Peter Eavis and Steve Lohr of the New York Times examine how COVID-19 has been the ultimate catalyst for big-tech’s surge in wealth and influence in ways unseen in decades:

The Coronavirus pandemic has lifted bit-tech to new heights, putting the industry in a position to dominate American business in a way unseen since the days of railroads.

The tech companies’ dominance of the stock market is propelled by their unprecedented reach into our lives, shaping how we work, communicate, shop and relax. That has only deepened during the pandemic, and as people shop more frequently on Amazon, click on a Google or Facebook ad or pay up for an iPhone, the companies receive a greater share of spending in the economy and earn ever larger profits. This is why investors have flocked to those stocks this year at the expense of the scores of companies struggling in the health crisis, and are betting that their position will be unassailable for years.