Big Tech may be under siege, but its stocks outperform performance.
Shares of Facebook Inc. FB,
Google parent Alphabet Inc. GOOGL,
GOOG,
and Microsoft Corp. MSFT,
it closed at record highs Monday, with a surge in strong U.S. employment growth last month despite a wave of criticism over its excessive influence on the American economy and life. The Nasdaq COMP high-tech composite index
rose 1.7%, pushing other tech names to record highs, including Oracle Corp. ORCL,
HP Inc. HPQ,
and major semiconductor equipment suppliers.
Facebook rose 3.4% to $ 308.91 per share as the social media giant continued to flourish despite demands from the Federal Trade Commission and 48 state attorneys general alleging business practices anti-competitive, as well as its own chief financial officer’s warnings about a slowdown in digital advertising. , his vital blood. The closing price broke Facebook’s previous record close of $ 303.91 on August 26, 2020.
On Saturday, a member of a low-level piracy forum posted the phone numbers and personal data of 533 million Facebook users, just the latest in a series of controversies for the social media company . But it seems to matter little. In fact, by mid-March, Facebook’s advertising prices are up 30% from 2020 levels, according to research by marketing agency Aisle Rocket.
Alphabet, the subject of a lawsuit by the Justice Department as well as two state lawsuits, rose 4% to close at $ 2,218.96. The company benefited, in part, from its victory in the U.S. Supreme Court over Oracle in a lengthy copyright dispute over software used on Android.
For more information: Supreme Court backs Google in $ 8 billion copyright dispute with Oracle
Facebook and Alphabet face a lot of litigation and legislation to curb their considerable influence, but their value trajectories have remained intact.
Facebook CEO Mark Zuckerberg has become the technological lightning rod for data collection practices, privacy policies and consumer microtargeting. Zuckerberg, CEO of Alphabet, Sundar Pichai, and Twitter Inc. TWTR,
CEO Jack Dorsey was further lashed out by members of the House over the spread of misinformation on their extensive digital platforms.
Members of Congress have vowed to pass legislation that restricts their ability to gain potential competitors, as Facebook did with Instagram and WhatsApp, in addition to protecting consumers. House committee member Jan Schakowsky (D., Ill.) Has introduced a bill to combat the online sale of stolen, counterfeit and dangerous consumer products by requiring the verification of third-party sellers in retail markets in line.
Microsoft, which has skirted antitrust scrutiny and positioned itself as a White Knight during the Big Tech reaction, improved 2.8% to $ 249.07.
The trio of tech giants was not alone. More than a dozen technology assistants, including Oracle, HP, Texas Instruments Inc. TXN,
and three major chip equipment suppliers, Lam Research Corp. LRCX,
Applied Materials Inc. AMAT,
and KLA Corp. KLAC,
– reached intraday stock price highs on Monday, according to the Dow Jones market data study. Oracle, Texas Instruments, Lam Research, Applied Materials, KLA and HP closed at record highs.