Big Tech is a term that refers to the most dominant and largest technology companies in their respective sectors. Their products and services are used globally and have become heavily relied upon by businesses and individuals alike, bringing up privacy, safety and Antitrust concerns about their influence and operations and whether strict regulations should be considered.
There are several large companies that are frequently listed as Big Tech. They are often grouped together and referred to using acronyms.
A group of companies known as "The Four," as well as the "Four Horsemen" or "GAFA," all started and have primary headquarters within the United States.
A subsidiary of holding company Alphabet Inc., Google LLC is an American multinational technology company specializing in internet-related services and products, including a search engine, online advertising technologies, cloud computing, software and hardware. Founded in 1998 by Larry Page and Sergey Brin, Google is the world's largest search engine. Over 1 billion people use its products and services. As of December 2020, Google had a global search engine market share of 91.38%. State and federal enforcement agencies have filed three antitrust lawsuits against Google, two of which center around Google's monopoly in search and search advertising, while the third focuses on the company's nonsearch advertising.
Amazon.com Inc., the largest e-commerce marketplace in the world, was started in 1994 by Jeff Bezos as an online marketplace for books but soon expanded to sell other products, including electronics, video games, software, clothing, furniture, food, toys and jewelry. Amazon is the largest internet company in the world in terms of revenue, realizing $280.5 billion in revenue in 2019. A multinational technology company, Amazon also owns a cloud computing company, Amazon Web Services (AWS); a publishing arm, Amazon Publishing; and a film and television studio, Amazon Studios. The company also offers devices and services, such as Alexa, Echo, Fire TV and Fire tablets, and creates and provides access to entertainment through Amazon Originals, Prime Video, Audible, Twitch and Amazon Music. Over the years, Amazon acquired several companies, including Ring, Whole Foods Market and IMDb.
Founded in 2004 by Mark Zuckerberg, social networking site Facebook enables registered users to create profiles; connect with family, friends and colleagues; send messages; and upload photos and videos. As of Dec. 31, 2020, Facebook had 2.8 billion monthly users and posted annual revenue of $86 billion. Facebook, which operates on an ad revenue model, is always looking for ways to provide its users with a better social media experience. In March 2012, Facebook acquired Instagram for $1 billion, and in February 2014, the social media giant acquired WhatsApp for $19 billion.
At the end of 2020, Apple Inc. was the world's largest technology company with revenues of $267.7 billion. Founded by Steve Jobs, Steve Wozniak and Ronald Wayne in 1976, Apple designs and sells a range of products, including software, hardware, services, digital applications and accessories. Apple's products include the Mac, iPhone and iPad. The tech giant also offers the iOS, OS X and watchOS operating systems (OSes); iCloud; and Apple Pay. Apple continuously expands its market share by launching new products and services, such as Apple Watch, Apple Music, Apple TV and Apple HomePod.
Other acronyms have been given to the companies listed above, as well as a few others. These include the following:
Over the past 20 years, Big Tech companies have grown significantly. Because of their technology, most of them dominate their respective markets. They've changed the way businesses and individuals use technology in their everyday lives as hundreds of millions of people worldwide use and rely on their products and services. Tech giants continue to dominate because they understand their markets and their customers' needs, and they deliver products that ensure customer satisfaction.
In January 2020, Big Tech companies became the center of an antitrust investigation by the United States House Judiciary Subcommittee on Antitrust, Commercial and Administrative Law. In January 2021, the committee published a report stating that Apple, Amazon, Facebook and Google are each using antitrust methods to dominate their respective markets. The report suggested that tech giants are using the large amounts of consumer and business data they've accumulated to maintain their monopoly position, gain an advantage in the markets for new products, stifle innovation by rivals and push out competitors completely. The report concluded that corrective action, including the possibility of dividing these companies, be implemented through legal action taken by the Department of Justice (DOJ) or legislation implemented by Congress.
For their part and as of this writing, the top tech executives of Amazon, Apple, Facebook and Google have denied engaging in any anti-competitive behavior.
