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Friday, August 14, 2020

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Big Tech’s big week: Historic antitrust hearing and record profits put industry giants in spotlight

Document Analysis NLP IA

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Affirmation0.42073170731707

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Summary (IA Generated)

Amazon CEO Jeff Bezos answers questions via video during this week’s landmark antitrust hearing.

Big Tech spent back-to-back days in the national spotlight this week between a long-anticipated Congressional hearing and second-quarter earnings reports.

The juxtaposed events paint a revealing picture of the risks and opportunities companies like Amazon face as they field accusations that they’ve grown too powerful while raking in record profits from customers who rely on their services more than ever.

We discuss this inflection point for Big Tech, Amazon’s blockbuster profits, plus the NBA’s partnership with Microsoft Teams, on this week’s GeekWire podcast:.

The House antitrust subcommittee interviewed Amazon CEO Jeff Bezos, along with Apple’s Tim Cook, Google’s Sundar Pichai, and Facebook’s Mark Zuckerberg during a wide-ranging virtual hearing on the power of Big Tech.

Lawmakers grilled Bezos on Amazon’s treatment of third-party sellers, how it prioritized “essential items” during the coronavirus crisis, policing counterfeit goods, and more.

During the hearing, Bezos claimed that Amazon has become a lifeline to customers during the pandemic because of its scale, which also allows the company to hire thousands while others are laying off workers across the country.

But critics want Amazon to invest more of its profits into wages and benefits for employees on the frontlines of the coronavirus crisis.