Despite scrutiny from lawmakers, shares of Amazon.com Inc., Facebook Inc., Apple Inc. and Alphabet Inc. built on already-torrid rallies after each reported earnings or revenue that crushed analyst estimates.
in a congressional hearing over allegations that their power and influence is out of control, four of the biggest American tech companies saw their combined market value swell by $250 billion, thanks to earnings that shocked even Wall Street.
The earnings served as further evidence to frenzied stock investors that the companies’ automated, algorithmically optimized businesses are not only weathering the COVID-19 pandemic but are thriving in it. Politically, they could reinforce suspicions that growth in U.S. technology providers has become unhinged. The firms are booming while Old Economy industries such as retailing and car-making falter, pushing scores of companies into insolvency and costing millions of Americans their jobs.
The chief executives were forced to defend themselves from the sometimes withering criticism of lawmakers on the House Judiciary subcommittee who said they were abusing monopoly-like power to expand influence. Amazon’s Jeff Bezos was grilled on his company’s treatment of small merchants who use Amazon’s online marketplace, while Sundar Pichai, CEO of Alphabet, faced questions about whether its Google unit exploited its dominant position in advertising.
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