As the effects of the coronavirus pandemic swept through the global economy, the average observer could have been forgiven for missing a critical piece of news: by May 2020, the combined market capitalization of the four largest US tech companies reached one fifth of the entire S&P 500. Four companies – Microsoft, Apple, Amazon and Facebook – now account for 20 per cent of the combined value of the 500 largest US corporations – an unparalleled level of market concentration. Forty years these corporate entities were either just beyond being plucky start-ups, or did not even exist. Monopolistic tendencies are not limited to the tech sector. In 1975, the largest 100 US companies accounted for nearly half of the earnings of all publicly listed companies; by 2015, their share reached 84 per cent.