(Oct 2): If you look at the world’s most valuable companies, you will find that even after the recent stock-market selloff, tech giants like Apple, Google’s parent Alphabet, Facebook, Amazon.com, Microsoft as well as China’s Alibaba Group Holding and Tencent Holdings are the major players on a list that was once dominated by the likes of oil giant ExxonMobil or conglomerates such as billionaire Warren Buffett’s Berkshire Hathaway, which incidentally is Apple’s largest shareholder.

Increasingly, however, global tech behemoths are in the crosshairs of regulators around the world. Though policymakers from Brussels to Washington and Beijing are unlikely to do anything drastic like breaking them up at any point soon, their actions and growing regulatory scrutiny are starting to weigh on the tech giants. “The risk is that regulatory action could lead to business practice changes that ultimately negatively impact their financial outlook,” says Mark Mahaney, internet analyst for RBC Capital Markets in San Francisco.

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