Antitrust officials are investigating other tech companies, too, so Nvidia isn’t alone. In fact, it’s hard to think of a time in history when so many companies have come under antitrust scrutiny for monopolistic, arrogant, collusive, or otherwise anticompetitive behavior. Federal Trade Commission (FTC) Chair Lina Khan and her colleagues at the Justice Department have focused on alleged anticompetitive behavior in industries ranging from airlines, pharmaceuticals, and grocery stores to financial services, fast food, and energy. And, of course, Big Tech.

That’s not meant to be a partisan posturing. Antitrust rules are designed to keep companies competing for our hearts and wallets. While America’s three main federal antitrust laws were written more than a century ago, the way they’re enforced varies widely for a variety of reasons. President Joe Biden’s Executive Order on Competition, signed in July 2021, argues that “monopoly goods” and “economic consolidation” are significant barriers to “fair, open and competitive markets.” And Khan’s antitrust push has been widely criticized by nonpartisan observers.

For example, let’s leave the tech world and enter the fashion world, where the FTC has filed a lawsuit to stop Tapestry’s merger with Capri, arguing that bringing brands like Coach and Versace into the same house will give Tapestry “a dominant share of the ‘accessible luxury’ handbag market.” When I met with Tapestry CEO Joanne Crevoiserat earlier this summer, she noted that her industry doesn’t lend itself to monopolies. Antitrust lawsuits that don’t hold up in court can still do a lot of damage, as momentum is lost and people have to rebuild.

More news below.

Diane Brady
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TOP NEWS

JPMorgan shares down on strong results

In a note published Tuesday, Deutsche Bank analyst Matt O’Connor downgraded shares of JPMorgan to a hold from a buy rating, saying the Wall Street giant has little room to improve after a stellar year. The shares have risen 30% so far through 2024, though O’Connor believes looming rate cuts will slow the bank’s growth. Fortune

Volkswagen steps on the brakes in its own country

Volkswagen CEO Oliver Blume warned that the company could close one of its German factories for the first time in its 87-year history as the automaker seeks to cut €10 billion in costs amid weak consumer demand. Blume also announced that the company is seeking to reduce its workforce by ending a union agreement that keeps Volkswagen workers employed until 2029. Fortune

Meta and Apple join forces in court

Apple is coming to Meta’s aid by requesting that a federal judge keep sealed two documents that detail a “confidential” contract between the two tech giants. The judge is currently presiding over a case in which Meta is accused of having a monopoly on social media advertising, and the documents could detail a data-sharing agreement between the two. Fortune

AROUND THE WATER COOLER

Audi CEO dies in fall from 10,000-foot mountain by Orianna Rosa Royle

How technology’s boom and bust periods have evolved over time and how they’ve stayed the same, according to Ethan Batraski of Venrock by Allie Garfinkle

How far is it possible to make an aircraft ‘greener’? by Alex Ledsom

Canva says its new AI features justify 300% subscription price increase by Sydney Lake

Honeywell CEO Reveals How AI Will Give His Company a Competitive Edge—and What It Won’t by Jeremy Kahn

Workers in Japan are hiring companies to help them quit jobs because of their bosses, by Chloe Berger

Warren Buffett’s Berkshire Hathaway Dumped $6.2 Billion in Bank of America Stock in Less Than 2 Months by Will Daniel

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