October 20, 2021
Technology

How the US tech giants could fall

The author, Chief Global Strategist of Morgan Stanley Investment Management, is the author of “The 10 Rules of Successful Countries.”

The world’s tech giants are so deeply rooted in the popular imagination that few can imagine a digital world led by another name. But this assumption overlooks how capitalism can quickly reduce the size of giants.

American tech companies are the world’s top 10 in terms of market value, and many commentators and investors believe there is no reason to question their continued advantage. Dozens of analysts rate each of the leading tech companies, and now Alphabet, Amazon, and Microsoft all have purchase ratings. Apple and Facebook are also more widely supported than regular stocks.

The traditional story is that these giants are growing bigger, faster, and more permanently than their predecessors. As an internet platform, they benefit from the…

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