Issue No. 127 September to 3 October 2026
Washington takes on search, phones and the lab that wrote its own rules.
Power and who holds it
In this issue
Leaders
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Platform power
Unfollowed
Twitter and Facebook were within their rights to cut off Donald Trump, but a power this large needs published rules and an appeal, not a decision made on a Friday evening
8 January 2021
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Australia v Facebook
Breaking news
Australia was right that platforms hold too much power over news, but a law that prices links is a clumsy tool, and the countries now eyeing it should copy the leverage, not the mechanism
25 February 2021
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Privacy and power
Please don't ask
Apple's tracking prompt is good for users and better for Apple, so regulators should insist that the firm lives under the same rule it imposes on everyone else
26 April 2021
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OpenAI's governance
Return of the king
OpenAI's board did exactly what it was built to do and lost within five days; the lab should stop pretending a charity can steer it and let competition and the law do the job
22 November 2023
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Acqui-hires and merger review
Hire power
Microsoft's hiring of Inflection's leaders and staff should be reviewed as the merger it resembles, because a deal that moves a company's people but not its shares is still a deal
19 March 2024
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The CrowdStrike outage
Blue screen of debt
The CrowdStrike outage shows that firms with deep access to everyone's computers should be treated as infrastructure, with staged updates and liability to match, rather than as software vendors who can disclaim everything
20 July 2024
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America v Google
Spare the Chrome
Judge Mehta was right to leave Google its browser and its phone software, and America should now spend its energy on making the data-sharing order work rather than on an appeal for a break-up.
4 September 2025
Business & Finance
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Microsoft and OpenAI · Giannini
Billion-dollar brain
Microsoft's $1bn bet on OpenAI is less a punt on thinking machines than a prepaid order for its own cloud, and that makes it a shrewd one
22 July 2019
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Salesforce and Slack · Giannini
Chat room at the top
Regulators should wave through Salesforce's $27.7bn purchase of Slack, which adds a serious rival to Microsoft; the price is a matter for Salesforce's shareholders.
1 December 2020
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Amazon's succession · Giannini
Next-day delivery
Jeff Bezos has picked the man who built the firm's profits, and the choice says more about where Amazon earns its money than about who will run it.
2 February 2021
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Broadcom and VMware · Giannini
Virtually mine
Broadcom's $61bn price for VMware is hard to earn back without raising bills, so regulators should ask whether customers can walk away.
26 May 2022
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Twitter and Elon Musk · Giannini
Bird in hand
Mr Musk has paid full price for a loss-making firm whose customers can leave at will, and no change of ownership will fix that.
28 October 2022
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Meta's year of efficiency · Giannini
Lean in
Investors have rewarded Meta for spending less, which is sensible, but efficiency is a means and the firm has yet to say what it is for.
2 February 2023
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Microsoft's market value · Giannini
Soft power
Investors have priced Microsoft as the winner of the AI race, yet the prize still depends on customers paying $30 a month for a chatbot.
24 January 2024
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Alphabet's capital return · Giannini
Paying attention
Alphabet's first dividend says less about a maturing firm than about a cash pile that outgrew its owner's ideas for it.
25 April 2024
Policy & Regulation
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Facebook's Libra · Warren
Coin flip
Congress should neither strangle Libra in the crib nor wave it through; the sensible test is whether Facebook will submit to the rules that already bind everyone else who handles other people's money.
17 July 2019
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Transatlantic data · Warren
Shield of dreams
Europe's court was right that American surveillance law fails its tests, and a third patched-up deal would only schedule a third defeat; Washington should change the law.
17 July 2020
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America v Google · Warren
Feeling lucky
The Justice Department's case against Google is narrower than its critics fear and better aimed than its fans realise, and its target should be the price of the default.
22 October 2020
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America v Facebook · Warren
Face value
The government has a fair case that Facebook bought a rival it feared, but a breakup is the wrong cure and the regulator's own clearance of the deals is the weakest part of its case.
10 December 2020
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Lina Khan at the FTC · Warren
Paradox lost
Lina Khan is right that antitrust has grown too fond of low prices, but she will do more for competition by winning cases under the law as it stands than by trying to rewrite it.
