Not sure where to invest? Look no further than Silicon Valley. Tech stocks have been booming this quarter and show no signs of slowing down.
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Following impressive earnings announcements from companies like Amazon (NASDAQ:AMZN) and Facebook (NASDAQ:FB) last week, tech names round out the top five largest companies in the world based on market capitalization, knocking oil titan Exxon Mobil (NYSE:XOM) out of its former fouth-place spot.
FOXBusiness.com looks at the five largest companies dominating the marketplace:
1. Apple Inc., $571 billion
Despite two straight quarters of shrinking iPhone sales, Apple (NASDAQ:AAPL) still claims the largest market capitalization in the world. Analysts expect market cap to soar further when the tech company releases the new iPhone 7 in the fall.
2. Alphabet (Google), $550 billion
The stock of Google's parent company rose more than 5% after-hours last Thursday thanks to 2Q revenue and EPS that far exceeded analyst expectations. Alphabet's (NASDAQ:GOOGL) profits surged primarily due to mobile advertising revenue.
3. Microsoft, $441 billion
Following its $26.2 billion acquisition of LinkedIn (NYSE:LNKD) in June, Microsoft (NASDAQ:MSFT) stock has risen more than 13%. On Monday, the software giant sold $20 billion worth of bonds to fund this purchase and is one of only two U.S. corporations to hold an AAA S&P credit rating.
4. Amazon Inc., $363 billion
As of August 1, Amazon's market cap surpassed that of Exxon Mobil, making it the fourth largest company in the world. While it still has a ways to go before outpacing Microsoft, Amazon stock has risen more than 43% in the past 12 months. It jumped three spots on the list of largest companies over the past two market sessions thanks to earnings that topped analyst expectations.
5. Facebook Inc., $354 billion
The social networking site released impressive 2Q earnings last week, with 158% growth in earnings due to strong growth in mobile advertising. Facebook stock has risen 25% over the past 12 months and analysts estimate triple-digit earnings growth this quarter.