The potential risks of a few tech companies dominating the market include stifling competition, limiting consumer choice, and creating a high barrier to entry for new startups. This could also lead to a concentration of wealth and power, and the potential for misuse of data and violation of privacy rights. Furthermore, these companies could exert undue influence over political and social issues.
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Ever wonder why Silicon Valley seems omnipotent in every arena, not only in technology and business but also in government, public policy, academia, t...
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Tech companies have dangerously overtaken our economy. In 2006, the top five companies by market capitalization were ExxonMobil, General Electric, Microsoft, CitiGroup, BP and Royal Dutch Shell, worth an average of $288 billion each. In 2016, the top five companies were Apple, Google, Microsoft, Amazon and Facebook, worth on average $476 billion. Early adopters of the internet harked its ability to bring a "long tail" of revenue to individual artists and content creators. Not so. Today in the music business, 80% of the revenues are derived from 1% of artists. Compare this to the 1980s, where 80% of music industry revenues came from 20% of the content. Silicon Valley bigwigs like Peter Thiel, founder of PayPal and early Facebook investor, believe in themselves as brilliant savants whose sheer genius birthed the age of the internet. Thiel is an avowed libertarian and rejects the value of government aid or interference. The irony is that "the internet was conceived and paid for by the US ...