Nasdaq Index Remains Near All-Time High As DOJ Starts Review On Big Tech

In the past few decades, the United States has seen the number of goods that it exports to other countries decline. This is because of the high cost of production, which makes its goods more expensive than those from China. However, the volume of service exports has been on the rise. This has partly been driven by technology companies like Facebook, Microsoft, Adobe, and Google. Each of these companies dominates their industries and are some of the biggest companies in the world.

In recent months, the technology industry has been under attack by politicians and regulators around the world. In Europe, companies like Google and Facebook have been fined billions of dollars. Google has been fined for favoring its platforms in the search engine. Facebook is being investigated for violating the GDPR rules. Other companies like Amazon and Apple are also under investigation.

In the United States, the animosity towards the technology companies has been continuing. This voice of opposition increased after the Cambridge Analytica scandal. Last week, the Federal Trade Commission (FTC) fined the company $5 billion for exposing this data. Politicians in the left and right have been critical of the tech companies. Rightwing politicians like Donald Trump have accused companies like Facebook and Twitter for being biased against conservatives.

In the ongoing campaign season, politicians have been presenting their plan for regulating the tech industry. Elizabeth Warren, the Democrat from Massachusetts has said that she will break down the big technology companies like Amazon and Google. She has been mostly focused on large tech companies that run marketplaces like Apple, Google, and Amazon.

Yesterday, the Department of Justice (DOJ) announced a broad antitrust investigation into online platforms. The department will look at how these companies got so big and whether they are ‘engaging in practices that have reduced competition, stifled innovation or otherwise harmed consumers’. The department said that it will look into widespread concerns expressed about search, social, and some retail services online. This resulted in a sharp decline in the stock prices of big tech companies.

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