16 June 2021
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Epic v Apple · Warren
Steering committee
Judge Gonzalez Rogers was right to clear Apple of monopoly and right to let developers point customers elsewhere; the second ruling does more for competition than the first would have.
11 September 2021
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The Digital Markets Act · Warren
Gate expectations
Europe's new rulebook for tech gatekeepers is right to demand choice, but it should stop short of dictating how rival products are built.
25 March 2022
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America v Microsoft · Warren
Level playing field
The FTC is right to worry about a console maker hoarding games, but a binding promise to share Call of Duty is a better remedy than a ban on the deal.
9 December 2022
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America v Google, again · Warren
Bidding farewell
The Justice Department is right that Google should not run both the auction and the biggest bidders in it, and a break-up of the ad exchange is the remedy to press.
25 January 2023
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America v Amazon · Warren
Prime suspect
The government's case against Amazon is strongest where it targets the penalty for cheap prices elsewhere, and weakest where it treats a popular service as a crime.
27 September 2023
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Epic v Google · Warren
Play the field
A jury has found that Google rigged Android's app market, and the right remedy is more competition for the Play Store, not a court-drawn design for the phone.
12 December 2023
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America v Apple · Warren
An Apple a day
The Justice Department's suit is strongest where Apple's gatekeeping protects its services profits, and it should resist the temptation to ask a court to design the iPhone.
22 March 2024
Youth
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Gitanjali Rao
Lead role
The interesting thing about TIME's first Kid of the Year is not her gadgets but the method behind them, which any adult with a budget could copy and few do.
5 December 2020
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Young retail traders
Stonks go up, and down
The GameStop frenzy has been told as a morality play about the young and the reckless, but the evidence says that they are neither a mob nor a crowd of sages, and that regulators should look at the app before the user.
18 February 2021
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Alexandr Wang
Labour of data
Scale AI's founder built a billion-dollar firm on the unglamorous fact that machine intelligence needs human labour, and its next test is whether that remains true.
21 May 2024
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Teen spending
Brand loyalty card
Piper Sandler's teen survey shows a generation whose tastes are remarkably stable, and investors who read every wobble in it as a trend should be more sceptical of the headline numbers.
9 October 2024
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Finfluencers
Follow the leader
Regulators are right to pursue finfluencers, but the better target is the firm that pays them, because the young investor's trust is real and will outlast any single prosecution.
22 October 2024
The world this week
Facebook's Libra. Congress should neither strangle Libra in the crib nor wave it through; the sensible test is whether Facebook will submit to the rules that already bind everyone else who handles other people's money. Read more on Coin flip
Microsoft and OpenAI. Microsoft's $1bn bet on OpenAI is less a punt on thinking machines than a prepaid order for its own cloud, and that makes it a shrewd one Read more on Billion-dollar brain
Transatlantic data. Europe's court was right that American surveillance law fails its tests, and a third patched-up deal would only schedule a third defeat; Washington should change the law. Read more on Shield of dreams
America v Google. The Justice Department's case against Google is narrower than its critics fear and better aimed than its fans realise, and its target should be the price of the default. Read more on Feeling lucky
Salesforce and Slack. Regulators should wave through Salesforce's $27.7bn purchase of Slack, which adds a serious rival to Microsoft; the price is a matter for Salesforce's shareholders. Read more on Chat room at the top
Gitanjali Rao. The interesting thing about TIME's first Kid of the Year is not her gadgets but the method behind them, which any adult with a budget could copy and few do. Read more on Lead role
America v Facebook. The government has a fair case that Facebook bought a rival it feared, but a breakup is the wrong cure and the regulator's own clearance of the deals is the weakest part of its case. Read more on Face value
Platform power. Twitter and Facebook were within their rights to cut off Donald Trump, but a power this large needs published rules and an appeal, not a decision made on a Friday evening Read more on Unfollowed
