Core Points - Google has agreed to spend $500 million over 10 years to overhaul its compliance structure as part of a settlement for shareholder litigation alleging antitrust violations [1][4] - The settlement requires approval from US District Judge Rita Lin in San Francisco [1] - The changes include establishing a standalone board committee for risk and compliance, which was previously managed by the audit and compliance committee of Alphabet's board [3][4] Compliance Overhaul - Alphabet will create a senior vice president-level committee to address regulatory and compliance issues, reporting directly to CEO Sundar Pichai [4] - A compliance committee will be formed consisting of Google product team managers and internal compliance experts [4] - The reforms are described as a comprehensive overhaul of Alphabet's compliance function, aiming for a deeply rooted culture change [5] Legal Context - Shareholders, led by two Michigan pension funds, accused Google executives of breaching fiduciary duties by exposing the company to antitrust liabilities in various business areas [4][6] - The settlement is noted as one of the largest by a company to fund regulatory compliance committees [5][9] - Shareholders' lawyers plan to seek up to $80 million for legal fees and expenses in addition to the $500 million settlement [8] Ongoing Legal Issues - The settlement was disclosed on the same day a hearing was held regarding Google's violation of federal antitrust law to maintain its dominance in search [7] - The Justice Department has proposed significant measures, including requiring Google to sell its Chrome browser and share search data with rivals [7]

据德国反垄断监管机构发布的声明，德国联邦卡特尔办公室对亚马逊使用所谓的价格控制机制表示担 忧。目前，在亚马逊交易平台上销售产品的零售商不得超过亚马逊设定的特定价格上限。监管机构在初 步意见中指出，这可能构成对大型数字公司特别条款的滥用，同时也违反了一般滥用条款。亚马逊现在 有机会对这些指控作出回应。(智通财经) ...

Group 1 - U.S. stock index futures are down, with Dow futures down 0.43%, S&P 500 futures down 0.50%, and Nasdaq futures down 0.67% [1] - U.S. steel and aluminum stocks are rising ahead of market opening, following Trump's announcement to increase import tariffs on steel from 25% to 50%. Cleveland-Cliffs Inc. is up 25.56%, Nucor Corporation is up 8.69%, and Steel Dynamics Inc. is up 9.69% [1] - Moderna's new low-dose COVID-19 vaccine has been approved by the FDA, leading to a 4.74% increase in its stock price [1] Group 2 - Google plans to appeal a recent antitrust ruling that found it guilty of illegal monopoly in the advertising technology sector, resulting in a 0.9% drop in its stock [2] - Novartis reports strong results from clinical trials of its cancer drug Pluvicto for advanced prostate cancer patients [2] - Sanofi is set to acquire Blueprint Medicines for $9.1 billion, with Blueprint's stock rising 27.08% following the announcement [2] Group 3 - Apple has appealed against the EU's Digital Markets Act, which requires it to share user data with third-party developers, causing its stock to drop 0.76% [3] - Tesla's new car sales in Sweden fell by 53.7% year-over-year in May, with only 503 vehicles sold, leading to a 2.17% decline in its stock [3]

Core Viewpoint - The Federal Trade Commission (FTC) officially withdrew its antitrust lawsuit against Microsoft's acquisition of Activision Blizzard, marking the end of regulatory disputes surrounding what is described as the "largest merger in gaming history" [1][2][4]. Regulatory Developments - On May 22, the FTC announced the withdrawal of its lawsuit, stating that continuing the litigation was not in the public interest after the Ninth Circuit Court upheld a lower court's decision to deny a preliminary injunction against the merger [2][3]. - The FTC's efforts to block the merger began in December 2022, citing concerns that the acquisition could suppress competition [2][4]. Acquisition Details - Microsoft announced its plan to acquire Activision Blizzard for approximately $69 billion in January 2022, which faced significant regulatory scrutiny in multiple countries before being completed in October 2023 [1][6]. - The total transaction value was reported to be $75.4 billion, with Microsoft utilizing over half of its cash reserves, which amounted to $111.26 billion as of June 30, 2023, for the acquisition [4][5]. Market Impact - Following the acquisition, Microsoft's Xbox content and services revenue surged by 50%, with Activision Blizzard contributing 44% to this growth [5]. - The merger is expected to enhance Microsoft's competitive position across various gaming sectors, including console, PC, and mobile gaming, while also expanding its player base significantly [4][5]. Challenges and Responses - The acquisition faced challenges from the UK's Competition and Markets Authority (CMA), which expressed concerns about Microsoft's potential dominance in the cloud gaming market [7][8]. - Microsoft made concessions by selling cloud gaming rights to Ubisoft, which helped alleviate some regulatory concerns from the CMA [8]. Future Considerations - With regulatory hurdles cleared, the focus now shifts to how Microsoft will effectively integrate Activision Blizzard into its gaming operations [9].

