When executives at the biggest U.S. technology companies are confronted with the argument that they have grown too powerful and should be broken up, they have a ready response: breaking up Big Tech would open the way for Chinese dominance and thereby undermine U.S. national security. In a new era of great-power competition, the argument goes, the United States cannot afford to undercut superstar companies such as Amazon, Facebook, and Alphabet (the parent company of Google).

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