What does breaking up Big Tech really mean?

The Big Four—Apple, Amazon, Facebook, and Alphabet—are unquestionably in the government’s crosshairs. Yet their stocks are more valuable than ever, which suggests that investors, at least, are betting that the antitrust hullaballoo won’t add up to much. Why?  One reason is that in going after Big Tech, trustbusters are going after some of the most popular companies in America. Surveys routinely find that Amazon is the most trusted company in the US, with Google and Apple not far behind in the “most admired” rankings. Facebook is the exception; but even if people don’t like it, they find it useful. Antitrust advocates want to take other kinds of harms into account, but they’re not saying that consumer interests should be ignored. These costs are arguably real, but it’s not obvious they’re enough to build popular support for remedies like breaking the companies up. What this suggests is that even if public rhetoric suggests a campaign to cut Big Tech down to size, we’ll likely end up instead with a series of company-specific remedies. Amazon may have to comply with stricter regulations on Marketplace, including curbs to its power to manipulate its search results or perhaps even its ability to compete with Marketplace sellers. Apple’s monopoly on the App Store may end. Google may face stricter regulations on what it can do with data, and how its search engine’s ranking works.