Top Tech Firms Reach Combined $5 Trillion Value in Record 2019 Run
The largest U.S. technology companies finish 2019 with a combined market value near $5 trillion following an exceptional year of stock market growth. The tech-heavy Nasdaq Composite rises 35 percent, while cloud software stocks experience even greater gains.
The technology sector wraps up 2019 with extraordinary financial success as the five most valuable U.S. tech firms reach a combined market capitalization of $4.93 trillion. The tech-heavy Nasdaq Composite rises 35 percent over the year, while the Bessemer Cloud Index tracking software-as-a-service companies climbs an impressive 41 percent. This phenomenal growth pushes U.S. stocks toward their best annual performance in six years.
Individual tech giants see massive gains throughout the year, with Apple leading the pack by soaring 86 percent and Microsoft following closely with a 55 percent increase. Facebook adds 57 percent to its value, Alphabet grows 29 percent, and Amazon secures a 23 percent gain. Smaller but prominent tech companies also thrive, with Adobe jumping 46 percent, Intel gaining 28 percent, and Salesforce and Oracle posting solid 19 percent and 17 percent increases respectively.
Despite the widespread prosperity, a rising tide does not lift all boats, as several notable technology companies struggle to find their footing. A number of lackluster performers surprisingly come from the 2019 class of technology initial public offerings, with Uber landing on the year's underperformer list. Overall, betting against tech stocks proves to be a poor strategy as the industry's epic run defies pessimistic expectations.