Big Tech faces more regulation, oversight but no breakup, analyst says
Big Tech executives were blasted on Capitol Hill Tuesday over their market power and perceived bias.
House Judiciary Committee’s antitrust subcommittee questioned Amazon, Apple, Facebook and Alphabet’s Google. The lawmakers suggested the tech giants should be under more regulatory scrutiny.
Loup Ventures Managing Partner Gene Munster told FOX Business’ Liz Claman it is highly unlikely the U.S. government will take action in breaking up the major technology companies.
“No is the simple answer,” he said on Wednesday when asked if it’s inevitable that one of the tech giants will be forced by the government to break up.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AMZN | AMAZON.COM INC. | 212.33 | -1.77 | -0.83% |
| AAPL | APPLE INC. | 226.84 | +1.72 | +0.77% |
| FB | NO DATA AVAILABLE | - | - | - |
| GOOGL | ALPHABET INC. | 174.69 | -4.20 | -2.35% |
Munster said the consumer’s best interest will be driving force around any potential regulations.
“Consumers ultimately are going to be in a less beneficial place and I think that will prevent any sort of break up,” he said on "The Claman Countdown."
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The tech analyst added that he foresees preliminary government regulation and oversight within the tech companies as early as this fall and actually regulatory action by the middle of next year.
“Those early regulations are going to be about consumer privacy sharing,” Munster said. “Breakups will undoubtedly be talked about over the next few months,” he said.