November 16, 2021

Big tech’s big week raises fears of ‘Blade Runner future’ of mega-company rule | Technology

Big tech provided the world with some startling numbers this week. In the last three months Amazon’s sales have averaged over $1.2bn a day. It took the company less than four seconds to earn the $52,000 the average American makes in a year. Apple is now sitting on nearly $200bn in cash, more than this year’s expected sales of Covid 19 vaccines.

The coronavirus shook the world economy to its core but for the US tech giants it has proven a bonanza of historic proportions.

In back-to-back corporate earnings releases Google, Apple and Microsoft all reported record-breaking quarterly sales and profits. Facebook doubled its profits and reported its fastest growth in five years. In the last three months alone the US’s five largest tech companies made combined profits of over $68bn.

It didn’t start that way. As the pandemic raged across America last April Amazon’s founder, Jeff Bezos,…

Read full article here: