Updated Aug. 20, 2021 10:22 am ET / Original Aug. 20, 2021 4:00 am ET
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Over three days in late July, America’s tech giants put on an impressive show. Apple, Microsoft, Alphabet, Amazon.com, and Facebook had thrived in the pandemic, and their latest earnings reports hammered home the point. The five companies generated a combined $332 billion in revenue from April to June, up 36% from a year earlier. All of their profits were better than expected. The twist is that all of their stocks, save for Alphabet’s, sold off on the news.
The negative reaction reflects the paradox surrounding America’s Big...