Big Tech Is Getting Bigger, and That’s a Problem Politically

Hey y’all, it’s Austin. Big tech earnings season is upon us, and it’s coming at an awkward moment for Silicon Valley-Washington relations. President Joe Biden has promised to get tough on tech giants, whose immense power and profits have come under fire from the Democrat-controlled Congress, particularly as their seemingly pandemic-immune growth continues to outpace the rest of the coronavirus-battered economy.

Nothing like a blockbuster quarter to draw unwanted attention from lawmakers and regulators. Over the next week or so, Amazon.com Inc. and Apple Inc. are each expected to report record-breaking quarterly revenue of $100 billion or more. Holiday advertising and lockdown-enhanced online engagement are also likely to drive big earnings for Facebook Inc. and Alphabet Inc., whose stock prices have soared since the pandemic’s March nadir.