As far as the stock market is concerned, attempts by competition regulators to restrain the power of big tech have invariably been a case of too little, too late.
That was evident again this week as Microsoft and Apple came under fire from a European Commission armed with new and more draconian regulatory powers. Both companies’ shares flirted with record highs as investors displayed their usual, sanguine response.
The tech world moves too fast for regulators burdened with old theories of competition and weighed down by bureaucratic processes, they reckon (though the EU’s new Digital Markets Act is designed to change that). Even cases that have resulted in large fines haven’t forced any changes to the tech giant’s business models that would seriously weaken the power of their online platforms.