Is Big Tech invincible? The numbers released Thursday afternoon tell a complicated story.

For the second time in three months, Apple Inc., Amazon.com Inc., Facebook Inc. and Google parent Alphabet Inc. reported results the same afternoon. Much smaller but highly influential Twitter Inc. joined the crowd Thursday with its own report. The numbers were predictably huge, and largely ahead of what analysts were expecting to see.

Yet…

This post first appeared on wsj.com

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