Capstone believes the successes that large internet technology platforms such as Apple Inc. (AAPL) and Meta Platforms Inc.’s Facebook (FB) experienced in the early stages of antitrust cases are driving momentum for more aggressive legislative and regulatory measures. We still believe these risks are underappreciated by investors despite the setbacks US lawmakers and regulators faced in their initial efforts. Congress increasingly recognizes the barriers that jurisprudence poses to enforcement, and legislators have a growing appetite to reform and directly address their concerns about these online platforms. Court decisions also have hardened lawmakers’ views that Congress needs to find ways to hold these firms accountable. This is most immediately seen in the bipartisan sentiments surrounding the recent confirmation of Jonathan Kanter as Assistant Attorney General to the DOJ Antitrust Division. Legislation remains the best path forward to changing the existing status quo.
Overview of Antitrust Matters Against Big Tech Platforms as of October 2021
