"Dear President, your victory demonstrates that unity, empathy and decency are not just a thing of the past." Signed Jeff Bezos. Thus the number one of Amazon greeted Joe Biden's victory on Instagram over his archenemy, Donald Trump. Meanwhile, two hours before the Wall Street bell, S&P index futures climb 1,3%, half a point less than those of the NASDAQ 100, the basket most sensitive to the performance of the tech sector. The market reaction, reads a note from State Street, can be explained by the fact that the Biden presidency promises less volatility and less head-turning than the past administration, especially on the international front. “But the most important thing – we read – is that there won't be the initiatives that the markets feared the most: the increase in taxes and stricter rules for the digital world”. In fact, as The Wall Street Journal explains, the race towards the big names in technology took shape on Friday evening, when it clearly emerged that there would be no "blue wave", i.e. a clear statement by the Democrats that would push the Congress to support the industrial sectors most affected by the possible recession, such as the auto or credit sector, with strong fiscal stimuli. On the contrary, once the tax drain has been avoided, today the coffers of technology groups, overflowing with cash, represent the real safe haven for equity fund managers. Only they promise to make it through the toughest recession since the XNUMXs without drama that has almost leveled the hotel or tourism or leisure industry to the ground.
Conversely, the pandemic has turned out to be a great deal for whom, you see Microsoft or Apple, benefits from providing the necessary hardware for remote work. Hence the race for new records by the big names in technology, favored by both coatings and the low cost of money. Google, already in the crosshairs of the Antitrust (Belated Revenge of Donald Trump), it now boasts a price-to-earnings ratio of just under 27x. And ratings of the same order of magnitude hold for Facebook, Microsoft, Adobe, Qualcomm and so on. A boom that seems destined to last even if Silicon Valley is much less popular among progressives than in the Obama season. Bill Russo, a key element of Biden's staff, published a post with a photo of Marc Zuckerberg with the inscription: "after Trump, now it's your turn", guilty of not having committed himself against fake news. But there is no Jacobin air at Biden's headquarters. If anything, we are already talking about a national privacy law and the creation of a consumer protection office on the model of the California one created at the time by Kamala Harris, the vice president who was one of the most popular lawyers in Silicon Valley.
