The 'FAAAM' index — Facebook, Amazon, Alphabet, Apple and Microsoft — these companies now have virtual monopolies," Calacanis told CNBC's "Squawk Alley" on Wednesday. "In fact, they've figured out how to game the Justice Department and really become monopolies that are immune to government action — at least, in the United States."
While stocks pulled back from record highs on Wednesday, the Nasdaq 100 has climbed more than 16 percent so far this year, while the S&P 500 Information Technology sector has jumped more than 17 percent — far more than any other S&P grouping.
Markets may have risen broadly, but companies like Facebook and Google have also made plenty of money. Both companies reported better-than-expected earnings in the first quarter, shaking off controversies around "fake news" and extremist content.
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While stocks pulled back from record highs on Wednesday, the Nasdaq 100 has climbed more than 16 percent so far this year, while the S&P 500 Information Technology sector has jumped more than 17 percent — far more than any other S&P grouping.
Markets may have risen broadly, but companies like Facebook and Google have also made plenty of money. Both companies reported better-than-expected earnings in the first quarter, shaking off controversies around "fake news" and extremist content.
Read More
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