For its part, the European Union (EU) has also taken an interest in Big Tech and antitrust violations. In June 2020, the EU began two antitrust investigations into Apple's conduct regarding the company's music and book streaming services, as well as its mobile payment service. The EU alleges the company uses its monopoly to stifle competition and manipulate financial markets.
Governments have long discussed the possibility and merit of regulation for Big Tech companies. The three major areas seen as in need of regulation are the following:
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- Report Sounds Alarm Over Growing Role of Big Tech in US Military-Industrial Complex - Common Dreams - April 18th, 2024 [April 18th, 2024]
- Big Tech's ad transparency tools especially X's are failing at their jobs, report finds - Mashable - April 18th, 2024 [April 18th, 2024]
- Big Tech Taps AI Agents to Drive Revenue Growth - PYMNTS.com - April 18th, 2024 [April 18th, 2024]
- National privacy standard eyed by Congress for data harvested by big tech companies Nebraska Examiner - Nebraska Examiner - April 18th, 2024 [April 18th, 2024]
- Big Tech is on a generative AI hiring spree - Fast Company - April 18th, 2024 [April 18th, 2024]
- Disruptive Innovation in the Era of Big Tech - HBR.org Daily - April 18th, 2024 [April 18th, 2024]
- Betting on US Big Tech? Top Earnings Reports to Watch in the Coming Week - FX Empire - April 18th, 2024 [April 18th, 2024]
- Big Tech Earnings Are Just Around the Corner - Meta Platforms (NASDAQ:META) - Benzinga - April 18th, 2024 [April 18th, 2024]
- WATCH LIVE: Will Cain holds panel to discuss Big Tech and Trump trial - Fox News - April 18th, 2024 [April 18th, 2024]
- Google fires 28 workers in aftermath of protests over big tech deal with Israeli government - The Bakersfield Californian - April 18th, 2024 [April 18th, 2024]
- Big Tech offices are getting smaller and that spells trouble for landlords - Quartz - April 18th, 2024 [April 18th, 2024]
- Asking Big Tech to police AI is like turning to 'oil companies to solve climate change,' AI researcher says - Fortune - April 18th, 2024 [April 18th, 2024]
- Big Tech Comes to Small Town: A Bitcoin Mining Story in Spur - CoinDesk - April 18th, 2024 [April 18th, 2024]
- Big Tech loses its appetite for office space, adding to landlords woes - Inman - April 18th, 2024 [April 18th, 2024]
- Google restructure leads to job cuts - Mobile World Live - April 18th, 2024 [April 18th, 2024]
- FTC's Lina Khan talks big tech monopolies on The Daily Show - The Ticker - April 18th, 2024 [April 18th, 2024]
- Digital public infrastructure will drive the future, not big tech: Amitabh Kant - BusinessLine - April 18th, 2024 [April 18th, 2024]
- Big tech is downsizing work space in another blow to office real estate | Mint - Mint - April 18th, 2024 [April 18th, 2024]
- UK Plans Talks With Big Tech to Limit Online Harm for Teens - Bloomberg - April 18th, 2024 [April 18th, 2024]
- Canada to Start Taxing Tech Giants in 2024 Despite US Complaints - Bloomberg - April 18th, 2024 [April 18th, 2024]
- US quarterly earnings to feature big growth in tech-related companies - Reuters - April 18th, 2024 [April 18th, 2024]
- Our View: Big Tech: Google continues to harm news groups for its own profit - Mankato Free Press - April 18th, 2024 [April 18th, 2024]
- Deepfake victims must punish Big Tech because Congress wont - The Hill - April 18th, 2024 [April 18th, 2024]
