A scathing report detailing abuses of market power by four top technology companies suggests a tough road ahead of new rules and stricter enforcement for Big Tech should Joe Biden win the White House.
Just as the Chinese duo of Jack Ma and Pony Ma have carved up major chunks of their country’s Internet businesses, the battle for control of 1.3 billion Indians’ data could become a two-horse race.
Facebook on Thursday said that Apple rejected its attempt to tell users the iPhone maker would take a 30% cut of sales in a new online events feature, forcing Facebook to remove the message.
US technology giants are increasingly dominating the stock market in the midst of the coronavirus pandemic, even as they draw accusations of unfair business practices. Some investors fear the pump is primed for a tech-fuelled sell-off.
Apple became the first publicly listed US company with a $2-trillion stock market value on Wednesday, as Wall Street investors put aside challenges to its iPhone ecosystem.
Google and Facebook took particularly sharp jabs for alleged abuse of their market power from politicians on Wednesday in a much-anticipated hearing that put four of the US’s most prominent tech CEOs in the hot seat.
As of Monday morning’s open on Wall Street, Apple – the listed US company that’s attracted the largest valuation of them all – had a market capitalisation of $1.7-trillion.
The US stock market has been on a tear for the past three months, and Big Tech gets much of the credit. But how can this possibly be when the coronavirus has inflicted so much damage?