Big tech pushes further into finance
The move may upset regulators—and their own customers
With no end to the tech downturn in sight, the industry’s titans are eyeing new markets. The bigger, the better: in the past year the combined revenue of Alphabet, Amazon, Apple, Microsoft and Meta reached $1.5trn, so further growth that moves the needle can only come from a giant business. One candidate is finance. What is more, that industry generates petabytes of data, the crunching of which is a core competency of tech firms. And it is dominated by stuffy, old institutions. For a tech CEO, it looks ripe for disruption.
This article appeared in the Business section of the print edition under the headline “Silicon Wall Street”
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