Whο are the big five tech companies? Scott Galloway has criticized the companies for "avoid[ing] taxes, invad[ing] privacy, and destroy[ing] jobs",[59] while Smyrnaios has described the group as an oligopoly, coming to dominate the online market through anti-competitive practices, ever-increasing financial power, and intellectual property law. The practice of banning the hate speech has also received public criticism because it supposedly targets conservatives. Big Tech Detective will spot sites that use Google Analytics to report on web traffic, or host Google ads, or use a service hosted on Amazon Web Services such as Chartbeat analytics - which embeds a script that pings its service every 15 seconds according to this post - but that is not the same as routing your data through the services. Big-tech-companies. There were also two Chinese technology companies in the top ten most valuable publicly traded companies globally at the end of the 2010s – Alibaba and Tencent. As of 2020, Fortune lists Amazon (revenue of $280.522 billion) in the retailing sector rather than the technology sector.[3]. Open Markets Institute, The Corner Newsletter, June 25, 2020, media and information technology convergence, governmental intervention against monopolies, Learn how and when to remove this template message, United States House Judiciary Subcommittee on Antitrust, Commercial and Administrative Law, Article 15 of the Directive on Copyright in the Digital Single Market, "We're Stuck With the Tech Giants. Together, this has been referred to as "G-MAFIA + BAT", also including IBM. This is a global list of largest technology companies by revenue, according to the Fortune Global 500.It shows companies identified by Fortune as being in the technology sector, ranked by total annual revenue.Other metrics not shown here, in particular market capitalization, are often used alternatively to define the size of a company.. ", "Facebook and Google are free. He also discussed horizontal concentration of power, in which diverse services such as email, instant messaging, online searching, downloading and streaming are combined internally within any of the GAFA members. Image: Thomas Trutschel / getty Tech Twitch dubbed over Metallica stream, and … A lot of Big Tech companies have chosen the latter through what Van Alstyne calls the inverted firm, a model where the company’s focus shifts from producing value within to producing value outside of the firm, encouraging others to create on their behalf. [15] In particular, Facebook and Google offer almost all of their services for free.[16]. number of NYC job openings, so you can see to what degree the top NYC tech companies are hiring (as well as some typical open roles) Here are the 30 best tech companies to work for in NYC in 2019: Best Enterprise Tech Companies (>1,000 Employees) Slack. [31] Together, this has been referred to as "G-MAFIA + BAT",[70] also including IBM. As of 2019, Fortune lists Amazon (revenue of $232.887 billion) in the retailing sector rather than the technology sector. And fines are not enough because fines are a punishment for illegal behaviour in the past. The law is aimed at implementing Article 15 of the Directive on Copyright in the Digital Single Market of the European Union.[60]. With a history rich in commerce and innovation, it’s no wonder Dallas is also currently home to a myriad of tech companies and startups influencing a variety of industries For a quick look at the … However, the antitrust law clearly distinguishes between purposeful monopolies and businesses that found themselves in a monopoly position purely as the result of business success. [33][34] The term was coined by Jim Cramer, the television host of CNBC's Mad Money in 2013, calling these companies "totally dominant in their markets. [31] Sometimes, the Big Five are referred to as the FAAAM stocks, where the letters are rearranged and Alphabet is abbreviated using an "A" instead of a "G."[32], FAANG refers to the five prominent American technology companies: Facebook, Amazon, Apple, Netflix, and Alphabet (GOOG). They have also outpaced the traditional big media companies such as Disney, AT&T, and Comcast ("Big Media") by a factor of 10. [17] Alphabet Inc., the parent company of Google, is often abbreviated using a "G" in these acronyms. Since the end of the 2000s, these five have been, besides Saudi Aramco, Tesla, and Tencent, the most valuable public companies globally,[7] with each having had a maximum market capitalization ranging from around $500 billion to around $2 trillion USD at various times. The World Wants More Tech Regulation. The largest and most intellectual-property-rich 10% of companies – Apple, Microsoft, Cisco, Oracle and Alphabet (Google’s parent company) among them – controlled 80% of this hoard. Amazon is additionally the market leader in the area of artificial Intelligence-based personal digital assistants and smart speakers (Amazon Echo) with 69% market share followed by Google (Google