The backlash is taking three forms: cognitive, political, and economic.

這波強烈抵制涵蓋了三個方面：認知、政治和經濟。

Let's take that last piece first and look at the growing economic power of these firms.

讓我們從最後一項看起。

If you look at the top 10 firms by market cap in the US, you can see that the top five of them are the big Silicon Valley tech platform firms.

看看美國市場價值中的前十名公司，你可以發現前五名都是大型的矽谷科技平台公司。

These firms are generating more wealth than any other companies before in history.

在歷史上他們的所得都比其他公司來得多。

And a lot of it, of course, is being stored abroad in overseas tax havens.

當然，這些公司大多都在國外的免稅地區設廠。

There's been a lot of talk in the last couple of years about these overseas cash hordes.

國外免稅天堂的話題從過去幾年延續至今。

In fact, the Trump administration recently changed the tax code, hoping to get some of that money back into the US.

事實上，川普政府近期改變了稅金法條，希望藉此能將部分的金源帶回美國。

But interestingly most of those assets, as you see here, are actually being held in bonds, many of them corporate bonds, rather than cash.

但有趣的是大部份的資產，就如你所見的，都已經轉為債券，大部份都是企業債券。

So why is this?

這是為什麼呢？

Well, the largest tech firms can use their own high credit ratings to issue debt at very low interest rates.

這是因為大型的科技公司，可以使用他們自己的高信用評級，以最低的利率發行債券。

They then use that to purchase the bonds of other companies and hold those as safe assets in overseas havens.

然後藉此購買其他公司的債券，如此一來便可以在國外免稅天堂安全持有這些資產。

Now what happens if they're going to bring this cash home?

那如果他們想要將這些現金帶回家鄉的話會怎麼樣呢？

Well that's going to mean the selling of these corporate bonds, which could have a big impact on interest rates.

那麼就代表他們要拋售這些企業債券，而這將會對利率造成很大的影響。

All of this, as well as growing concerns about monopoly power, anti-trust issues, has led Americans to believe that the internet giants should be more regulated.

這些種種都會讓我們更加擔心壟斷勢力以及反壟斷問題，這已讓美國人深深認為我們應該要更加嚴厲的規範這些科技巨頭。

And if you look here, you can see that over half of Americans do indeed believe that we need to go further with regulation of the tech giants.

若看這裡，你可以看到有超過一半的美國人都認為我們應該要更進一步規範這些科技巨頭。

So watch this space.

所以注意這部分了。