Varney: Big Techs stock price surge a ‘huge shot in the arm’ for pensions – Fox Business

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

FOX Business'Stuart Varney, during his latest "My Take" on"Varney & Co.,"reflected on Big Tech and the impact it has on peoples 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 -- its not all bad! In fact, Apple, Amazon, Google, Microsoft and Facebook benefit us all.

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

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

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And then theres 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 Techs stock price surge!

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

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

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Varney: Big Techs stock price surge a 'huge shot in the arm' for pensions - Fox Business