How tech giants Apple, Facebook and Google have lost the monopoly argument

The future of the tech industry was once decided by messianic entrepreneurs (assisted by venture capitalists and assorted Silicon Valley boosters) pumping out their sermons to rapt crowds in cavernous arenas. Today it’s the fustier crew of competition regulators and policy wonks – more commonly spotted in carpeted conference rooms – who appear to have seized the pulpit.

Investors in Apple Inc, Facebook Inc. and Alphabet Inc. will no doubt testify to this shift in power after the threat of US antitrust action caused their shares to fall at the start of this week (Apple’s have rallied slightly).

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