Checking in on tech stocks as the U.S. finally admits it is investigating Big Tech for antitrust...
After months of speculation and reports, the U.S. government openly announced Tuesday afternoon that it is investigating the largest U.S. tech companies for anticompetitive practices, an inquiry that could lead to antitrust charges.
“The goal of the Department’s review is to assess the competitive conditions in the online marketplace in an objective and fair-minded manner and to ensure Americans have access to free markets in which companies compete on the merits to provide services that users want,” the announcement concluded. “If violations of law are identified, the Department will proceed appropriately to seek redress.”Shares in the largest U.S. tech companies took a hit in after-hours trading.
The scope of the now-formal investigation constitutes a “major shot across the bow” for FAANG stocks and a cause for increased concern among investors, Wedbush Securities analyst Daniel Ives said in a note late Tuesday.
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