No industry was completely immune from the economic effects of 2020 and Covid-19 lockdowns around the world. For some, the impact was detrimental, and for many, recovery remains slow, but for a few, business has been booming, most notably in the tech sector.
In just a matter of months, Apple, and Microsoft gained tens of billions of dollars in profits. Alphabet, Google’s parent company, recently reported record-high sales in profits, with YouTube seeing a steep jump in revenue.
Growing Profits And Looming Scrutiny
Increased sales of iPhones, movies and music downloads, games and apps, and cloud services to remotely-connected, locked-down consumers, as well as greater spending on online advertising and video ads by companies, amounted to a major boom for tech giants. But as restrictions are lifted and many people give their devices a rest to head back out into the world, boom times may be slowing down.
Curbed profits may not be the worst thing for the biggest names in the sector, as some industry analysts have warned that massive profits could add to mounting scrutiny. The mass collection of consumer data, aggressive purchasing of potential competitors, questions of workplace policies, and other issues have put some tech giants in the crosshairs of many regulatory bodies.
Efforts To Fostering Competition And Question Conduct
With an increasingly global reach and proliferation into more aspects of people’s lives, there is growing concern over how major tech companies should conduct themselves, when they should be held accountable, and what can be done to preserve and promote more marketplace competition. Silicon Valley giants may be facing closer examination and restrictions from international market regulators, as well as domestic watchdogs and consumer agencies. Recently, President Joe Biden signed an executive order to crack down on anti-competitive and exploitative practices in the corporate world with a special focus on Big Tech.
Does this mean the times of free-flowing profits and rapid growth for the tech industry will have peaked with the pandemic? Do you think the industry is in need of healthier competition and more consumer advocacy? Comment to share your thoughts.
ABOUT Microsoft
Microsoft enables digital transformation for the era of an intelligent cloud and an intelligent edge. Its mission is to empower every person and every organization on the planet to achieve more.
At Microsoft they are dedicated to advancing human and organizational achievement. Beyond a small amount of drinking water, Microsoft’s Silicon Valley campus consumes zero water from municipal water supplies.
Last year, Microsoft donated over $1.4 billion in software and services, helping nonprofit organizations around the world access essential technology and skills.
Microsoft has made 137 “AI for Earth” grants to individuals and organizations in 47 countries, helping them use artificial intelligence to protect the plant in the areas of agriculture, biodiversity, climate change and water.
AI is helping track endangered species by collecting better data and analyzing it more effectively. This allows conservationists to make more targeted and timely interventions
ABOUT Alphabet
Alphabet is mostly a collection of companies. The largest of which, of course, is Google. This newer Google is a bit slimmed down, with the companies that are pretty far afield of our main internet products contained in Alphabet instead. What do we mean by far afield? Good examples are our health efforts: Life Sciences (that works on the glucose-sensing contact lens), and Calico (focused on longevity). Fundamentally, we believe this allows us more management scale, as we can run things independently that aren’t very related.
Alphabet is about businesses prospering through strong leaders and independence.
ABOUT Youtube
Building a more responsible platform over the years
At YouTube, they are committed to building a responsible platform their users, creators, and artists can rely on, and over the years, they’ve made huge progress making our community safer. But they know that work is never finished – and they’ll continue to invest in the teams, technology, and product features it takes to make sure YouTube continues to be a place where people come to be informed, inspired, or just plain delighted.
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