Nest) at 25% market share. [31] He argued that the promotion of technology convergence by people such as Nicholas Negroponte made it appear credible and desirable for the Internet to evolve into an oligopoly. We've rounded up 50 tech companies in San Francisco to keep an eye on. [62] On January 6, 2021, during his speech before the crowd of protesters stormed the United States Capitol, Trump accused big tech of rigging elections[63] and shadow banning conservatives, while promosing to hold them accountable and work to "get rid of" Section 230. [61] U.S. representative for Ohio's 4th congressional district Jim Jordan raised concerns about the impact big tech censorship can have on results of the 2020 USA presidential elections. While a dominant presence in the mobile telephony marketplace, Samsung Electronics is presently dependent on the Android ecosystem, in which Google has major influence, hence Samsung is not included in the BAT formulation. In the United States (US), the "Big Four" tech companies are Google, Amazon, Facebook, and Apple, which together have the nickname "GAFA." [36], "BATX" refers specifically to the largest internet companies in China:[37] Baidu, Alibaba, Tencent, and Xiaomi. [64][65], Alt-tech is a group of websites, social media platforms, and Internet service providers that consider themselves alternatives to more mainstream offerings. [47] In 2017, the five biggest American IT companies had a combined valuation of over $3.3 trillion, and made up more than 40 percent of the value of the Nasdaq 100.[42]. [38][39] BATX are among the first tech companies started in the 2000s during the Chinese tech revolution, and became widely used among Chinese netizens. [27][28][29][30] Besides Saudi Aramco, the GAFAM companies are the five most valuable public corporations in the world as measured by market capitalization. [8], Some have speculated it may not be possible to live in the digital world day-to-day outside of the ecosystem created by these companies,[9] and concerns over monopolistic practices have led to antitrust investigations from the Department of Justice and Federal Trade Commission in the United States,[10][11][12] and the European Commission. [22][23][24] Former Google CEO Eric Schmidt, author Phil Simon, and NYU professor Scott Galloway have each grouped the GAFA companies together, on the basis that those companies have driven major societal change via their dominance and role in online activities. Industry: Computer Software [23][25] Eric Schmidt has excluded Microsoft from the grouping, noting that "Microsoft is not driving the consumer revolution in the minds of the consumers. [14] On the other hand, by providing free services to consumers, they remain popular. Other Chinese tech companies like Huawei, DiDi, JD.com and ByteDance started later and seek to challenge the biggest tech giants.[40][41]. Big tech dominates the index", "Most Valuable Companies in the World - 2020", "Apple becomes first U.S. company to reach a $2 trillion market cap", "Why Congress's antitrust investigation should make Big Tech nervous", "DOJ To Wrap Up Probe Into Big Tech In 2020", "The DOJ's latest probe erased $33 billion from Amazon, Apple, Facebook, and Google | Markets Insider", "Is Margrethe Vestager championing consumers or her political career? ", "Meet China's new tech giants: Alibaba, Baidu, Tencent and Xiaomi", "Biggest Chinese tech companies: From Alibaba and Huawei to Tencent", "Facebook, Alphabet and Amazon are in a 'three-horse race' in advertising, Jim Cramer says", "Desktop Operating System Market Share Worldwide, Jan 2020", "Cloud Market Share 2019: AWS vs Azure vs Google – Who's Winning? The tech giants have replaced the energy giants such as Exxon Mobil, BP, Gazprom, PetroChina and Royal Dutch Shell ("Big Oil") from the first decade of the 21st century at the top of the NASDAQ stock index. The EU has raised the stakes in its efforts to curb Big Tech by threatening to break up companies that repeatedly engage in anti-competitive … "[26], A more inclusive grouping referred to as GAFAM, the Big Five, or FAAMG, defines Alphabet, Amazon, Facebook, Apple, and Microsoft as the tech giants. See GAFA, Big Five and high tech. "The role of technology in the economy and in our lives grows more important every day," said FTC Chairman Joseph Simons. Other big technology companies on a global scale include Samsung Electronics, Intel, IBM, Cisco Systems, and Oracle. [44] In addition to social networking, Facebook also dominates the functions of online image sharing (Instagram) and online messaging (WhatsApp). According to Smyrnaios, globalization has allowed GAFAM to minimize its global taxation load and pay international workers much lower wages than would be required in the United States. Financial deregulation led to GAFA's big profit margins (all four except for Amazon had about 20–25 percent profit margins in 2014 according to Smyrnaios). Microsoft continues to dominate in desktop operating system