The plucky firms that are beating big tech

BIG TECH keeps getting bigger. So far this year the combined market value of America’s five digital behemoths—Alphabet, Amazon, Apple, Meta and Microsoft—has soared by half, to around $9trn. On September 12th America’s Department of Justice began a courtroom showdown with Google and its corporate parent, Alphabet, in the biggest antitrust case in two decades, accusing it of abusing its internet-search monopoly). Apple launched its first smartwatch, which risked undermining Garmin’s growing business of selling devices for fitness and outdoor enthusiasts. Crucially, the three companies also make money—a big selling point for investors at a time of rising interest rates, which make the promise of tech hopefuls’ future profits less attractive than earnings in the here and now.