We use a traffic light system. A red light means action is needed to open the market. An orange one means a watching brief. A green light means there is nothing to worry about. Apple gets a green light: it has a large market share and high profits but is innovative and faces two credible new entrants from China. Google and Facebook are similar, but there is no sign of new entrants. That gets a red light. Amazon has a large market share in e-commerce and is innovative, but has low free cashflow (after adjusting for leases), indicating consumers get a good deal. The fear that it has enough power to claw back huge rents in the future earns it an orange light: it should be watched.
The exercise suggests that 24% of the market value of the S&P 500 is in firms that get a red light and 14% in firms that get an orange. That points to the need for precise interventions to spur competition in these limited parts of the economy, not a sprawling campaign to bash big business.
Clarification (November 20th, 2018): This article was amended to make clear Amazon's large market share refers to its market share in e-commerce.