Amazon's succession. Jeff Bezos has picked the man who built the firm's profits, and the choice says more about where Amazon earns its money than about who will run it. Read more on Next-day delivery
Young retail traders. The GameStop frenzy has been told as a morality play about the young and the reckless, but the evidence says that they are neither a mob nor a crowd of sages, and that regulators should look at the app before the user. Read more on Stonks go up, and down
Australia v Facebook. Australia was right that platforms hold too much power over news, but a law that prices links is a clumsy tool, and the countries now eyeing it should copy the leverage, not the mechanism Read more on Breaking news
Privacy and power. Apple's tracking prompt is good for users and better for Apple, so regulators should insist that the firm lives under the same rule it imposes on everyone else Read more on Please don't ask
Lina Khan at the FTC. Lina Khan is right that antitrust has grown too fond of low prices, but she will do more for competition by winning cases under the law as it stands than by trying to rewrite it. Read more on Paradox lost
Epic v Apple. Judge Gonzalez Rogers was right to clear Apple of monopoly and right to let developers point customers elsewhere; the second ruling does more for competition than the first would have. Read more on Steering committee
The Digital Markets Act. Europe's new rulebook for tech gatekeepers is right to demand choice, but it should stop short of dictating how rival products are built. Read more on Gate expectations
Broadcom and VMware. Broadcom's $61bn price for VMware is hard to earn back without raising bills, so regulators should ask whether customers can walk away. Read more on Virtually mine
Twitter and Elon Musk. Mr Musk has paid full price for a loss-making firm whose customers can leave at will, and no change of ownership will fix that. Read more on Bird in hand
America v Microsoft. The FTC is right to worry about a console maker hoarding games, but a binding promise to share Call of Duty is a better remedy than a ban on the deal. Read more on Level playing field
America v Google, again. The Justice Department is right that Google should not run both the auction and the biggest bidders in it, and a break-up of the ad exchange is the remedy to press. Read more on Bidding farewell
Meta's year of efficiency. Investors have rewarded Meta for spending less, which is sensible, but efficiency is a means and the firm has yet to say what it is for. Read more on Lean in
America v Amazon. The government's case against Amazon is strongest where it targets the penalty for cheap prices elsewhere, and weakest where it treats a popular service as a crime. Read more on Prime suspect
OpenAI's governance. OpenAI's board did exactly what it was built to do and lost within five days; the lab should stop pretending a charity can steer it and let competition and the law do the job Read more on Return of the king
Epic v Google. A jury has found that Google rigged Android's app market, and the right remedy is more competition for the Play Store, not a court-drawn design for the phone. Read more on Play the field
Microsoft's market value. Investors have priced Microsoft as the winner of the AI race, yet the prize still depends on customers paying $30 a month for a chatbot. Read more on Soft power
Acqui-hires and merger review. Microsoft's hiring of Inflection's leaders and staff should be reviewed as the merger it resembles, because a deal that moves a company's people but not its shares is still a deal Read more on Hire power
America v Apple. The Justice Department's suit is strongest where Apple's gatekeeping protects its services profits, and it should resist the temptation to ask a court to design the iPhone. Read more on An Apple a day
Alphabet's capital return. Alphabet's first dividend says less about a maturing firm than about a cash pile that outgrew its owner's ideas for it. Read more on Paying attention
Alexandr Wang. Scale AI's founder built a billion-dollar firm on the unglamorous fact that machine intelligence needs human labour, and its next test is whether that remains true. Read more on Labour of data
The CrowdStrike outage. The CrowdStrike outage shows that firms with deep access to everyone's computers should be treated as infrastructure, with staged updates and liability to match, rather than as software vendors who can disclaim everything Read more on Blue screen of debt
Teen spending. Piper Sandler's teen survey shows a generation whose tastes are remarkably stable, and investors who read every wobble in it as a trend should be more sceptical of the headline numbers. Read more on Brand loyalty card
Finfluencers. Regulators are right to pursue finfluencers, but the better target is the firm that pays them, because the young investor's trust is real and will outlast any single prosecution. Read more on Follow the leader
America v Google. Judge Mehta was right to leave Google its browser and its phone software, and America should now spend its energy on making the data-sharing order work rather than on an appeal for a break-up. Read more on Spare the Chrome