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Perhaps the analogy can be drawn that FAA(M)NG are America's new oil industry, as essential to the national economy and security? From a quick search, I found
by lioeters 6y ago
Perhaps the analogy can be drawn that FAA(M)NG are America's new oil industry, as essential to the national economy and security?
From a quick search, I found the "Forbes Global 2000" list of the most profitable business sectors (in 2019). From the top, in trillions:
- Oil and gas - 4.797
- Technology and communication - 4.726
- Banking - 4.424
- Retailing - 3.814
- Automotive - 2.847
Source: https://www.nsenergybusiness.com/news/oil-gas-revenue-forbes-2019/ https://www.nsenergybusiness.com/news/oil-gas-revenue-forbes...
Seeing how Microsoft accounts for only a portion of the second most profitable sector, I'd imagine the whole lot of top tech companies in the U.S. would be considered essential for national interest.
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Then I found "The World's 10 Most Profitable Companies" (2019).
- Saudi Aramco - $110.9 billion
- Apple - $59.5 billion
- Industrial & Commercial Bank of China - $45 billion
- Samsung Electronics - $39.8 billion
- China Construction Bank - $38.4 billion
- JPMorgan Chase & Co. - $32.4 billion
- Alphabet - $30.7 billion
- Agricultural Bank of China - $30.6 billion
- Bank of America Corp. - $28.1 billion
- Bank of China - $27.2 billion
From their summary:
> Saudi Aramco is by far the world's most profitable company.
> Most of the global leaders in profits are based outside the U.S.
> State-owned Chinese banks are among the profit leaders
..So I guess Saudi Aramco is still America's Saudi Aramco.
- vmception 6y agoCheck out Saudi Aramco’s gross income, and look at the price they actually sell oil at. Its insane what is possible in the commodities market. And to think there are so many players that aren't publicly traded, and it has been this way for a century? There are some extremely wealthy people out there we have no clue about.