The consumption of “fast fashion” and airline travel may decline, but Internet use and consumption of various Internet-based services is likely to rise. This is an opportunity for start-ups as well as the China-based behemoths that the US media makes a habit of ignoring. It’s our job to recognize the bias and correct it. But the actions of the American tech cos will affect our lives in multiple ways, the Facebook investment in Reliance Jio being a prime example. But again, it’s important to note who will be in the driving seat at Reliance Jio: all Facebook got for USD 5.7 billion is 9.9 percent of equity. One seat on the board?
Even with the global economy reeling from a pandemic-induced recession and dozens of businesses filing for bankruptcy, tech’s largest companies — still wildly profitable and flush with billions of dollars from years of corporate dominance — are deliberately laying the groundwork for a future where they will be bigger and more powerful than ever.
Amazon, Apple, Facebook, Google and Microsoft are aggressively placing new bets as the coronavirus pandemic has made them near-essential services, with people turning to them to shop online, entertain themselves and stay in touch with loved ones. The skyrocketing use has given the companies new fuel to invest as other industries retrench.