Amazon Is No. 1, for Now
Amazon Is No. 1, for Now
An employee works at the Amazon fulfillment center in the village of Dobroviz, near Prague, Czech Republic, Dec. 20, 2018.
Photo:
david w cerny/Reuters
One may wonder whether Jeff Bezos at the creation of Amazon thought the company would one day live up to its namesake river—which is to say, simply the biggest. Amazon, which began life online merchandising books and music, on Monday became the world’s biggest company by market capitalization at a few nickles and dimes over $796 billion.
The answer to “who’s counting?” is
Microsoft
,
Alphabet and Apple, all of them occupying the upper atmosphere of market caps in excess of $700 billion. Yes, it’s true that these phenomenal market-cap numbers rise and fall inside the constant turbulence of capitalism. And they are vulnerable to the stock market’s current volatility, as Apple can attest as it made the trip down from its historic valuation peak of $1.1 trillion in October. (Amazon touched the $1 trillion summit briefly in September.)
Inside these astonishing numbers, though, is a more compelling story about the ever-changing innovative forces always at work in the U.S. economy. All four companies have grown to their current size by recognizing, and exploiting, the kinds of market opportunities that the competitive private American economy produces.
Whether these companies are a new monopoly threat is an issue for another day. One thing is certain: The Big Four are already pushing each other around in shared market space, and they won’t all stay on top.
Appeared in the January 8, 2019, print edition.
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