The second prong requires more explanation. The tech titans are mostly two-headed beasts. They not only operate a market but compete in it too. Amazon owns the world’s biggest e-commerce marketplace and also sells products on it under its private labels. Apple hosts the app store on the iPhone but also offers its own apps. This creates incentives for these firms to promote their wares unfairly, for instance by showing them at the top of the result pages of their search engines.
第二個方面需要更多的解釋。科技巨頭大多是雙頭獸。他們不僅經營一個市場，而且也參與競爭。亞馬遜擁有世界上最大的電子商務市場，并在上面銷售自有品牌的產品。蘋果在iPhone上有應用程序商店，但也提供自己的應用程序。這就為這些公司提供了不公平的促銷手段，比如在搜索引擎的結果頁面頂部顯示他們的產品。
Ms Warren wants operators of any online marketplace which generates annual global revenues of more than $25bn to be declared “platform utilities” and prohibited from both owning a platform and doing business on it. At a minimum this would mean, for instance, that Amazon would have to spin off its private brands, in particular Amazon Basics. Apple would have to shed such apps as Mail and Maps.
沃倫希望，任何每年全球營收超過250億美元的在線市場的運營商，都應被宣布為“平臺公用事業公司”，不得同時擁有一個平臺，并在其上開展業務。至少，這意味著，例如，亞馬遜將不得不剝離其私有品牌，特別是Amazon Basics。蘋果將不得不放棄郵件和地圖等應用。
Determining the effect of break-ups is tricky, though an analysis of the revenues of various parts of the tech titans’ businesses gives a sense of their worth. Equity analysts who engage in “sum-of-the parts” (SOTP) analysis also try to estimate the value of bits of a business using similar firms as a yardstick. Their over-excited assessments of how much these might be worth sometimes look like flights of fancy. But the approach may work reasonably well for business units that have closely comparable peers, such as Instagram. In June Bloomberg Intelligence reckoned that Instagram would fetch $100bn (although some in Silicon Valley put the number much higher, at around $200bn, because of its fast growth). Brent Thill of Jefferies, a bank, values Amazon’s online retail business (including Amazon Basics, but without its marketplace) at nearly $200bn and the firm’s physical stores (mostly Whole Foods) at up to $6bn.
確定拆分的影響是棘手的，盡管對這些科技巨頭各個業務部門的收入進行分析，可以得出它們的價值。從事“部分總和”分析的股票分析師也試圖以類似的公司作為衡量標準來評估企業的部分價值。他們對這些資產價值的過度興奮的評估有時看起來就像是異想天開。不過，對于Instagram 等業務部門來說，這種方法可能會相當有效，因為它們的同類產品差不多。今年6月，據彭博資訊估計，Instagram 的售價將達到1000億美元(盡管硅谷的一些人認為這個數字要高得多，大約2000億美元，因為增長迅速)。Jefferies 銀行的布倫特•蒂爾估計，亞馬遜的在線零售業務(包括亞馬遜基礎業務，但不包括其市場)價值近2000億美元，實體店(主要是Whole Foods)價值高達60億美元。
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