I'm not sure whether people understand just how big of a problem this is. Resilient economies are well-balanced economies. When Big Tech falls - and it will eventually fall, because no industry is immune to corrections or busts - - the effect on the wider economy will be all the greater. The greater a share of the stock market that Big Tech holds, the larger the blast radius their failure will impose on the wider economy.
That FAANG constitutes such a large part of major market indices communicates a failure on the part of regulators. Not just the kind of regulation that technologists care about, i.e. protecting free software and open access, but economic regulation as well, that tries to smooth out the business boom and bust cycles and care about the health of the wider American economy.
That FAANG constitutes such a large part of major market indices communicates a failure on the part of regulators. Not just the kind of regulation that technologists care about, i.e. protecting free software and open access, but economic regulation as well, that tries to smooth out the business boom and bust cycles and care about the health of the wider American economy.