Exactly fifty years after the hippies gathered in San Francisco, another summer of love seems set to blossom. This time it’s not the flower children who are holding hands and sharing beds. It’s the titans of Big Internet.

Just this week, at its Build conference, Microsoft gave a hug to former adversaries Apple and Alphabet. “Windows PCs heart iOS and Android devices” was one of the big themes of the event — yes, the heart symbol was on display — and Microsoft announced that Apple’s iTunes app is coming to the Windows Store. Microsoft also formed a partnership with Facebook to incorporate an ad-tracking tool into Excel. Meanwhile, Apple and Amazon were engaged in their own public display of affection. They let word leak out that Amazon’s Prime Video app would soon be available on Apple TV. The once fierce rivals appear to have “reached a truce,” reported Recode.

Thanks to their technical and marketing prowess, combined with the winner-take-all dynamics of the internet, Alphabet, Amazon, Apple, Facebook, and Microsoft have emerged as the dominant companies of the consumer net (Farhad Manjoo dubs them the “frightful five”), with a combined market cap of a zillion dollars, give or take. Each now operates something of a perpetual-motion money-printing machine powered by the dollars and data that flow in such massive quantities through the net. The companies still face threats, of course, but, even as they sow disruption in other industries, their own market positions now look pretty stable and secure. They’re the winners.

While the boundaryless nature of online business means that each of the five companies competes with each of the others on many fronts, there is also now a symbiosis among them — and that symbiosis is getting stronger. Each of the five makes its profits in different ways, with Apple focusing on hardware, Google on web ads, Facebook on social-media ads, Amazon on retailing, and Microsoft on software sales and subscriptions. Their businesses overlap, but they are also complementary. And, as is often true with complementary products and services, gains by one company often help rather than hurt the businesses of the others. Each of the five is focused on expanding consumers’ dependency on the net, and as the net pie expands so does each of the five slices. At this point, being friends rather than enemies makes sense.

When it comes to business, in other words, the net is a centralizing force, not a decentralizing one as once assumed. The frightful five together form a digital-industrial complex, a nascent oligopoly set to skim the lion’s share of the profits from the consumer web for the foreseeable future. Five big pieces, loosely joined.

On Monday, the venture capitalist Jeremy Philips wrote a column intended as a rejoinder to Manjoo’s warnings about the power of the titans. Philips argued against the idea that, as he put it, “the five leading tech behemoths have turned into dangerous monopolies that stifle innovation and harm consumers.” Their businesses, he wrote, are “all converging — therefore competing — with one another.” His timing was unfortunate, as immediately after the column appeared we got the news of the new partnerships among the companies.

Philips’s argument would have sounded compelling just a few years ago. Back then, the five’s positions were not as well-established as they are now, and their relationships were defined by their skirmishes. That’s no longer the case. Yes, the businesses of the five have converged, but it’s now becoming clear that their interests have converged as well. For Big Internet, this is the dawning of the Age of Aquarius.

Image: Actors portraying hippies in “Hair.”