The threat and opportunity that Big Tech 2.0 presents

There are two ways to tell the story of recent weeks at Facebook. The first is a story of extraordinary success: the company has regained most of the losses that followed the Cambridge Analytica data abuse allegations, on the back of record first-quarter results, a media offensive and a bullish performance last week at their annual developer conference, F8.

The second is a story of existential crisis at a company beleaguered by ongoing ...