El Gran Desmontaje: cómo la recortada reglamentaria de 2025 está remodelando los modelos de valoración de tecnología

The year 2025 has marked a seismic shift in the tech sector, driven not by technological breakthroughs but by regulatory interventions that are forcibly reshaping competitive dynamics, profit structures, and investment theses. As global antitrust authorities and data governance bodies impose stringent data-sharing mandates and operational constraints on Big Tech, the era of unchecked platform dominance is giving way to a new paradigm of "algorithmic accountability" and AI interoperability. This regulatory reckoning is catalyzing long-term margin compression for incumbents like Alphabet and Apple while creating asymmetric opportunities for agile players such as Meta and emerging AI startups.

Forced Transparency and the Unbundling of Platform Power

Regulators have moved beyond traditional antitrust remedies-such as forced divestitures-to enforce structural changes that mandate data transparency and interoperability. For Meta, this means dismantling its "walled garden" strategy for AI. A landmark interim order from Italy's antitrust authority in late 2025 suspended WhatsApp's API restrictions, preventing Meta from leveraging user data across its ecosystem for advertising and AI training. Similarly, India's NCLAT upheld a $25.4 million fine and a five-year ban on sharing WhatsApp data with Instagram and Facebook for ad targeting. These rulings compel Meta to adopt a "consent-first" AI architecture, shifting toward local on-device processing to comply with fragmented global regulations according to analysts.

For Alphabet, the U.S. antitrust ruling against Google's search and advertising monopolies has forced the company to share its proprietary "Glue" data system with competitors, a move that could erode its core ad revenue. Meanwhile, Apple faces a dual regulatory onslaught under the EU's Digital Markets Act (DMA), which fined the company €500 million for restricting app developers from promoting external payment methods and imposed unilateral privacy rules favoring its own ad business. These mandates are not merely compliance burdens-they are structural wedges that are unbinding the tightly integrated revenue models of these firms.

Margin Compression and Strategic Reallocation

The financial toll of these regulatory shifts is evident in the capital reallocations and margin pressures across the sector. Meta, for instance, has redirected $70–72 billion in 2025 capital expenditures toward AI infrastructure, including data centers and GPU clusters, to sustain its AI-driven ad targeting and smart glasses initiatives. Despite a 26% year-over-year revenue increase in Q3 2025 to $51.24 billion, the company's operating margin contracted to 40%, down 2.7 percentage points, as CAPEX and R&D costs surged. However, Meta's aggressive reinvestment in AI is paying off: its AI-powered ad tools, such as Advantage+, have generated over $60 billion in annualized revenue, offsetting some regulatory costs.

Alphabet, by contrast, faces a more precarious outlook. While its Q3 2025 revenue hit $102.3 billion, driven by AI-enhanced Search and Cloud growth, the antitrust remedies-including data sharing with rivals-threaten its $15–20 billion annual revenue from default search deals with Apple. The company's ability to maintain its 34% Cloud revenue growth rate hinges on its capacity to monetize AI infrastructure without exclusive data access, a challenge that could pressure long-term margins.

Apple's margins are also under siege. The DMA's anti-steering provisions have forced the company to eliminate fees for external app purchases in the EU, potentially costing developers $100 million monthly in unrealized revenue. While its Services segment hit a record $28.8 billion in Q3 2025, the erosion of its "walled garden" is creating headwinds for high-margin ad and payment services according to analysts.