Compared to the telecoms Google, Microsoft and eBay are worth beans. Market capitalization is irrelevent here, it is as the morning fog - ready to be burned off in a moment.
What does Microsoft have? Some poorly written and rapidly aging code that'll fit on a couple dozen CDs, and a few buildings. Google and eBay have far less.
What do the telecoms have? They have wire, fiber, poles, conduits, vaults, tunnels, switches, and other infrastructure worth more than the GNP of most countries. They have control of a sufficient number of legislators and an ironclad back-room monopoly.
So Microsoft's going to hang their fiber on who's poles, pass it through who's vaults, tunnels and conduits? Yeah, sure.
Google, Microsoft and eBay - their life blood flows throught the telecoms at the pleasure of the telecoms. There is no contest here.