U.S. stock marketThe world's biggest tech monopolies are overwhelmingly American. That's been great for investors, although the jury's still out on whether it's good for citizens more broadly.Apple has a monopoly in smartphones. Alphabet has a monopoly in search. Microsoft has a monopoly in computer operating systems. Amazon has a monopoly in e-commerce. Nvidia has a monopoly in AI chips. Meta has a monopoly in social networks.
It's no coincidence that these firms are the six most valuable private-sector companies in the world — indeed, they're the onlyBetween the lines:a monopoly or to grow organically to become one, but two companies aren't allowed to merge if doing so wouldby the Department of Justice and the Federal Trade Commission as a market where the Herfindahl-Hirschman Index, or HHI, is greater than 1,800.
HHI is calculated by summing the squares of the market shares of the companies in the market. That means its highest possible value — one company with 100% market share — is 10,000. A market with four companies, each with a 25% market share, would have an HHI of 2,500. But a market with 10 companies, each with a 10% market share, has an HHI of only 1,000.A large part of the jurisprudence of antitrust comes down to defining markets. Are AI chips a market? If so then Nvidia clearly has a monopoly. On the other hand, if the market in question is semiconductors more broadly, then Nvidia isn't close to being a monopoly.
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