While many companies within the U.S and globally struggled in 2020 due to the pandemic, America’s biggest tech companies wrapped up a huge year.
The tech giants Apple, Microsoft, Amazon, Alphabet, Facebook, Tesla and Nvidia reached a combined $3.4 trillion in market cap in 2020 amid the pandemic.
Signs of strong demand for its iPhone 12 models and optimism about its self-driving car caused Apple’s shares to surge. With nearly $1 trillion in value, Apple recorded the biggest increase in market cap in 2020.
Amazon maintained its lead in e-commerce business. Its consumer and cloud-computing business rose by $710 billion – an 81% increase against Apple’s 84% increase in 2020.
Microsoft Teams reached 115 million daily active users, reflecting strong demand for Teams as the lifeline for remote and hybrid work and learning during the pandemic. Microsoft picked up $480 billion in 2020.
The strength of Google and Facebook’s online ad duopoly increased. Google’s parent company, Alphabet, gained $268 billion, while Facebook added $193 billion in 2020.
Meanwhile, Tesla ended the year with the biggest surprise after a surge in its shares, lifting the electric car maker’s market cap from $76 billion at the beginning of the year to $669 billion at the end of the year. Tesla became the largest-ever addition to the S&P 500 in December 2020
NVIDIA, inventor of the GPU, which creates interactive graphics on laptops, workstations, mobile devices, notebooks, PCs, and more, doubled in value in 2020, closing with a market cap of $323 billion and making it the seventh most valuable technology company in the U.S.
The gains recorded by the above seven most valuable U.S. tech companies are clearly reflected in the ranks of the richest people in the world. The CEO of Amazon, Jeff Bezos, is the wealthiest person in the world, followed by Elon Musk, the CEO of Tesla. Microsoft co-founder Bill Gates is the fourth wealthiest person in the world. Mark Zuckerberg, the CEO of Facebook, is fifth. Also in the top 10 wealthiest are Google founders Larry Page and Sergey Brin and Microsoft ex-CEO Steve Ballmer.