The Rise of the Digital Oligarchy

O n Jan. 11, 1994, I drove to UCLA’s Royce Hall to hear Vice President Al Gore deliver the keynote address at the Information Superhighway Conference. I was in the early stages of building Intertainer, which would become one of the first video-on-demand companies. The 2,000 people crowded into that auditorium did not know it, but they were crossing a threshold. The roster of speakers read like a who’s who of industrial power: TCI’s John Malone, Rupert Murdoch, Sony’s Michael Schulhof, Barry Diller of QVC. These were among the richest and most commanding figures in American communications. Today, their combined force and fortunes are a rounding error beside Elon Musk , Mark Zuckerberg , Peter Thiel, Jensen Huang, Jeff Bezos, and Marc Andreessen. The world the Hollywood moguls walked back out into would not, in any meaningful sense, be the world they had left. Gore’s UCLA speech now reads like a confident moment in the early‑Clinton fantasia of managed modernization: the assumption that a lightly guided market, properly “incentivized,” could be coaxed into building a new civic commons. He framed the whole project as a public utility constructed with private capital, insisting that “the nation needs private investment to complete the construction of the National Information Infrastructure. And competition is the single most critical means of encouraging that private investment.” What is striking, in retrospect, is not the technophilia but the blithe certainty that “competition” would safeguard pluralism and access, that state‑designed market rules would prevent the emergence of bottlenecks and private tollbooths. The actual trajectory of the internet — toward a stack dominated at each layer by a handful of firms from carriers to platforms to ad brokers — renders the scene almost allegorical: an administration hymning competition as the guarantor of openness while midwifing, in practice, the consolidated, quasi‑monopolistic order that would eventually narrow and privati...