Calls are growing to break up the Big Tech giants, with a handful of companies controlling more and more of the technology industry, crowding out or acquiring would-be competitors and exercising vast power over the U.S. economy. Lawmakers grilled the CEOs of Amazon, Apple, Google and Facebook during a hearing last week on whether their companies are guilty of stifling competition, in a scene reminiscent of the 1994 hearing of tobacco executives who claimed cigarettes were not addictive.
… if you’re adding a quarter of a trillion dollars in market capitalization across just four companies in a low-growth economy or an economy that is in decline, it means every other publicly traded company is likely losing revenues to these companies. So in sum, what is now good for Big Tech seems to be bad for the rest of the economy, because they have aggregated just so much power and so much of the spoils.
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