Amazon and Facebook were in the news this week for “joining an exclusive club open to only the richest companies in the world: both crossed the half-a-trillion mark.” Those two companies join Apple ($785 billion as of today), Alphabet/Google ($652 billion), and Microsoft ($564 billion) in the exclusive club of companies whose market capitalization tops $500 billion. To put the size of that market cap into perspective, consider that the entire Mexican stock exchange has a current market valuation of $438 billion, Thailand’s publicly traded stocks are worth $468 billion and the Russian stock exchange has a market cap of $554 billion! Together, the five US companies in the “$500 billion” club have a combined value of nearly $3 trillion… To put that into perspective, just those five US companies, as a separate country or stock exchange, would be the eight largest stock market in the world (see table above), and 40% larger than No. 9 Canada’s entire stock market and almost 50% (and $1 trillion) larger than the German stock exchange!
As low-IQ ‘old media’ stagnates, social networking and apps are taking over. All the far-left has now is legacy media, universities, 50% of govt., and Hollywood. Although those are important sectors that have a lot of influence, their growth is stagnant relative to Silicon Valley and shrinking relative to the overall size of the US economy. As recently as a generation ago, Hollywood and the ‘music industry’ were very important; now not so much. CNN was once habitually watched by millions of households every day; now much of its viewership derives from its airport monopoly. The same for for total prime time news viewership, which for decades has been in decline:
As CNN gets eaten by Facebook, left-wing, low-IQ retail is suffering a similar fate due to Amazon (although Amazon is headquartered in Seattle), just as Blockbuster was put out of business by Netflix.
It’s only a matter of time before these dying/stagnant left-wing industries and sectors are taken over by techno-commercialism. Although Silicon Valley is generally left-wing, there is still a non-trivial libertarian presence, and the current liberalism in Silicon Valley may have more to do with political and legal pressure than personal choice.