market share (Microsoft Windows)[45] and in office productivity software (Microsoft Office). “In an open ecosystem, you can harness third parties,” he says. Many big tech companies own a marketplace — where buyers and sellers transact — while also participating on the marketplace. What is also in our decision is that you have to change for the future. Google is the leader in online search (Google Search), online video sharing (YouTube) and online mapping-based navigation (Google Maps). Companies are ranked by total revenues for their respective fiscal years ended on or before March 31, 2020. The consumer welfare standard serves as the "good reason" in antitrust enforcement as it appropriately looks at the impact on consumers and economic efficiency. Monopoly or cartel collusion creates market disadvantages for consumers. Click to skip ahead and jump to the 5 biggest tech companies … The purpose of the antitrust law is to stop businesses from deliberately creating monopoly power. Additionally, Microsoft is also sometimes included on the list of big tech companies, which become known as the "Big Five," and are abbreviated as GAFAM. Smyrnaios argued in 2016 that four characteristics were key in the emergence of GAFA: the theory of media and information technology convergence, financialization, economic deregulation and globalization. While a dominant presence in the mobile telephony marketplace, Samsung Electronics is … Still, the potential payouts are big, given the size of the tech companies. The Dallas-Fort Worth metroplex is a well-known business hub, acting as the home to over 100,000 businesses, as well as the headquarters of dozens of leading companies. ", "Eric Schmidt's Gang Of Four: Google, Apple, Amazon, And Facebook – TechCrunch", "Eric Schmidt's "Gang Of Four" Doesn't Have Room for Microsoft", "Four 'MAGA' stocks are worth a combined $4 trillion. Amazon is the dominant market leader in e-commerce with 50% of all online sales going through the platform; cloud computing, with nearly 32% market share, and live-streaming with Twitch owning 75.6% market share. They often have less stringent content moderation policies, and some have become popular among the alt-right, far-right, and others who espouse extreme and fringe viewpoints. Here's the one to own, say two experts", "Move over FAANG, here comes MAGA - The tech giants are still in rude health", "L'effet GAFAM : stratégies et logiques de l'oligopole de l'internet", "The Price of "FAAAM" - 5 Tech Stocks Now Worth Over $4 Trillion", "FANG Stocks Are Getting Their Own Index", "The Strong (FANGAM Stocks) Get Stronger! ", "GAFA Approach to Digital Banking Transformation - Accenture", "Opinion | Here Come the 4 Horsemen of the Techopolypse", "Do the U.S.'s Big Four Tech Companies Have a Vision for the Future? They shouldn't be", "What are the Four Big Tech Companies in the US? [51], Consumer welfare, not assumptions that large firms are automatically harmful to competition, should be the core consideration of any antitrust action. Another variant of this acronym is "FANGAM," which includes Microsoft. So now today, big tech isn’t unlike everything that came before. Note: This list shows only companies with annual revenues exceeding 50 billion USD. "[35] Until 2017, FANG was limited to Facebook, Amazon, Netflix, and Alphabet. Microsoft is also the second biggest company in the cloud computing industry (Microsoft Azure),[46] after Amazon, and is also one of the biggest players in the video game industry (Xbox). [7], Ranked by total revenues for respective fiscal years ended on or before March 31, 2018. It shows companies identified by Fortune as being in the technology sector, ranked by total annual revenue. [1] All data in the table is taken from the Fortune Global 500 list of technology sector companies for 2020[2] unless otherwise specified. It's an Unholy Mess", "Red Pilled: My Bizarre Week Using the Alt-Right's Vision of the Internet", "Alt-Tech platforms: A haven for fringe views online", "The Largest Technology Companies In 2019: Apple Reigns As Smartphones Slip And Cloud Services Thrive", How Amazon, Apple, Facebook and Google manipulate our emotions, https://en.wikipedia.org/w/index.php?title=Big_Tech&oldid=1008615016, Technology companies of the United States, All Wikipedia articles written in American English, Short description is different from Wikidata, Wikipedia articles with style issues from August 2020, Creative Commons Attribution-ShareAlike License, This page was last edited on 24 February 2021, at 05:33. This is a global list of largest technology companies by revenue, according to the Fortune Global 500. The list includes companies whose primary business activities are associated with technology industry which includes computer hardware, software, electronics, semiconductor, internet, telecom equipment, e-commerce and computer services. Smyrnaios recommended developing academic analysis of the political economy of the Internet in order to understand