In 2008, among the top 10 most valuable public companies, there was only one in the tech sector.

In 2017, only 3 non-tech companies remained in this list.

With rare exceptions, since 2017, the most expensive companies have been the same five tech giants.

For their record value and influence, they have been dubbed GAFAM, or Big Tech.

What is the reason for their exceptionally high importance? There are many other tech companies out there.

The first thing that distinguishes GAFAM and similar companies is their versatile diversification.

Each of them started with one focus in the tech sector.

However, these companies subsequently took significant positions in other areas.

More importantly, many of the Top 10 tech companies are digital platforms.

Such platforms exist due to the fact that they provide their extensive data about public activity to third parties.

Despite all their differences, these platforms offer similar benefits to their users.

For users, such platforms are not only convenient; they’ve become vital.

It is almost impossible to use mobile communications without becoming an Apple or Google user.

Mobile application manufacturers do not have direct contact with users. They can only reach them through Apple and Google marketplaces.

Additionally, it may be more profitable for a small seller to trade on the Amazon or Tao Bao marketplace than to create his own website and traffic.

Platform operators don’t lose out either.

But there are at least two more less obvious benefits: a massive number of users and their data.

Properly this has ultimately allowed GAFAM to take their place at the very top, as well as other technology companies such as Tencent and Alibaba.

Digital platforms have greatly influenced the way we communicate, spend our leisure time, buy and look for clients.

This cannot be ignored because time online has become an increasingly visible part of our life.

However, along with the convenience, digital platforms carry numerous risks for both users and partners of all sizes.

In 2019, Google suspended cooperation with Huawei due to the latter being blacklisted by the US Department of Commerce. Android OS disappeared from Huawei mobile devices.

The company had to develop its own operating system, and its share of the mobile market plummeted.

Amid the unrest in Washington in January 2021, outgoing US President Donald Trump lost access to his main information platforms.

The platforms have received a lot of criticism for spreading fake news. This was especially evident during the COVID-19 pandemic.

This phenomenon has already received the name "infodemic", and social networks themselves began to accompany content about Covid-19 with links to official material.

User data leaks are one of the main problems of digital platforms.

One of the most famous cases was the use by Cambridge Analytica of the data of 50 million Facebook users in tweaking political elections.

In 2019, US authorities ordered Facebook to pay a $5 billion fine for violating the protection of user information.

US and EU authorities are making various attempts to reduce the risks associated with the new economy.

Despite all these measures, as well as the hardships of 2020 (or perhaps thanks to it), digital platforms are doing well.