Google, Meta, Amazon to take advantage of the war in Ukraine, says Martin Sorrell
Martin Sorrell, founder and chairman of the board of the media company S4 Capital, believes that the war in Ukraine has the potential to benefit three of the USA’s largest technology companies.
“I’m very positive about the technology giants … because the war will have an impact on them,” Sorrell told CNBC at the World Economic Forum in Davos on Monday.
He added: “The big three – Google (or Alphabet), Meta and Amazon ̵[ads1]1; will benefit, I think, as a result of the war.”
To explain his reasoning, Sorrell said: “Defense means cyber defense and cybercrime, so technology and technology companies become really important.”
Sorrell stopped by to say exactly how Alphabet, Meta and Amazon could benefit from this, but all three companies boast that their cybersecurity system is world-leading.
Google and Amazon also offer cloud computing infrastructure that governments and cyber companies can use in cyber warfare.
Sir Martin Sorrell, Chief Executive Officer, S4 Capital.
Eoin Noonan Sportsfile | Getty pictures
Google, Amazon and Meta did not immediately respond to CNBC’s request for comment.
The war in Ukraine is being fought both online and offline, with hackers on every side targeting the enemy’s national infrastructure, businesses, authorities and citizens.
In recent weeks, large technology stocks have fallen due to concerns about persistently high inflation, rising interest rates and the risk of a global recession. The Nasdaq stock market fell 3.8% last week, falling for the seventh week in a row. This is the longest losing streak for the technology-heavy index in 21 years.
Asked if the world is facing a new dot com bubble, Sorrell said there has already been a “massive correction”, adding that some people think there may be a further correction of 5-10%.
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