edge sword. In the words of Stan Lee, “With great power comes great responsibility.”
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