This presentation discusses the nature of competition amongst the US technology giants. It focuses on Google, Apple, Facebook, Amazon and Microsoft (GAFAM). It suggests that the current categorization of those firms as monopolies is wrong. It is based on a misguided frame of reference, which is blind to competition that occurs outside of the core market where those companies operate. Antitrust agencies and regulators should take a more holistic view of the conglomerate competition that exists amongst those firms. They should in particular look at how those companies "compete against the non consumption", in search for new and low end market footholds. The presentation makes a number of policy proposals, including using innovation-based screens and tests to decided which cases to prioritize and exonerate.