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The five most valuable companies in the U.S. are all technology firms that employ far fewer workers than their industrial predecessors.

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Data: Yahoo Finance, 2016 annual reports; Chart: Andrew Witherspoon / Axios

Why this matters: These companies symbolize the central issue of employment in a new age of technology, automation and artificial intelligence. For example, Ford, worth a tenth of Facebook, employs 200,000 workers compared with Facebook's 17,000. Worse, Ford is cutting jobs, saying last month that it will lay off 1400 workers despite record revenues.

Accelerating economic change: The success of these tech giants highlights the changing face of corporate America -- three of them did not exist 25 years ago, and the other two are just 40. That such relatively young companies are on top illustrates the trend of a higher churn rate among American companies. According to consultancy Innosight, the 33-year average tenure of companies on the S&P 500 in 1965 narrowed to 20 years in 1990 and is forecast to shrink to 14 years by 2026.

Go deeper

Updated 13 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Rae Cook/Axios

  1. Health: CDC expects new COVID surge starting this month — Coronavirus cases hit a seven-month low
  2. Politics: Federal judge overturns CDC's eviction moratorium — Why Biden's latest vaccine goal is his hardest yet.
  3. Vaccines: Moderna says its COVID booster shot shows promise against variants — U.S. will support waiving vaccine patents — Education secretary: All schools expected to be fully in-person this fall
  4. Economy: U.S. may have added more than 2 million jobs in April — A surge in youth unemployment.
  5. World: True COVID-19 death toll is double the official numbers, study finds — Countries testing J&J vaccine doses after contamination at Baltimore plant — Germany opposes Biden's support for waiving vaccine patents
  6. Variant tracker: Where different strains are spreading.
Dave Lawler, author of World
23 mins ago - World

True COVID-19 death toll is double the official numbers, study finds

Expand chart
Data: IHME; Chart: Will Chase/Axios

There have been twice as many deaths from COVID-19 around the world as have been reported, according to the University of Washington's Institute for Health Metrics and Evaluation (IHME), which analyzed excess mortality and other factors.

The big picture: The U.S. has undercounted by over 300,000 deaths, while the death tolls in India and Mexico — second and third on the list, respectively — are nearly three times the official numbers, according to the analysis.

Top Wall Street cop says report on meme stocks is coming

Photo: Andrew Harrer/Bloomberg via Getty Images

Wall Street's top regulator says a report examining meme stock mania will be coming "sometime this summer."

The big picture: It will "detail the range of activities" that came out of the January events," SEC chair Gary Gensler said Thursday at a third congressional hearing held to dissect the GameStop trading phenomenon.