Stat of the Week: September 4, 2020
One metric of how the world has changed over the past decade.
It was a truly wild week for tech stocks, which saw a mighty tumble after several bewildering months of growth. In fact, by one estimate, Jeff Bezos, Mark Zuckerberg, and Bill Gates lost a collective $25 billion after the sector dropped nearly 6% on Thursday.
But while we may tend to focus on an individual day's gain or loss, taking a (very) long view of what has happened in the tech sector and (we suppose) society as a whole is always a useful exercise. For our Stat of the Week, we wanted to showcase the impressive power of the U.S. tech sector, whose growth over the past decade-plus offers a keyhole into how tech has come to define the 21st century experience.
Back in 2007, the entire European stock market was worth four times that of the U.S. tech sector. By 2020, the market cap of U.S. tech stocks had surpassed the entirety of Europe, with $9.1 trillion in value.