Big Tech's Stock Surge: Impact on Pensions and the Economy - Varney & Co.

Varney: Big Tech’s rise has been a ‘great ride’

FOX Business' Stuart Varney weighs the pros and cons of Big Tech and its impact on people’s lives. 

FOX Business' Stuart Varney, during his latest "My Take" on "Varney & Co.," reflected on Big Tech and the impact it has on people’s daily lives. 

STUART VARNEY: Big Tech gets a lot of criticism: Too powerful, they squash competition, too much money, they censure free speech. 

VARNEY: WELCOME TO 'TAX THE RICH WEEK'

They are indeed dominant and the attacks come from both sides of the aisle.

But hold on a minute -- it’s not all bad! In fact, Apple, Amazon, Google, Microsoft and Facebook benefit us all.

I’m generalizing, but, Amazon runs online shopping. Apple runs smartphones. Facebook runs a network that links one-third of the world’s population. Google runs YouTube, the world’s go-to channel. [And] Microsoft, along with Amazon, runs the cloud, which is the world’s back office! 

They are very good at providing these products and services. We all benefit. It’s good to be plugged into the best!

And then there’s the money. 

One hundred million Americans have a 401(k) or IRA. And most of the money in those pension plans is in stocks. A lot of it in tech stocks. That means your pension gets a huge shot in the arm from Big Tech’s stock price surge!

This program has been on the air for 10 years and right from the start we tracked Big Tech’s rise. It has been a great ride.

The stunning financial reports this week show it’s not over yet. Hope you are enjoying the ride.