Big tech acquisitions reached a 5-year low in 2021… • FAMGA made 34 acquisitions in aggregate last year.

Apple accounted for just 1 acquisition, down from 10 in 2020 and 8 in 2019.

…as FAMGA’s investments leveled off, participating in $9B worth of deals in 2021.

• Amazon and Microsoft lead FAMGA in unique companies funded (tied at 10) in 2021, followed by Google (8), Meta (2), and Apple (1).

• With 120+ deals in 2021, GV (Google Ventures) is the most active FAMGA venture arm by a wide margin, focusing on health-related investments.

• After a steady first 3 quarters of year, FAMGA pulled back slightly on investments in Q4’21. Microsoft made no investments in the quarter.

FAMGA saw aggregate revenue of $1.4T in 2021. In turn, the companies poured money into these areas: • Acquiring for emerging technologies: Big tech has looked to bolster its artificial intelligence (AI), virtual reality (VR), and semiconductor capabilities, among other areas.

• Investing for the hybrid work and cloud era: In particular, Google and Microsoft backed several cloud, cybersecurity, and productivity software providers.

• Racing for consumers in India: Facebook, Amazon, Microsoft, and Google all made investments to companies based in the country, maintaining their focus on the massive market of internet users.

• Big bets on the future of mobility: Amazon, Microsoft, and Google backed auto tech companies like Cruise, Waymo, and Rivian.*