- Big tech kneecaps anyone researching it. The online harms bill needs to remove barriers to analysis - Policy Options - April 18th, 2024 [April 18th, 2024]
- Global future will not be driven by big tech but by India's DPI: Amitabh Kant - Moneycontrol - April 18th, 2024 [April 18th, 2024]
- Kids Code bills prompt epic showdown between regulators, activists and big tech firms - Biometric Update - April 18th, 2024 [April 18th, 2024]
- Tech Firms Retreating From Office Market - The Real Deal - April 18th, 2024 [April 18th, 2024]
- UKs antitrust enforcer sounds the alarm over Big Techs grip on GenAI - TechCrunch - April 18th, 2024 [April 18th, 2024]
- Time for government to regulate big tech - ACS - April 18th, 2024 [April 18th, 2024]
- UK Markets Authority Warns of AI Market Capture by Big Tech - BankInfoSecurity.com - April 18th, 2024 [April 18th, 2024]
- 2023 Boosts Big Techs AI monopoly? Google, Microsoft, Nvidia, and others wield money power - HT Tech - January 2nd, 2024 [January 2nd, 2024]
- Alphabet (GOOGL) and Meta Shows Power of Ads Over Subscriptions - Bloomberg - January 2nd, 2024 [January 2nd, 2024]
- Looking Beyond The 'Magnificent 7' Analysts Just Upgraded These Three Large-Cap Stocks - Anheuser-Busch - Benzinga - January 2nd, 2024 [January 2nd, 2024]
- Mapping the Biggest Tech Talent Hubs in the U.S. and Canada - Visual Capitalist - January 2nd, 2024 [January 2nd, 2024]
- Google, Meta, other tech giants slash DEI-related jobs, resource groups in 2023: Report - Fox Business - January 2nd, 2024 [January 2nd, 2024]
- South Koreas proposed tech regulations would be a gift to China - The Hill - January 2nd, 2024 [January 2nd, 2024]
- Outlook 2024: Big changes to expect in personal tech - The Indian Express - January 2nd, 2024 [January 2nd, 2024]
- Big Tech Dumped $17 Billion Into AI Companies in 2023 Despite Frozen Market - The Messenger - January 2nd, 2024 [January 2nd, 2024]
- Why OpenAI signals the start of the post-Christensen startup world - Tech.eu - January 2nd, 2024 [January 2nd, 2024]
- Opinion | Lindsey Graham and Elizabeth Warren: When It Comes to Big Tech, Enough Is Enough - The New York Times - July 29th, 2023 [July 29th, 2023]
- Globe editorial: Canada can't tackle Big Tech on its own - The Globe and Mail - July 29th, 2023 [July 29th, 2023]
- July jobs report and more Big Tech earnings are in the week ahead after markets notch historic run for Dow - CNBC - July 29th, 2023 [July 29th, 2023]
- A Setback in the F.T.C.'s Fight Against Big Tech - The New Yorker - July 29th, 2023 [July 29th, 2023]
- Be strong in the fight against Big Tech, Canada - Canada's National Observer - July 29th, 2023 [July 29th, 2023]
- Decoding volatility: Are big tech stocks as stable as we think? - CryptoSlate - July 29th, 2023 [July 29th, 2023]
- Patients think their health data will be leaked and don't trust big tech ... - Contemporary Pediatrics - July 29th, 2023 [July 29th, 2023]
- The Role of Artificial Intelligence in Big Tech Earnings Season - Fagen wasanni - July 29th, 2023 [July 29th, 2023]
- The problem with Big Tech's voluntary AI safety commitments - Emerging Tech Brew - July 29th, 2023 [July 29th, 2023]
- How the Crypto Market Prepares Ahead of Big Tech Earnings ... - BeInCrypto - July 29th, 2023 [July 29th, 2023]
- Tony Anscombe: It's Misleading to Ask if Big Tech Wants to Read ... - BroadbandBreakfast.com - July 29th, 2023 [July 29th, 2023]
- The Week Ahead: Fed, ECB and BoJ set rates, and Big Tech ... - Financial Times - July 29th, 2023 [July 29th, 2023]
- China's Big Tech making a comeback with Beijing offering fresh ... - The Straits Times - July 29th, 2023 [July 29th, 2023]
