Big tech is at a crossroads in Washington D.C. as lawmakers in the House of Representative are seeking a trove of records in an antitrust probe, according to reports in the Washington Post and Wall Street Journal.
Amazon (AMZN) - Get Report , Apple (AAPL) - Get Report , Facebook (FB) - Get Report and Alphabet (GOOGL) - Get Report are all under the microscope as leaders of both parties in the House Judiciary Committee have requested private communications from top executives and other detailed information about their individual internal operations.
Alphabet has been asked to turn over internal emails and other records related to its prior mergers, including its purchase of YouTube, as well as documents it has turned over to foreign governments in connection with previous antitrust probes of the company, according to the Washington Post.
Meanwhile, Facebook has been asked to turn over records of CEO Mark Zuckerberg's communications that may have discussed corporate rivals, including about companies they have since acquired such as Instagram and WhatsApp.
"The open Internet has delivered enormous benefits to Americans, including a surge of economic opportunity, massive investment, and new pathways for education online," Rep. Jerry Nadler (D-N.Y.), the chairman of the full Judiciary Committee, said in a statement, according to the Post. "But there is growing evidence that a handful of corporations have come to capture an outsized share of online commerce and communications."
The Justice Department, the Federal Trade Commission and 2 groups of state attorneys general are also all looking into the potentially anti-competitive practices of big tech companies.
Amazon, Apple, Facebook and Alphabet are all key holdings in Jim Cramer's Action Alerts PLUS charitable trust.