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“Heaven is purpose and principle. Purgatory is paper and procedure. Hell is rules and regulation.” We had a slew of spectacular Big Tech results this week, but has the time come to regulate them more closely to avoid increasingly monopolistic behaviour, and to protect the population from the pernicious effect of the manipulation of big data? It’s as much an argument about the role of the state as it is about the success of companies. There will be winners and losers. As always there is lots going on in markets, but the run of superb Tech results has been truly spectacular. Many tech firms have successfully navigated the Pandemic, selling into bored WFH workers, and achieved staggering success. Let’s use the moment to ponder the difficult question of how should we value Tech, and should it be more thoroughly regulated?

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