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Photograph by Zach Gibson / Getty Images
Another day, another technical inquiry.
The four riders of big cap technology
Apple
(ticker: AAPL),
Alphabet
(GOOGL)
Amazon.com
(AMZN), and
Facebook
(FB) – Several departments of the Department of Justice, the Federal Trade Commission, the 50 Attorneys General of the United States, the European Union and probably the United Federation of Planets are already in the US. study.
And now you can add the Judiciary Committee of the House to the list.
On Friday morning, the Chamber sent separate letters to the four companies asking for information on an investigation into competition issues in the digital markets, possible anti-competitive behavior and the adequacy of antitrust laws, competition policies and levels of application.
The letters, posted on the committee's website, give the impression of a large fishing expedition; each letter asks the companies for information and communication archives about the acquisitions they have made, the research and advertising policies, the financial performance of individual product lines, as well as the archives generated. in previous surveys. If they publish this information publicly, it would be a treasure for investors, if nothing else. The committee set 14 October as the deadline for reply.
Many of the questions relate to acquisitions made by businesses. In the case of Facebook, the committee, chaired by Jerry Nadler (D., N.Y.), wonders about WhatsApp, Instagram and Onavo, a web analytics company. The Amazon letter covers, among other things, questions about Whole Foods, Zappos, Eero, Audible, Quidsi and Ring, even from the acquisition of AbeBooks in 2008.
Apple's letter, with a slightly shorter list of questions than some others, is more focused on App Store policies and decisions. Alphabet receives a longer letter covering, among others, the acquisitions of YouTube, AdMob, DoubleClick and Android, with additional questions about search, ads, Chrome, Android, Google Cloud and the Play Store, among others.
In response, Wall Street released a collective yawn.
The letters in force are a long list of grievances, which the world has already heard, about the power of these four companies and how they exercise that power. While huge demands for documents will occupy many lawyer and paralegal hours, the exercise does not really change the debate about the behavior of large technology companies – they are already under threat from politicians of the world. two sides of the driveway and regulators on both sides of the pond. This just adds to the pleasure.
Apple declined to comment, and Amazon and Facebook have not yet responded to requests for comment.
Targeted alphabet Barron Kent Walker, vice president of global affairs, commented on a blog: "We have answered many questions about these issues over the years, in the United States and abroad, in many aspects of the world. our activity. not new to us. The Department of Justice has asked us to provide information on these earlier investigations and we expect the Attorneys General of the States to ask similar questions. We have always worked constructively with regulators and we will continue to do so. "
On Friday, Apple reduced its market capitalization level by more than 2% to over $ 1 trillion, following some cautious comments by
Goldman Sachs
; the other three stocks have changed little.
Write to Eric J. Savitz at [email protected]
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