‘This is the beginning of the end of Big Tech as we know it’: NYU Professor Galloway

“It’s time to return to our roots and” grow the marketplace, “says NYU marketing professor Scott Gallaway.

“Marketplaces have collectively begun to recognize that when all of the marauders are concentrated among an increasingly small number of firms, it makes for an unhealthy ecosystem and an unhealthy economy,” Galloway’s Yahoo Finance on the Move told.

On Friday, Apple (AAPL) and Facebook (FB) shares touched fresh highs, while Amazon (AMZN) gained more than 4% in the post-blowout quarter despite the ongoing epidemic.

Amazon made a record profit as homebuyers during the COVID-19 outbreak.

“The first take-away is that it is fantastic to have an unregulated monopoly in an epidemic,” Galloway said.

“In the first 15 minutes, these companies announce earnings after the market closes tomorrow. AT & T (T) added the value of Twitter (TWTR) and Pinterest (PINS), ”said Galway.

“And yet according to Mark Zuckerberg, contestants attacked him from everywhere,” he said.

Jaw’s earnings came just a day after CEOs of Amazon, Apple, Facebook and Alphabet (GOOGL) testified before lawmakers during a 5-hour anti-trust hearing.

Facebook CEO Mark Zuckerberg made a case for why the social media platform is not an illegal monopoly, and is actually behind its competition.

Galloway said, “After hearing the idea again, this is the beginning of great technology.”

He said, “And I think we have to believe that it has some kind of punishment or they have done something wrong.”

“I think there is a proud legacy of anti-trust in America when any company becomes so powerful that it starts cutting off the oxygen of one sector and the rest of the economy. We go in and we break that firm into the economy.” Oxygenate, ”he said.

“By the way, as an Amazon and Apple shareholder, I think that once they are announcing that the value of my stock increases,” he said. “I think in 3-4 years AWS will be the world’s most valuable company as an independent company.”

The e-commerce giant’s cloud business 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 then some action is going to happen – it will move fast. But we are past due here. .. oxygenate the market. “

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@ines_ferre“data-reactid =” 49 “>Ines covers the US stock market. Follow her on twitter @ines_ferre

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