The Australian Competition and Consumer Commission (ACCC) has filed a lawsuit against Apple, alleging that the tech giant has abused its market power in the smartphone market. The ACCC claims that Apple has used its dominance to extract higher fees, stifle innovation, and hinder competition. This action comes as part of a global crackdown on big tech companies, with the Biden administration already pursuing cases against Google, Facebook, and Amazon.
The power of big tech has been a growing concern for investors, who see these companies as having the ability to set prices and control market share. However, rising living costs and political pressure have emboldened regulators to take action against these tech giants
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