Five tech giants just keep growing

If the pandemic had never happened, the tech industry’s clout likely would have risen over the past year. But the economic effects of Covid-19 have catapulted the tech titans to heights few might have imagined possible a year ago.

The past week of quarterly financial results from Apple Inc., Microsoft Corp., Amazon.com Inc., Facebook Inc., and Google-parent Alphabet Inc. put that dominance on vivid display. Each of these companies—already juggernauts pre-pandemic—recorded revenue growth near or above its fastest pace in years.

The quintet set records for sales and profits. Revenue at Apple, the world’s most highly valued company, jumped 54% to the highest level it’s ever hit for the first three months of the year.