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Tech giants have “captured the economy”

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Axios
June 15, 2017

The world’s largest tech companies — Google, Facebook, Amazon, Microsoft and Apple — have become enormous concentrations of wealth and data, drawing the attention of economists and academics who warn they’re growing too powerful.

“Platform companies have captured the economy,” said Jonathan Taplin, who argues in a new book and a recent NYT op-ed that the dominant platforms are so big that they’re undermining competition.

Our thought bubble: Despite populist promises, cracking down on Silicon Valley is not one of President Trump’s near-term priorities. Makan Delhrahim, Trump’s top antitrust enforcer at the Justice Department, has pledged to to enforce antitrust violations with respect to online platforms just as he would with any other industry, but insiders expect him to be cautious. And Maureen Ohlhausen, acting FTC chair, said in a recent speech that the agency has no intention of meddling in the way tech companies use algorithms and data.

Sheer size:

  • Facebook, Amazon, Apple, Microsoft and Google parent company Alphabet are the top five contributors to the S&P’s 500 gains this year and their climbs helped drive the stock market’s recent rally
  • These mega-cap tech stocks have earned the acronym FAAMG from Goldman for their performance, adding $660 billion in market value this year.
  • The market cap of tech giants is already greater than the GDP of large U.S. cities: On that basis, Google is bigger than Chicago, Amazon is bigger than Washington DC.
  • “It could ultimately lead to populist calls for redistribution of the increasingly concentrated wealth of Silicon Valley as the gap between tech capital & human capital grows ever-wider,” according to a recent Bank Of America Merrill Lynch note.

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This article was posted: Thursday, June 15, 2017 at 7:56 am





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