Big Tech Report Monster Earnings

Amazon, Google, Facebook get richer in 2017 3rd QTR

Bezos of Amazon richest man in the world

Image from the New York Times

The end of 3rd QTR 2017 has been good all around for the American economy. GDP increased 3% in the 3rd QTR after a 3.1% second 2nd QTR. By comparison, previous QTR's GDP growth has been stuck at 1 to 2% for many years.

But no one is doing better than Silicon Valley and big tech. Amazon, in particular, is doing quite well. Experts point to Amazon's massive investments of late.

Subs for Amazon Prime have skyrocketed as a result. Jeff Bezos company is looking for another Amazon headquarters somewhere in North America, announced its Amazon Key service, aligned with Kohls, and is looking at getting into groceries. 

The activity and optimism are pumping up its stock prices, as the company is reporting record earnings three-quarters of the way through 2017. Sales have risen 34% in the third and stock price in Amazon has grown 12% in this quarter alone.

It now is being reported that Amazon founder Jeff Bezos is the richest man in the world, surpassing Bill Gates with a total accumulation of wealth valued at $90 billion.

Jeff Bezos of Amazon photo from NDTV

Google is getting richer as well in large part due to the performance of Alphabet. The Google affiliate is a patchwork of tech companies working on the cutting edge of tech development. It contains self-driving Waymo among others and work's in improving the implementation of artificial intelligence.

It appears the use of AI in the Google platform has optimized ad revenue for the company as clicks on its ads have surged in the third quarter. Google co-founders Sergi Brin and Larry Page both picked up a little over a billion each.

Microsoft, Facebook, and Intel also are reporting much better earnings than expected.

Technology leaders are climbing the ranks of the world's wealthiest people this year as their businesses outperform the rest of the market. Six of the top 10 names on the list are founders of U.S. tech companies. From CNBC

Sources CNBC:

https://www.cnbc.com/2017/10/26/bezos-page-and-brin-are-8-point-6-billion-richer-after-earnings-reports.html

https://www.cnbc.com/2017/10/27/amazon-shares-jump-as-internet-giants-massive-investments-pay-off-analysts.html

https://www.cnbc.com/2017/10/26/amazon-alphabet-microsoft-intel-all-crush-earnings.html