“It’s time to go back to the roots and break the Big Tech” to oxygenate the market, “says NYU Marketing Professor Scott Galloway.
“The market is beginning to collectively recognize that when all loot is concentrated among an ever-smaller number of companies, it leads to an unhealthy ecosystem and an unhealthy economy,” Galloway told Yahoo Finance’s On The Move.
AAPL) and Facebook (FB) affected fresh heights, while Amazon (AMZN) increased by more than 4% after the outbreak of the quarter, despite the ongoing pandemic. “data-Reaid =” 22 “> Apple (AAPL) and Facebook (FB) shares hit new highs on Friday, while Amazon (AMZN) rose more than 4% after a quarter broke despite an ongoing pandemic.
Amazon recorded a record profit when people shopped at home during the outbreak of COVID-19.
“The first takeoff is that it is fantastic to be an unregulated monopoly in a pandemic,” Galloway said.
T) Twitter (tWTR) and Pinterest (PINS), “Galloway said.” Data-Reaid = “25”> “These companies added value to AT&T (T) Twitter (TWTR) and Pinterest (PINS) in the first 15 minutes after the market closed yesterday, the post-addition profit announcement,” he said. Galloway.
“And yet, according to Mark Zuckerberg, he will be attacked by competitors from all sides,” he added.
GOOGL) testify before legislators during a 5-hour antitrust hearing. “data-Reaid =” 27 “> Jaw yields came just a day after CEOs of Amazon, Apple, Facebook and Alphabet (GOOGL) testified before lawmakers during a 5-hour antitrust hearing.
stated the reason why the social media platform is not an illegal monopoly, and in fact behind its competition. “data-Reaid =” 28 “> Facebook CEO Mark Zuckerberg explained why the social media platform is not an illegal monopoly and, in fact, behind its competitors.
“After watching the hearings, I thought again that this was the beginning of the end of great technology as we know it,” Galloway said.
“And I think we have to move from constructing the belief that it’s some kind of punishment or that they did something wrong,” he added.
“I think America has a proud reference to antitrust when any company becomes so strong that it starts cutting off the oxygen of the industry and the rest of the economy. We will enter and oxygenate the economy by dividing this company, “he said.
“By the way, as a shareholder of Amazon and Apple, I think the value of my shares increases when they announce that they are falling apart,” he said. “I think AWS will be the most valuable company in the world as an independent company in 3-4 years.”
The cloud computing business of Amazon Web Services grew by 29% year-on-year.
“I think this is the beginning of the end, even if Trump is re-elected. I think if Biden is elected, there will be some action – he will go faster. But we’ve been here a long time … for market oxygenation. “
@ines_ferre“data-reaid =” 49 “>Ines covers the US stock market. Follow her on Twitter at @ines_ferre
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