BOOM: Worlds Top Tech Giants Amass $1.7 Trillion in Monster Year…
Between the FAANG quintet and China?s rivaling BAT companies, gains in the world?s top technology shares are nearing a whopping $1.7 trillion in market value this year.
That?s more than Canada?s entire economy, and exceeds the worth of Germany?s biggest 30 companies put together. The eight tech giants -- Facebook Inc., Amazon Inc., Apple Inc., Netflix Inc. and Google parent Alphabet Inc., as well as their Asian peers Baidu Inc., Alibaba Group Holding Ltd. and Tencent Holdings Ltd. -- have amassed as much money in 2017 as Pacific Investment Management Co., one of the world?s biggest fund managers, has done in about 46 years.
While the stocks have seen a meteoric rise this year, their combined market value came off highs last week amid a global selloff in which the year?s high flyers had a bigger retreat. A recent breakdown in the correlation between high-yield bonds and the tech-heavy Nasdaq 100 Index suggests the slide in junk may spread further. Tech shares dropped for a third day in Asia on Monday, while futures on the U.S. gauge were little changed.
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