- Montgomery County school district sues Big Tech over youth mental ... - Washington Times - June 18th, 2023 [June 18th, 2023]
- Big Tech knows most Brits don't know how to protect their online ... - TechRadar - June 18th, 2023 [June 18th, 2023]
- The time for talk is over is time for action on data privacy - The Hill - June 18th, 2023 [June 18th, 2023]
- Meet the man calling out Big Techs climate hypocrisy - Corporate Knights Magazine - June 18th, 2023 [June 18th, 2023]
- Letter: UK watchdog's tough stance on Big Tech should reassure MPs - Financial Times - June 18th, 2023 [June 18th, 2023]
- Peter Thiel on Big Tech: A Throwback Lecture - Walter Bradley Center for Natural and Artificial Intelligence - June 18th, 2023 [June 18th, 2023]
- Big Tech Is Big Tobacco - The Lever - May 6th, 2023 [May 6th, 2023]
- Graham fires warning shot at Big Tech: Were going to unleash the courtrooms of America on you - Fox News - May 6th, 2023 [May 6th, 2023]
- Experts weigh the current cost of anticompetitive behavior in Big ... - NYU Law - May 6th, 2023 [May 6th, 2023]
- Big Tech lobbying on AI regulation as industry races to harness ... - Center for Responsive Politics - May 6th, 2023 [May 6th, 2023]
- 'Big Tech is knowingly fueling a mental-health crisis in this country ... - Morningstar - May 6th, 2023 [May 6th, 2023]
- EY's Abandoned Split Exposes Obstacles to Big Tech Consulting - Bloomberg Tax - May 6th, 2023 [May 6th, 2023]
- Apple CEO Tim Cook calls mass layoffs a last resort, as the company avoids the giant job cuts of its Big Tech peers - Yahoo Finance - May 6th, 2023 [May 6th, 2023]
- Big Tech stocks are flying! Which ones are the best buys today? - Motley Fool UK - May 6th, 2023 [May 6th, 2023]
- Why Indian start-ups have accused the Internet and Mobile Association of India of spreading Big Tech propaganda - The Indian Express - May 6th, 2023 [May 6th, 2023]
- Intimate Images Protection Update Big Tech Warned To Be Ready ... - BC INJURY LAW - May 6th, 2023 [May 6th, 2023]
- Apple Stock and Big Tech Are Winners. Why Cathie Wood's ARK Is Still a Loser. - Barron's - May 4th, 2023 [May 4th, 2023]
- White House officials will meet Big Tech CEOs as President Biden looks to tackle AI safety concerns - Yahoo Canada Finance - May 4th, 2023 [May 4th, 2023]
- The top 10 buzziest companies Gen Z wants to work fornone of them are in Big Tech, says new report - CNBC - May 4th, 2023 [May 4th, 2023]
- Apple Reports Earnings Today. What to Expect. - Barron's - May 4th, 2023 [May 4th, 2023]
- Big Tech Earnings: Time to Take Another Bite of Apple? - Yahoo Finance - May 4th, 2023 [May 4th, 2023]
- Vibe Check: Big Tech Is Losing Its 'Luster' For The Class Of 2023 Amid Mounting Layoffs And An Uncertain Economy - Forbes - May 4th, 2023 [May 4th, 2023]
- Lindsey Graham says Big Tech will kill online child safety bill, teases plan with Elizabeth Warren - Washington Times - May 4th, 2023 [May 4th, 2023]
- 'Break them open' new EU rules coming for Big Tech - TNW - May 4th, 2023 [May 4th, 2023]
- EY's Abandoned Split Exposes Obstacles to Big Tech Consulting - Bloomberg Law - May 4th, 2023 [May 4th, 2023]
- Open Source Communities Need More Than Funding From Big Tech - DevOps.com - May 4th, 2023 [May 4th, 2023]
- Night School, Class 3: Big Tech vs the insurgents - Financial Times - May 4th, 2023 [May 4th, 2023]
- MM View: The Big Tech monster is coming for you - but only if you let it - Money Marketing - May 4th, 2023 [May 4th, 2023]