Apple’s Tim Cook, as well as other prominent tech CEOs, testified before the U.S. House Antitrust Subcommittee on Wednesday.
The hearing is a culmination of a monthslong investigation into whether or not Apple and other dominant technology juggernauts are leveraging their power to snuff out competition. Back in 2019, the U.S. House Judiciary Committee launched the bipartisan probe.
Cook, in a prepared statement, denied claims that Apple participates in anticompetitive behavior, saying that the Cupertino company does not “have a dominant market share in any market where we do business.”
The findings of the House’s investigation, backed by the CEO testimonies Wednesday, will be written into a report that the subcommittee may release later in 2020.
Although the House won’t take any enforcement action itself, it could make recommendations for legislative or regulatory changes to the market. Additionally, it’s likely that the report will be used as further evidence in the argument to break up big tech companies.
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Notes of interest from Tim Cook’s testimony
- As of 12:07 PM Eastern Time, the testimony has not yet started.
- Based on Cook’s published remarks, it appears that Cook is prepared to fire back at allegations of antitrust behavior
- Analysts expect Amazon and Facebook to take most of the heat on Wednesday’s testimony.
- The president says that he will take action with executive orders, because of “fairness” concerns, if congress does nothing.
- It appears that the hearing has been delayed until 1 p.m. Eastern (10 a.m. Pacific)
- AAPL’s pre-hearing share price is currently at $377.14 on the NASDAQ as of 12:15 p.m. Eastern.