I opened my annual predictions last week by noting that the technology industry had leapfrogged finance as the most powerful political force in the business world. But the news today that Meta is all but abandoning content moderation in favor of a decidedly Trump-friendly “let them say whatever the f*ck” approach has prompted me to revise that sentiment a bit.
It’s not that Tech has overtaken Finance. It’s that Tech has…become Finance. It’s become the most rapacious, amoral, win-at-all costs industry in the world. Consider:
- Meta not only abandoned its content moderation practices (which, in turn, will allow it to supercharge its business model), it’s also building AI engagement chatbots aimed at juicing its bottom line, hired a Trump loyalist (and proponent of violence as entertainment) to join its board, and elevated a Trump devotee as its head of policy and communications. The company has pulled out every possible stop to ensure it profits from the next four years of Trump rule.
- The global financial system is now dominated by the stock performance of tech companies. Nine of the top 10 S&P stocks by weight are tech companies. The entire S&P 500 is, in the words of one economist, “simply NVIDIA in drag.” When this is the case, finance becomes beholden to tech; now it’s tech companies, not banks, that are “too big to fail.”
- The CEOs or founders of OpenAI, Apple, Amazon, Meta, Ripple, Robinhood, and countless others have given large sums of money to Trump in recent weeks. It’s difficult to see this payola as anything more than bribes and down payments meant to protect Tech’s position in a new world order built on … Tech.
I grew up and made my career in a tech industry that cast itself as the outsider, as a force for good, as eager to reshape and reform society into something better. We were going to revolutionize education, healthcare, entertainment, and yes, even finance. Our companies had lofty mission statements and big goals to be “bicycles for the mind” and “organize the world’s information and make it universally accessible.” But lately, it feels like Tech has become just the latest incarnation of the same old game of influence peddling, plutocracy, and establishmentarianism. I suppose we shouldn’t be surprised by that, but … damn if it isn’t a bit depressing.
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Depressing, indeed.
The idea of tech companies becoming “too big to fail” is concerning. While their innovations drive progress, their immense power raises questions about accountability, competition, and societal impact. Regulation is crucial, but it must balance curbing monopolistic tendencies without stifling innovation. A thoughtful approach is needed to ensure tech serves humanity, not the other way around.