Unsplash/Christopher Burns
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I’m all for innovation, but if congress starts asking about your work, that’s not a good sign.
All the big tech firms had something in common on Wednesday, beyond moving the markets…yet again. Amazon, Facebook, Google, and Apple squared up with Congress. And let’s just say they were not let off easy.
Remote pressure
The meeting, done via video conference (just in case you ever wondered what Zuck’s OnlyFans feed would look like) put
Congress Folk were not friendly, despite most of them using tech services to win the seats they currently sit in. Lawmakers frequently brought up company internal emails to assert the fact that the companies abuse their powers to overcome competition.
All the way up
It went so far as the head of the House Antitrust Committee, David Cicilline saying “Our founders would not bow before a king. Nor should we bow before the emperors of the online economy” Be more dramatic, David.
The tech firms didn’t take their insults laying down. They fought back, saying that stiff competition keeps companies innovating and serving consumers. *Sent from Tim Cook’s iPhone*
So, do we get a headphone jack this year, Tim?
The bottom line…
The biggest news is yet to come, as all these tech juggernauts are reporting earnings within the same hour this afternoon. Apple, Amazon, Google, and Facebook are announcing earnings after 4PM today.
Anytime you have more than $5T in combined market capitalization announcing earnings after a congressional hearing, market players better be strapped in for a ride.
Water Cooler Talking Point(s)
💧 “The guys who bullied Tim Cook, Zuck, Sundar, and Jeff Bezos in high school must be sh*tting themselves this week.” (AJ, The Water Coolest HQ)
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