Evercore ISI managing director and head of internet research Mark Mahaney outlines the three biggest risks for Big Tech giants Alphabet ( GOOG , GOOGL ), Amazon ( AMZN ), and Meta Platforms ( META ) to maintain continued growth at the same rate.

Mahaney kicks off his list of Big Tech risks with "the big wildcard": Alphabet's antitrust lawsuit . "Barring new regulatory changes, and I and I do think the one that's most in the crosshairs here is Google, which is undergoing which has been found to be a monopolist and is undergoing a remedies trial for that," he tells Julie Hyman and Josh Lipton

Another challenge could be currency weakness, as the strength of the US dollar ( DX=F ) could hit large multinational companies that have significant international sales, which could slow growth.

The final risk is valuations. "We've had a phenomenal two-and-a-half-year bull market for equities, but particularly for the large-cap, high-quality growth names ... [And] that only can continue for so much longer," Mahaney tells Yahoo Finance.

Mahaney adds that "the single biggest change" he expects to come out of President-elect Donald Trump's return to the White House is antitrust regulation.

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This post was written by Naomi Buchanan.