HMM: A Wall Street firm handicapped the impact of Big Tech regulation — and it’s bad news for Facebook.

Facebook and Google have come under increased scrutiny in recent months over the companies dominant position in the online advertising market.

Martin estimates that Google would be worth 50% more if its broken up, but Facebook wouldn’t be so lucky. There’s also broader concern about big tech’s upcoming battle against regulators globally and the impact it will have on growth.

“We believe FAANG growth rates are decelerating and they will increasingly enter each other’s business to drive growth,” she said. “We believe that not all FAANG ‘s will survive this battle.”

Martin also warned that Facebook’s margins are falling as costs are growing at 50% per year.

I bet they could save a lot of money by getting out of the Thought Police business.