The regulatory risk is ratcheting higher for mega-cap tech giants, with antitrust lawsuits and deadlines stacking up like dominoes.
From Alphabet Inc's (NASDAQ: GOOG) (NASDAQ: GOOGL) courtroom battles to Meta Platforms Inc (NASDAQ: META) and Amazon.com Inc's (NASDAQ: AMZN) looming trials, JPMorgan sees the regulatory landscape for mega-cap tech firms set to intensify in 2025. Here's a chronological look at what's brewing, focusing on some of the pivotal antitrust cases and decisions spanning the next two years.
Google: The DOJ's Prime Target
Alphabet's Google is in the crosshairs with three antitrust lawsuits.
- Jan. 24, 2023: The DOJ sued Google for monopolizing digital advertising technologies. The suit targets Google's ad-tech empire.
- Nov. 20, 2024: the DOJ proposed remedies to curb Google's dominance in search and advertising. Recommendations include divesting Chrome, revealing search query data, and stopping payouts to distributors like Apple Inc (NASDAQ: AAPL).
- Dec. 20, 2024: Google filed its counterproposals ahead of a spring trial. Final rulings are expected by August 2025, with the tech giant planning to appeal.
Meta: Antitrust, Privacy Woes
Meta Platforms isn't immune to scrutiny, but JPMorgan sees a low probability of a breakup.
- Dec. 9, 2020: The U.S. government and 48 attorneys general filed antitrust lawsuits accusing Facebook, led by CEO Mark Zuckerberg, of operating as an unlawful monopoly.
- June 28, 2021: A Federal judge dismissed claims that Facebook holds a social networking monopoly, citing insufficient evidence, and ruled the states' case was filed too late.
- Aug. 19, 2021: The FTC refiled a bolstered version of its antitrust case against Meta (formerly Facebook).
- Nov. 13, 2024: Judge James Boasberg allowed the FTC's claim that Meta overpaid for Instagram and WhatsApp to stifle competition to proceed to trial. He, however, dismissed allegations of restricting third-party developers. Trial date is set for April 14, 2025.
- Meta faces fallout from its "pay or consent" advertising model in the EU and a $1.4 billion settlement over facial recognition privacy in Texas. Regulatory headaches continue as courts reexamine a 2019 FTC ruling on user data practices.
Amazon is prepping for a marathon legal battle with the FTC.
- Sep. 26, 2023: FTC sues Amazon, accusing it of illegally maintaining monopoly power. The FTC and 17 state attorneys general aim to dismantle Amazon's retail dominance, alleging the company blocks competition and inflates prices. Specifically the suit targets Amazon's online stores and third party seller services. The trial is set for Oct. 13, 2026.
- A separate FTC lawsuit targeting Prime's enrollment practices heads to trial on June 9, 2025.
What Else Is On The Docket?
Beyond these high-profile cases, regulators have their sights set on TikTok, which faces a Jan. 19 divestiture deadline, Apple and other gig economy players.
Labor reforms, European antitrust laws and generative AI governance are also heating up, JPMorgan notes.