- Investors fell in love with a basket of stocks they called FAANG (for Facebook, Apple, Amazon, Netflix, and Google) and rode those investments up a tall curve for years.
- Policymakers and regulators found it convenient to paint a single big target on “the big tech platforms” as the spate of privacy- and election-related controversies since 2016 raised calls for government action.
- But the closer the government looks at the companies’ problems, the harder it gets to settle on any one-size-fits-all solution.
For several years it has made sense, in some quarters, to lump together the tech giants — chiefly Google, Facebook, Apple, and Amazon, sometimes also including Netflix or Microsoft. But talking about “big tech” is beginning to offer diminishing returns.
The big picture: Industry insiders have always known that differences among these companies are as pronounced as their shared traits. The rest of the world is catching on.