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During most of Donald Trump’s time in the White House, Silicon Valley could regard the legal threats Republicans hurled its way as a sideshow: unfocused, unserious, untenable.
But a campaign launched in a cauldron of conservative grievance over censorship allegations, complaints of “woke” corporate values and the power wielded by a few Bay Area billionaires has, in former President Trump’s absence, morphed into something far more worrisome to big business.
The GOP push to break up, or at least punish, Big Tech is now an unexpectedly disciplined movement that is causing corporate concern far beyond the boardrooms of Silicon Valley, as the party’s identity is increasingly focused around reining in the power of large companies.
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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?