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Even if Warren's proposals go nowhere, there is pushback on mega-tech from around the world. India wants to prohibit marketplace operators from selling their own products because these huge marketplaces severely threaten the legions of smaller vendors in India - who form a giant voting block.

Europe already gave us GDPR. I think GDPR is actually a boon to mega-tech vis-a-vis competition, but the intention was to rein in FB, etc. That misfire will only incentivize regulators to train their guns more carefully next time.

For now, I think the main risk to these incredibly strong companies is regulatory, and not just from the US. I agree with ET that most (all?) of these proposals are poorly conceived, but that doesn't mean they won't be pushed and possibly implemented. In the short term, I think these companies will print huge numbers, but what long term effect will the desire of governments to contain them have?
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