Amazon: Silicon Valley banking collapse: How Google, Microsoft and Amazon saw ‘best week’ in years |

The US banking industry had a bad week – stemming from the collapse of Silicon Valley Bank and Signature Bank. Still, the pain in the banking sector appears to have turned into a boon for the biggest US tech companies which saw one of their best weeks in years as investors flocking to established names. The KBW Bank Index, which tracks the 22 largest US lenders, is down nearly 15% for the week.
Here are the numbers
* The four largest US internet and technology companies added more than $560 billion in market value during the week.
* The person who gained the most is Microsoft Corporationthe company’s stock jumped more than 12%, its biggest weekly gain since April 2015 and closed at its highest level since August. The jump for the week also brought the stock’s market capitalization. back above the $2 trillion mark.
* Google parent Alphabet Inc also increased 12%, the strongest weekly gain since 2021.
* E-giant tail Amazon also increased by 9.1%.
* Apple posted a relatively smaller 4.4% gain, but the company’s stock has since largely recovered from the turmoil.
How big technology seems like a safe haven
Investors appear to be returning to Big Tech and their cash-rich balance sheets amid fears of contagion in the financial sector. In contrast to the uncertainty in the banking sector, the big internet and tech stocks offer investors more stability in the current market. These companies’ sustained revenue streams and market dominance make them safer bets and relatively insulated from any economic downturn. Sam Stovall, chief investment strategist at CFRA, told Bloomberg: “Tech is a safer haven than your traditional cyclical sectors and it has gone through a re-valuation, which has which means it looks attractive compared to the rest of the market.” .
“Although it seems the Twilight Zone is commentary for many investors; Wedbush analyst Dan Ives said in a note. The note adds: “Large-cap technology and sub-sectors like cloud and cybersecurity are seeing much more sustainable growth than the Street anticipated. multiple budgets are now in place. Con The numbers for 2023 have been canceled by the management team and these tech stocks have been owned and remain in that camp in our opinion.
More downsides to come
Ives also said in the note that he further expects tech stocks to grow 20% or more in 2023 “and remain on a good uptrend this year.”


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