Big Tech may be besieged, but stocks outperform.
Shares in Facebook Inc. FB,
Google’s parents Alphabet Inc. GOOGL,
and Microsoft Corp. MSFT,
closed at a record high on Monday, and the wave of strong U.S. job growth last month despite a wave of criticism over their huge impact on the economy and in Americans̵
rose 1.7%, pushing other technical names to record highs, including Oracle Corp. ORCL,
HP Inc. HPQ,
and major suppliers of semiconductor equipment.
Facebook climbed 3.4% to $ 308.91 per share as the social networking giant continued to thrive despite lawsuits from the Federal Trade Commission and 48 state attorneys alleging anti-competitive business practices, as well as warnings from its own chief financial officer about a slowdown in digital advertising. , its lifeblood. The closing price broke Facebook’s previous record close of $ 303.91 on August 26, 2020.
On Saturday, a member of a low-level forum for hacking phone numbers and personal data to 533 million Facebook users published, just the latest in a series of controversies for the social networking company. But it seems to have little significance. In fact, Facebook’s advertising prices are up 30% above 2020 levels from mid-March, according to research from marketing agency Aisle Rocket.
The alphabet, which is the subject of a lawsuit in addition to two state AG lawsuits, increased 4% to close at $ 2,218.96. The company benefited in part from the victory in the US Supreme Court over Oracle in a long-running copyright dispute over the software used in Android.
For more: The Supreme Court joins Google in $ 8 billion copyright dispute with Oracle
Facebook and Alphabet are facing a number of lawsuits and laws to seize their significant influence, but their stockways have been intact.
CEO Jack Dorsey received another tongue-in-cheek from house members about spreading misinformation on their growing digital platforms.
Congressmen have promised to pass legislation that limits their ability to acquire potential competitors, as Facebook did with Instagram and WhatsApp, as well as protect consumers. House Committee member Jan Schakowsky (D., Ill.) Has introduced a bill to combat online sales of stolen, counterfeit and dangerous consumer products by requiring verification of third-party sellers on online stores.
Microsoft, which has antitrust control and positioned itself as a white knight during the Big Tech setback, improved 2.8% to $ 249.07.
The trio of technical giants was not alone. More than a dozen technical players – including Oracle, HP, Texas Instruments Inc. TXN,
and three major suppliers of chip equipment, Lam Research Corp. LRCX,
Applied Materials Inc. AMAT,
and KLA Corp. KLAC,
– reached high stock prices on Monday, according to the Dow Jones market data survey. Oracle, Texas Instruments, Lam Research, Applied Materials, KLA and HP all closed at record highs.