5 Biggest IT Companies in the World

4. Amazon.com, Inc. (NASDAQ:AMZN)

Market Capitalization as of 11/5: $994.53 billion

Number of Hedge Fund Holders: 252

In addition to having a leading e-commerce business, Amazon.com, Inc. (NASDAQ:AMZN) has the world’s leading cloud business with Amazon Web Services which provides computing on demand. As a result of the growth in e-commerce and the cloud, Amazon.com, Inc. (NASDAQ:AMZN) has a market capitalization of $994.53 billion as of 11/5.

Diamond Hill Capital Management commented on Amazon.com, Inc. (NASDAQ:AMZN) in a Q2 2022 investor letter,

Amazon.com, Inc. (NASDAQ:AMZN)’s shares underperformed as valuations of fast-growing companies continued to compress in Q2. Amazon’s growth investments over the past two years have pressured earnings as consumer demand has been weaker than anticipated. However, we believe the company will be able to grow into its infrastructure investments over time. These investments have obscured the magnitude of sustainable free cash flow as well as the attractive valuation of the business relative to peers.