You may surprised to learn that despite COVID-19 becoming an increasingly prevalent issue, angel investors are more willing now than ever to place money into new startups. Investors want to see their money continue to flow and everyone is desperate for things to return to normal. However, experts warn we are still in phase 1 of the pandemic, so an end to all this may be nowhere in sight. Nevertheless, certain industries are still thriving and two of America’s biggest tech companies just hit a record high.
Apple and Microsoft Reach $1.5 Trillion on Same Day
On June 10th, Apple and Microsoft became the first American companies to become worth $1.5 trillion. What’s more remarkable is that they both crossed the threshold on the same exact day. Apple and Microsoft have been competing since the 70s, so the fact that they remain neck and neck to this day is interesting. Both companies are publicly traded and are still tailing behind Saudi Aramco, the world’s biggest petroleum and natural gas company. Saudi Armaco itself went public in December 2019 and is worth $2 trillion.
If you’re wondering why Apple and Microsoft are seeing such a huge surge right now, Business Wars Daily says it’s because investors are doubling down on big tech companies at the moment. Since the COVID-19 pandemic started, society has become more reliant on technology than ever before. Strict lockdown procedures mean that we turn to apps and video chats to keep us entertained and connected to friends and family while practicing social distancing. Apple’s app store experienced its biggest number of downloads in 2 1/2 years in April alone. According to Fast Company, “Strategy Analytics believes the company sold 7.6 million smartwatches worldwide in the first quarter of 2020, up 23% from the 6.2 million it sold in the same quarter last year.” Apple is also gearing up to release the iPhone 12 with 5G, which will supposedly have increased speed and greater bandwidth.
While Apple products appeal more to individuals, businesses are relying more on Microsoft. In order to ensure their employees can work from home with no qualms, corporations are purchasing more licenses for Microsoft 365. This means employees can use Microsoft Word, Excel, and Power Point without having to come into the office.
With no end to the COVID-19 pandemic in sight, both companies can expect to see their values continue to go up. Even Amazon and Google are experiencing increases in revenue, adding to the notion that the world will only become more reliant on technology as the days go on.
What do you think about Apple and Microsoft reaching $1.5 trillion in revenue? Let us know down in the comments.
This article originally published on GREY Journal.