mark 0stwald is global strategist at adm investor services international. this is very much a moment of truth for this much fated crackdown. after years of tech lash, i guess, crackdown. after years of tech lash, iguess, in crackdown. after years of tech lash, i guess, in the political sphere. is it losing its gustre in the investment world as well? i in the investment world as well? ., ~ well? i don t think it necessarily - well? i don t think it necessarily loses - well? i don t think it necessarily loses its| well? i don t think it - necessarily loses its gustre but it does definitely create something, a risk out there which many people had dismissed, previously. ithink theissue dismissed, previously. ithink the issue here, really, is that it does not matter where you look, whether it is the eu the us or china, basically we have let these behaviour myths, these conglomerates grow out of control and now people up backpedalling and trying to bring it back under control. and obvious
usually saying i ll get back to you on that. let me connect with your staff on that. they ve paid record fines. they ve been sued by governments. they ve annoyed both sides of the aisle. they ve done something very few forces can do, and that is that both democrats and republicans are mad at them for different reasons and in popular culture, they get vilified. what are the results? profits are up. they have hoards of cash for acquisitions. and they are buying fiscal space in our big cities. helping prop up the office market. so the techlash, so far, a complete bust. the opposite, they re bigger, better off than ever. geez. and the profits are going yeah. i mean, you look at the profits just continue to skyrocket. that usually does happen with monopolies, victory ya. and they have basically crossed
mika, accept no substitutes! happy friday! we need it! mike, you re looking at big tech profits that are up, despite the backlash and all the criticism that we ve been talking about here about disinformatio monopolies. everything. what s going on? that s right. remember three, four years ago, we talked about the tech lash, and the big tech companies, facebook, amazon, google, had finally, as hi mother would say, had goten too big for their britches. they were too powerful, too toxic. what s happened since then? instead, they are now richer, more powerful, and this is the big one, more determined than ever to have their products integrated in our lives. so what s happened since we started talking about the techlash. they ve constantly come to capitol hill. mark zuckerberg alone six times up there.
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the reality is this is the will of the people. again you don t also mind getting in talking about the crisis in tech. this tech lash that s going on. how do you look at this? there s a growing problem income and equality. and where jobs are doing. the addiction issues. where the money is coming from. like saudi arabia and google about whether they should work for the defense department. never a better time for your industry. great to be an annoying reporter. what is happening in tech? is there really a problem now? with tech not being what it used to be? today technology and the industry is in a crisis of trust. companies have to decide what is their highest value? what is the most important to them. today many companies don t know that.