Formidable internet giant with binary exchange -- Google's first (7)

I believe the answer is:

amazing

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'formidable' is the definition.
('amazing' can be a synonym of 'formidable')

I don't understand how the remainder of the clue works.

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(Other definitions for amazing that I've seen before include "Fantastic" , "Excellent; surprising" , "Prodigious" , "Gobsmackingly great!" , "Astounding, awe-inspiring" .)

I've seen this clue in The Telegraph.

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