In a year where tech stocks have lost about 40% of their value since their peaks, Google is the top tech stock for investors, according to research from the fund.
The company has gained nearly $40bn in market value since the beginning of 2017, and is up more than 50% year-over-year.
“Google’s share price has grown over the past two years at a faster pace than the broader S&P 500 index, which is up about 10% this year,” says Andrew Cappuccio, an analyst with BTIG, a research firm.
“But the stock’s market cap is far higher than that of Apple or Microsoft, which has been able to gain momentum despite losing its market share in the last few years.”
“In terms of the S&p 500, it’s a little bit of a tossup between Google and Microsoft,” says Cappucio.
“It’s a bit of an enigma.
Microsoft is still growing, but Google has been going through a lot of bad times and hasn’t seen its share price grow much over the last five years.”
The stock’s valuation also reflects the strength of the Chinese technology sector, where Google is investing heavily to boost its dominance.
In the past few years, Google has become a huge beneficiary of China’s growing internet presence, as it has developed its own voice-activated Google Glass hardware that is used in China to give users virtual voice commands.
As Google is expanding its presence in the country, it has been investing heavily in the sector, particularly in its own data centres, says Capps.
“With Google’s investments, there is a lot more of the Google data centre being built in China,” he says.
“There are a lot fewer people in China doing data centre work.”
The rise of China In the last year, Google’s revenue in China has grown from $4.6bn in 2014 to $5.4bn in 2017.
That’s a massive increase of almost 10% in the space.
In 2017, China’s gross domestic product rose by 5.2%, with its economy adding more than $30tn in value to the country’s economy.
That was a record in China and Google’s sales were a record for a tech company in the region.
However, it wasn’t always this way.
“China is not the country that it is today,” says Craig Wright, an independent data and analytics analyst.
“If you look at what was happening in 2016, it was actually a very weak year for China,” Wright says.
The year ended in March 2017, when China’s economy was at an all-time low.
In 2016, Google had about 2.3 million employees and it was building its own cloud services in the US.
It was also investing heavily into its data centres in China, and it had invested heavily in other technology areas, such as robotics.
“At the same time, the US was not as strong as China was,” Wright explains.
“The Chinese government was not very interested in making new investments.
It wasn’t looking at investing in things like robotics, or machine learning.”
China is a large market for Google, and Wright says the company’s presence in China is partly due to its strong presence there.
“I think Google has a very strong relationship with China,” says Wright.
“And I think Google’s ability to make those investments is very good for China.”
For the past five years, the number of Chinese users accessing Google services has grown more than six times faster than the number accessing Google’s own services.
“In China, Google still has a significant presence,” Wright adds.
“That’s one of the reasons why Google has had such a huge impact in China.”
Google’s growth in China “Google is growing so fast in China because of the country,” says Mark Zuckerberg, the co-founder of Facebook, the internet giant that also has a large presence in Asia.
“For the last 15 years, we’ve built the internet from scratch.
We’ve done all sorts of crazy things like Google Maps.
We’re trying to build the internet in China that way.”
Google and Facebook share the same headquarters in Hangzhou, China.
In addition to being a major player in internet infrastructure, Google also dominates mobile and other areas of the smartphone market.
In 2018, the company added 3.6 million iPhones, according the Wall Street Journal.
Apple and Microsoft are also growing in China.
“We’re really seeing that China’s not only a market for mobile, but it’s also a market that’s growing,” Wright tells Business Insider.
“They’re very interested and have a lot invested in the Chinese market.”
Google has also been investing in artificial intelligence research, which Wright says has been one of its strongest areas of focus.
“You can’t say the internet is going to disappear,” he explains.
But Wright says that Google is also focused on building artificial intelligence to make it more relevant to the world. “AI is a