🖥️ Is Google About To Be Broken Up?

Good morning. US stock futures traded lower in Wednesday morning trading as Wall Street geared up for key inflation data.

🖥️ US DOJ mulls breaking up Google

📝 Our report: The U.S. Department of Justice is mulling over ways to break up Google, just a week after a judge ruled that the tech giant had been unfairly hogging the online search market, according to Bloomberg News. The verdict held that Google violated antitrust law, spending billions of dollars to create an illegal monopoly and become the world's default search engine.

 🔑 Key points:

• The ruling is seen as the first big win for federal authorities taking on the market dominance of Big Tech.

• The DOJ's other options include forcing Google to share data with competitors and instating measures to prevent it from gaining an unfair advantage in AI products, the report said, citing people familiar with the matter.

• Federal antitrust regulators have sued Meta Platforms, Amazon.com and Apple in the past four years, claiming the companies illegally maintained monopolies.

💡 So what: If the U.S. Justice Department pursues breaking up Google following the antitrust ruling, it could drastically reshape the tech industry, spark increased competition, and potentially lead to better prices and innovation for consumers. However, this move could also cause short-term disruptions as the company and market adjust. The action would signal a more aggressive regulatory approach toward big tech, setting a precedent that could impact other industry giants and redefine the balance of power in the digital economy.

Wednesday - Consumer Price Index

Thursday - U.S. Retail Sales

Friday - Consumer Sentiment

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🎞️ Paramount announces major shakeup

WHAT: Paramount Global just told staff it's shutting down its iconic TV studio, a bold cost-cutting move as it gears up for a merger with Skydance Media. "Paramount Global has made the difficult decision to close Paramount Television Studios as part of the company's broader restructuring plans," Paramount TV Studios president Nicole Clemens wrote in a memo. "This has been a challenging and transformative time for the entire industry, and sadly, our studio is not immune."

WHY: The developments come as the entertainment giant preps its balance sheet for an eventual Skydance takeover, set to be completed in the third quarter of 2025.

🚗 GM sued in Texas over drivers’ privacy violations

WHAT: Texas is suing General Motors, claiming the automaker secretly installed tech in over 14 million vehicles to gather and sell driver data to insurers and others—without getting the drivers' permission. Texas Attorney General Ken Paxton said the lawsuit arose from a probe announced in June into whether several automakers collected and sold mass amounts of data without drivers' knowledge.

WHY: "Companies are using invasive technology to violate the rights of our citizens in unthinkable ways," Paxton said in a statement. "Our investigation revealed that General Motors has engaged in egregious business practices that violated Texans' privacy and broke the law. We will hold them accountable."

⌚ Google, Peloton form fitness partnership

WHAT: Google’s Fitbit is teaming up with Peloton to bring premium users a taste of its fitness content starting in September, the companies announced with a joint nod. As part of the deal, Fitbit premium members based in the U.S., UK, Canada and Australia would have access to Peloton's classes across categories, including pilates, running, boxing and cycling. Peloton members, on the other hand, would receive offers on Google Pixel watches and Fitbit Charge 6 devices.

WHY: The partnership comes at a time when Peloton is grappling with falling sales due to uncertain demand for its stationary bikes and treadmills, pushing it to refinance its debt.

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