Do you think Biden is right in his opinion that Big Tech is going to be a great danger to our society?

In his last speech - I think it was his farewell speech(?)- Biden drew comparisons between western tech industry and the industrial military complex. Do you think these comparisons are justified?

If yes, what would be the liberal path to address these dangers?

Edit: this is the speech I was talking about:

https://youtu.be/T8vmhmilluM?si=LYqH1pOQh8cJIXIw