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  • We've been hearing a lot in recent months about "techlash", the backlash against the world's largest and richest tech firms.

  • The backlash is taking three forms: cognitive, political, and economic.

  • Let's take that last piece first and look at the growing economic power of these firms.

  • If you look at the top 10 firms by market cap in the US, you can see that the top five of them are the big Silicon Valley tech platform firms.

  • These firms are generating more wealth than any other companies before in history.

  • And a lot of it, of course, is being stored abroad in overseas tax havens.

  • There's been a lot of talk in the last couple of years about these overseas cash hordes.

  • In fact, the Trump administration recently changed the tax code, hoping to get some of that money back into the US.

  • But interestingly most of those assets, as you see here, are actually being held in bonds, many of them corporate bonds, rather than cash.

  • So why is this?

  • Well, the largest tech firms can use their own high credit ratings to issue debt at very low interest rates.

  • They then use that to purchase the bonds of other companies and hold those as safe assets in overseas havens.

  • Now what happens if they're going to bring this cash home?

  • Well that's going to mean the selling of these corporate bonds, which could have a big impact on interest rates.

  • All of this, as well as growing concerns about monopoly power, anti-trust issues, has led Americans to believe that the internet giants should be more regulated.

  • And if you look here, you can see that over half of Americans do indeed believe that we need to go further with regulation of the tech giants.

  • So watch this space.

We've been hearing a lot in recent months about "techlash", the backlash against the world's largest and richest tech firms.

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世界の富裕層企業が「テックラッシュ」に直面している理由 (Why world's richest companies are facing a 'tech-lash')

  • 45 6
    Samuel に公開 2021 年 01 月 14 日
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