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Good Morning!
Happy Tuesday! Let’s see what is moving markets:
👉Google ruled a monopoly
👉Palantir earnings are in
👉Federal Reserve President speaks
GOOGLE: Ruled A Monopoly
A federal judge ruled on Monday that Google has illegally maintained a monopoly in search and text advertising markets. The case, filed in 2020, accused Google of creating barriers to entry and sustaining its dominance through a feedback loop. The court found Google violated the Sherman Act by monopolizing these markets.
Source: NPR
This is the first major anti-monopoly ruling against a tech company in decades. Judge Amit Mehta stated, “Google is a monopolist, and it has acted as one to maintain its monopoly.” The Department of Justice and attorneys general from 38 states filed similar antitrust suits in 2020 for pretrial purposes. The court focused on Google’s exclusive search deals with Android and Apple devices, reinforcing its dominance. Google plans to appeal, emphasizing the quality of its products in response to the ruling.
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EARNINGS: Palantir
Palantir Technologies again raised its annual revenue forecast, which was driven by the AI boom. CEO Alex Karp reported the company’s biggest quarterly profit and projected higher-than-expected Q3 sales. Palantir’s AI platform has fueled demand, pushing annual revenue expectations to $2.74-$2.75 billion, up from $2.68-$2.69 billion, surpassing the $2.70 billion estimate. U.S. revenue estimates increased by $11 million to $672 million.
Source: Palantir
Chief Revenue Officer Ryan Taylor noted that Palantir helps companies bridge the gap between AI prototypes and market-ready products. For Q3, Palantir forecasts revenue between $697 million and $701 million, above the $679.1 million average estimate. The company is reducing its reliance on government clients, which still make up 54% of sales, by focusing on private sector growth, which saw a 33% increase in Q2.
GOOLSBEE: Ready To Act
Chicago Federal Reserve President Austan Goolsbee said Monday that the Fed is ready to act if the economy shows weakness, suggesting that current interest rates might be too high. When asked about potential moves due to a weakening job market and manufacturing sector, Goolsbee didn't specify any actions but mentioned that sticking with tight policies wouldn’t make sense if the economy is slowing.
Source: CNBC
He avoided discussing the possibility of an emergency rate cut but noted that the current policy is quite restrictive, which is only appropriate if the economy is overheating. The Fed's benchmark rate has been between 5.25% and 5.5% since July 2023, the highest in 23 years. Goolsbee stressed that the Fed’s focus remains on maximizing employment, stabilizing prices, and maintaining financial stability.
Chart of the Day
📊 AI Chip Revenue Explodes
Source: Carbon Finance
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