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The Editors

U.S. Tech Companies Aren’t Monopolies

A new antitrust bill inadvertently highlights an important fact: The Silicon Valley giants are in intensely competitive markets.

Not a problem.

Not a problem.

Photographer: Elijah Nouvelage/Bloomberg

Few issues have generated more misguided legislation in this Congress than antitrust reform. The latest addition to this regrettable canon shows exactly what’s at stake.

This month, Senators Amy Klobuchar (of Minnesota) and Tom Cotton (of Arkansas) introduced the Platform Competition and Opportunity Act of 2021. It’s a companion bill to one that was introduced in the House — along with four likeminded proposals — in June, and its goal is relatively simple: It would effectively ban big tech companies from making acquisitions, on the theory that this would stimulate competition and better serve consumers.