the methods of domination and to criticize these methods in order to encourage opposition to that domination. A large majority of people see an increased need for more government regulation of big technology companies, a new global survey shows. This can create a … [42][43] Alphabet, Facebook and Amazon have been referred to as the "Big Three" of digital advertising. [18] They've also been colloquially referred to as the "Big Four",[19][20][21], or as the "Four Horsemen" (after the Four Horsemen of the Apocalypse) . [13] Commentators have questioned the impact of these companies on privacy, market power, free speech and censorship, and national security and law enforcement. [7] Nikos Smyrnaios justified the GAFAM grouping as an oligopoly that appears to take control of the Internet by concentrating market power, financial power and using patent rights and copyright within a context of capitalism. Some Democratic candidates running for president proposed plans to break up Big Tech companies and regulate them as utilities. The term Big Tech is often broken down into more specific sub-groupings, often referred to by the following names or acronyms. And the notorious five American big tech companies, Apple, Microsoft, Amazon, Alphabet (Google), and Facebook, are proof of this phenomenon with their unrivaled supremacy over their own respective principal businesses: smartphones, office software, e-commerce, search engines, and social media. Apple limits the ability of banks and other financial institutions to use the iPhones' near field radio frequency technology. Companies are ranked by total revenues for their respective fiscal years ended on or before March 31, 2019. [48], In 2019 and 2020, the Big Tech industry become center of antitrust attention from the United States Department of Justice and the United States Federal Trade Commission that included requests to provide information about prior acquisitions and potentially anticompetitive practices. [31], On May 9, 2019, the Parliament of France passed a law intended to force GAFA to pay for related rights (the reuse of substantial amounts of text, photos or videos), to the publishers and news agencies of the original materials. Big tech companies generate a lot of non-price complaints . Technology companies have become a dominant driver in recent years of economic growth, consumer tastes and the financial markets. "[49][50], The spirit of the antitrust law is to protect consumers from the anticompetitive behavior of businesses that have either monopoly power in their market or companies that have banded together to exert cartel market behavior. Netflix-related donors also gave $58,160 to … The first investigation focuses on issues including whether Apple is using its dominant position in the market to stifle competition using its Apple music and book streaming services. After years of warily allowing companies such as Alibaba and Tencent the freedom to grow without significant interference, Beijing has signalled it does not like how Big Tech is behaving. [31] He has argued that the current situation is the result of economic deregulation, globalization, and the failure of politicians to understand and respond to developments in technology. Commissioner Vestager explained, "fines are not doing the trick. Big Tech refers to the major technology companies such as Apple, Google, Amazon, Facebook and Microsoft, which have inordinate influence. Approx. On November 5, U.S. President Donald Trump noted the "historic election interference from big money, big media and big tech" and labeled Democratic party as "party of the big donors, the big media, the big tech". Benchling’s software for research and development in the life sciences centralizes and standardizes data, offering functionality that can track workflows, analyze outcomes and model everything from sequences to cell lines.The company was founded with the mission of bringing … You have to stop what you're doing."[58]. Big Tech,[1] also known as the Tech Giants,[2] Big Five,[3] or S&P 5,[4][5][6] are the largest and most dominant companies in the information technology industry of the United States, namely Amazon, Apple, Google, Facebook, and Microsoft. Other metrics not shown here, in particular market capitalization, are often used alternatively to define the size of a company. France imposed a 3% tax on digital revenue for large tech companies, in effect singling out the U.S. tech giants. In the 2020s, some conservatives who were banned from other social media platforms, and their supporters, began to move toward alt-tech platforms.[66][67][68][69]. In fact, big tech isn’t really a thing at all. [31], Smyrnaios argued in 2016 that GAFA combines six vertical levels of power, data centers, internet connectivity, computer hardware including smartphones, operating systems, Web browsers and other user-level software, and online services. Although it is not the case that tech companies will choose profit over social good …