With the Department of Justice signalling its intent to scrutinize the big tech companies, a number of state attorneys general are piling on. John D. McKinnon reports at The Wall Street Journal: In recent interviews, several state attorneys general and aides said a core group of AGs has been discussing how to address antitrust-related concerns around big tech companies for some months. One official estimated the number of attorneys general who are involved at between 12 and 20. While the federal government still carries the most clout, “meaningful litigation to check companies over the … [Read more...]
Can Tech Investors Hide in the Cloud?
With tariff, trust, and privacy troubles hitting big tech companies, is there anywhere for tech investors to run? Dan Gallagher writes at The Wall Street Journal that there is one piece of the tech sector that has so far avoided the issues plaguing the rest, the cloud. He writes: A tech sector not exposed to tariffs, trade wars or domestic political scrutiny sounds almost too good to be true. At current valuations, it just might be. Investors have embraced cloud-software stocks with gusto this year. A group of 50 “pure-play” software-as-a-service, or SaaS, vendors tracked by KeyBanc … [Read more...]
Disney is Already Beating Netflix and Amazon in Streaming in India
While Americans await the roll-out of Disney+, Indians are already enjoying a Disney-owned streaming platform known as Hotstar. The service is a home-grown streaming platform that was acquired by the House of Mouse in the Fox deal. The best part of buying Hotstar for Disney is the vast portfolio of local language content that came along with it. Amazon and Netflix simply can't compete with that. Newley Purnell reports for The Wall Street Journal: India’s plummeting mobile-data prices and cheap smartphones have triggered an internet-access revolution in the world’s second-most-populous … [Read more...]
Facebook is About to Go Under the FTC Microscope
Calls for scrutiny into Facebook are not new, but after the privacy scandal involving Cambridge Analytica, the knives really came out for the social media company. Now, it appears the FTC will get the chance for a deep dive into Facebook's business practices. Other big tech companies are coming under fire as well. Brent Kendall and John D. McKinnon report for The Wall Street Journal: Federal antitrust enforcers and lawmakers are poised to scrutinize the nation’s largest technology companies for potential anticompetitive practices, bringing a new regulatory focus to the vast markets for … [Read more...]
Did Google Harm Competition?
The tech industry may get a new jolt of anti-trust clarification soon, as the Department of Justice is readying a new antitrust probe into Google. The probe could find that Goolge has hampered competition, and the ramifications could be broad. The Wall Street Journal reports: As Google cemented its powerful position in recent years, the tech giant’s executives said they believed they were helping web users get information and letting publishers and advertisers connect more efficiently. Rivals saw a more sinister goal, and the question now is whether U.S. regulators will determine that the … [Read more...]
Will MMT Be the “Millennial Monetary Theory?”
Is the Modern Monetary Theory becoming the Millennial Monetary Theory? Textbooks teaching MMT have sold out. Colleges and universities are adopting the unorthodox theory into their curricula. It's quite possible the next generation of students will be influenced greatly by MMT. Bloomberg's Enda Curran and Katia Dmitrieva report: If book sales are any guide, then Modern Monetary Theory is gaining traction. The unorthodox doctrine, which says governments have spare capacity to borrow and spend, has won attention on Wall Street and enemies (as well as a few friends) in Washington. Now, it’s … [Read more...]
Possible Fed Nominee Questions Dual Mandate
Judy Shelton, a possible nominee for the Federal Reserve board of governors, has questioned the Fed's dual mandate, that is, to target full employment and stable prices. Traditionally the two goals are thought to be at odds with one another. Shelton isn't the first to question the dual mandate, and I agree with her that it does seem unworkable. Bloomberg reports on Shelton's comments here: Judy Shelton, a conservative economist being considered by the White House for a spot on the Federal Reserve’s Board of Governors, isn’t convinced the goals set for it by Congress are relevant for the U.S. … [Read more...]
China’s Rare Earth Threat is a Symptom of the Problem Trump is Fighting
Bloomberg has reported that China is threatening to restrict the supplies of rare earth metals as part of its ongoing trade war with the United States. This isn't the first time China has used rare earths as a tool in its diplomacy. People who know the history of China's rare earths dominance should understand instantly why such a threat is indicative of why America must get tough on Chinese trade policies in the first place. China didn't come to dominate rare earth metals because of its natural endowment, but instead because the country subsidized production in order to eliminate … [Read more...]
Amazon Takes its Hands Off the Wheel in Purge of Small Suppliers
Rumor has it that Amazon is about to purge its small supplier in order to favor larger branded companies that can better supply its customers. The move will put Amazon into even more direct competition with Walmart and Target. Bloomberg's Specer Soper reports: In an emailed statement, an Amazon spokeswoman said: “We review our selling partner relationships on an individual basis as part of our normal course of business, and any speculation of a large scale reduction of vendors is incorrect.” Amazon secures inventory two ways. The company buys products directly from wholesale vendors, … [Read more...]
Tesla to $10?
Adam Jonas, an analyst for Morgan Stanley, has lowered his bear case estimate for Tesla share prices from $97 to just $10. Jonas isn't the only analyst lowering expectations for Tesla though. Now that prices have fallen 48% since shares hit $376.79 in December, Wall Street analysts have come to the conclusion that they can no longer risk their reputations on a bullish case for Tesla. Bloomberg's Oliver Ssachgau and Tom Lavell report: “Demand is at the heart of the problem,” analysts led by Adam Jonas said in a note. “Tesla has grown too big relative to near-term demand, putting great strain … [Read more...]
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