Big Tech may be under siege, but its reserves are overly efficient.
Shares of Facebook Inc. FB,
Google parent Alphabet Inc. GOOGL,
and Microsoft Corp. MSFT,
they closed at record highs on Monday, sparking a wave of strong job growth in the United States last month, despite a wave of criticism for their huge impact on the economy and lives of Americans. The technological Nasdaq Composite Index COMP,
rose 1.7%, pushing other technical names to record heights, including Oracle Corp. ORCL,
HP Inc. HPQ,
and large suppliers of semiconductor equipment.
Facebook rose 3.4 percent to $ 308.91 a share as the social networking giant continued to thrive despite lawsuits by the Federal Trade Commission and 48 state prosecutors alleging anti-competitive business practices, as well as warnings from its own chief financial officer. to slow down digital advertising, its vitality. The closing price broke Facebook’s previous record of $ 303.91 on August 26, 2020.
On Saturday, a member of a low-level hacking forum posted the phone numbers and personal data of 533 million Facebook users, the latest in a series of controversies over the social network. But it doesn’t seem to matter. In fact, Facebook’s advertising prices rose 30 percent above their 2020 levels in mid-March, according to a study by marketing agency Aisle Rocket.
Alphabet, the subject of a lawsuit in the Department of Justice, as well as two state cases, rose 4% to reach $ 2,218.96. The company benefited in part from its victory in the US Supreme Court over Oracle in a long-running copyright dispute over software used on Android.
For more: Supreme Court sided with Google in $ 8 billion copyright dispute with Oracle
Facebook and Alphabet face a number of lawsuits and legislation to control their significant influence, but their stock trajectories remain intact.
Facebook CEO Mark Zuckerberg has become a lightning rod for data collection technologies, privacy policies and consumer micro-targeting. Zuckerberg, CEO of Alphabet Sundar Pichai and Twitter Inc. TWTR,
CEO Jack Dorsey received another speech from members of the Chamber on the dissemination of misinformation on their stretched digital platforms.
Members of Congress have promised to pass legislation that limits their ability to extract potential competitors, as Facebook did with Instagram and WhatsApp, and to protect users. House committee member Jan Shakowski (D., Illinois) has introduced a bill to combat the online sale of stolen, counterfeit and dangerous consumer goods, requiring third-party sellers to check online retailers.
Microsoft, which bypassed antitrust control and positioned itself as the White Knight during Big Tech’s response, improved 2.8% to $ 249.07.
The three technology giants were not alone. More than a dozen technical manufacturers – including Oracle, HP, Texas Instruments Inc. TXN,
and three major suppliers of chip equipment, Lam Research Corp. LRCX,
and KLA Corp. KLAC,
– reached the highest intraday stock prices on Monday, according to a market study by Dow Jones. Oracle, Texas Instruments, Lam Research, Applied Materials, KLA and HP closed at record highs.