Opinion: How can tech giants top a year like 2020? They can't

During a year when the global pandemic put many companies out of business, these market leaders thrived. — AFP

For four of the biggest US technology companies – Amazon.com Inc, Apple Inc, Facebook Inc and Google parent Alphabet Inc – 2020 was one for the books. During a year when the global pandemic put many companies out of business, these market leaders thrived, raking in profits that sent their stock prices soaring and left them more powerful and valuable than ever. The outlook for next year is a different story.

These formidable giants face risks on several fronts – from mounting antitrust and regulatory issues to high valuations and a volatile economy – all of which threaten to spoil the prospects for a repeat performance in 2021. And not just next year: Governments’ growing concern over the companies’ market power may force changes to their businesses that have much longer-lasting consequences.