As Facebook all but pleads guilty to a severe form of data addiction, confessing its digital sins and promising to reinvent itself as a privacy-worshiping denizen of the global village, the foundations of Big Tech's cultural hegemony appear to be crumbling. Most surprisingly, it's in the United States, Silicon Valley's home territory, where they seem to be the weakest. Even in these times of extreme polarization, Trump, who has habitual outbursts against censorship by social media platforms, eagerly joins left-wing politicians like Elizabeth Warren and Bernie Sanders in presenting Big Tech as America's greatest menace The recent call by Chris Hughes, Facebook's co-founder, to break up the firm hints at things to come. Neither the Silicon Valley moguls nor financial markets seem to care though. The recent decision by Warren Buffet – one of America's most successful but also most conservative investors –to finally invest in Amazon is probably a better indication of wait awaits the tech giants in the medium term: more lavish initial public offerings, more Saudi cash, more promises to apply artificial intelligence to resolve the problems caused by artificial intelligence.
May-12-2019, 01:51:25 GMT