Results for: Big Tech

President-elect Donald Trump has selected Andrew Ferguson, a vocal critic of Big Tech and FTC board member, to head the Federal Trade Commission (FTC). This appointment signals a potential major shift in US antitrust policy, prioritizing concerns about censorship and potentially escalating conflicts with tech giants like Google and Apple. The move comes alongside the appointment of Gail Slater to lead the Justice Department’s antitrust division, further solidifying the administration’s focus on challenging tech monopolies.

CNBC’s Jim Cramer expresses concern over Gail Slater’s appointment as Assistant Attorney General for Antitrust, citing her history of challenging big tech companies. This appointment signals a continued crackdown on tech giants under the incoming administration.

Wall Street closed the week on a positive note, driven by tech stocks surging in anticipation of upcoming earnings releases from tech giants like Microsoft, Apple, Meta, Amazon, and Alphabet. The S&P 500 and Nasdaq 100 both saw significant gains, while the Dow Jones Industrial Average experienced a slight dip. The U.S. dollar continued its upward trend, and oil prices rose due to concerns over geopolitical tensions in the Middle East.

Former President Donald Trump has once again voiced concerns about Google’s market power and alleged bias in its search results, claiming the company unfairly promotes negative stories about him. While stopping short of endorsing a breakup of the tech giant, Trump suggested alternative regulatory approaches to ensure fairness. His comments come amidst growing calls for antitrust measures to curb the dominance of Big Tech companies like Google.

BHP Group forecasts a critical copper shortage as Big Tech companies like Microsoft, Google, and Amazon ramp up their artificial intelligence investments. The surging demand for data centers and AI could lead to a 3.4 million tonne annual shortfall by 2050, posing a risk to the transition towards a zero-emission future.

India’s proposed law aimed at regulating powerful tech platforms like Google and Facebook has been delayed, with policymakers still seeking consensus on its scope and implementation. The draft legislation, which faced resistance from Big Tech and domestic industry bodies, is expected to be tabled in Parliament only next year. Key concerns include the impact on innovation, potential stifling of startups, and the definition of which companies fall under its purview. The bill’s focus on preventing anti-competitive practices through ex-ante regulation has sparked debate about its necessity and effectiveness, raising questions about whether strengthening existing frameworks might be a more suitable approach.

Deepwater Asset Management’s Gene Munster urges investors to buy into big tech stocks, particularly Apple and Nvidia, citing a multi-year bull market driven by artificial intelligence. He highlights upcoming events like Tesla’s autonomous vehicle event and Apple’s iPhone 16 launch as catalysts for growth. Munster expects Apple’s new AI features to drive a significant upgrade cycle and believes Nvidia’s recent share decline is a misunderstanding of its guidance.

Meta CEO Mark Zuckerberg has admitted that the Biden administration pressured the company to censor certain COVID-19 content, sparking outrage from Republicans who claim it’s evidence of government overreach and censorship. Zuckerberg, in a letter to the House Judiciary Committee, acknowledged the pressure but maintained that Meta ultimately made its own decisions. The White House, however, defended its actions, saying it was encouraging responsible actions to protect public health.

Constellation Research’s Ray Wang believes that Big Tech companies, particularly Nvidia, are the ultimate refuge and growth drivers for investors, especially in light of falling interest rates. He compares the current tech landscape to a centralized, closed system, with only a few key players poised to succeed. Despite this, Wang emphasizes that Big Tech’s dominance is a positive factor for the market, making them a “flight to safety” and a “flight to growth.”

Google has come under fire from Trump supporters who accuse the tech giant of election interference after its autocomplete function failed to suggest information about an attempted assassination of former US President Donald Trump. The omission, alongside other alleged instances of bias, has sparked accusations of manipulation and fueled calls for investigations.