Core Insights - Apple's App Store generated $406 billion in billings and sales for developers last year, nearly tripling the figure from five years ago [1] - Small developers experienced a 76% revenue growth from 2021 to 2024, with 90% of the billings and sales not incurring any commission [1] - Apple claims to have prevented over $9 billion in potential fraudulent transactions over the past five years, with $2 billion in 2024 alone [1] Group 1 - The App Store has created significant opportunities for developers of all sizes, according to Apple's CEO Tim Cook [1] - The recent data release follows a court ruling that Apple violated an order to allow more competition in app downloads and payment methods [1][2] - Apple argues that the App Store provides a secure environment for developers to promote products globally, allowing them to reach users in 175 countries [3]

每经记者｜岳楚鹏 每经编辑｜高涵 ①【三大期指齐跌】截至发稿，道指期货跌0.25%、标普500指数期货跌0.21%、纳指期货跌0.21%。 ②【英伟达即将发布财报，木头姐加仓470万美元】英伟达公司将于当地时间5月28日盘后公布2026财年 一季报。正值英伟达准备发布第一季度财报之际，"木头姐"Cathie Wood的方舟投资管理公司通过旗下 方舟创新ETF购买了21504股英伟达股票，并通过方舟下一代互联网ETF购买了另外13039股。两笔交易 总计价值约470万美元。截至发稿，英伟达上涨0.18% ③【特斯拉4月在欧洲新车注册量同比腰斩】欧洲汽车制造商协会27日发布的最新数据显示，美国电动 汽车制造商特斯拉4月在欧洲市场的新车注册量仅为5475辆，较去年同期大幅下降52.6%，创下近两年 来单月销量最大跌幅。截至发稿，特斯拉下跌0.5%。 ④【美"星舰"第九次试飞未能成功】当地时间5月27日，美"星舰"第九次试飞未能成功后，SpaceX创始 人、首席执行官埃隆·马斯克在社交平台X上发文称，比上一次飞行有了"很大的进步"。 ⑤【美国将在新日铁与美国钢铁交易中获得"黄金股"】当地时间5月27日，美国宾夕法尼亚 ...

Core Viewpoint - The antitrust lawsuit against Meta by the FTC has entered the judgment phase after seven weeks of court battles, focusing on whether Meta has illegally monopolized the social media market through its acquisitions of Instagram and WhatsApp [1] Group 1: Legal Proceedings - The outcome of the lawsuit will depend on Judge James Boasberg's ruling on whether Meta's market dominance is a result of illegal practices [1] - If the court sides with the FTC, Meta may be forced to divest Instagram, WhatsApp, or both, a process that could take years [1] - A ruling in favor of Meta could lead to an immediate appeal by the FTC, while a ruling against Meta would initiate another trial regarding remedies for the alleged damages caused by Meta's actions [1] Group 2: FTC's Position - The FTC argues that Meta has solidified its monopoly in the "personal social networking services" market through its acquisitions of Instagram and WhatsApp [1][3] - The FTC maintains that only a complete divestiture of these assets can resolve the issue, although Judge Boasberg has the discretion to propose alternative remedies [3] - The FTC's definition of the market has been criticized as too narrow, focusing on direct competition with Meta rather than the broader social media landscape [4] Group 3: Meta's Defense - Meta's representatives claim that the FTC's accusations are unfounded and highlight the competitive nature of the tech industry [2] - Meta argues that the social media landscape has evolved significantly, with competition now extending beyond traditional social interactions to include short videos, e-commerce, and private messaging [3][4] - Meta's legal team contends that the company's products have evolved to encompass a wider range of functionalities, thus redefining the competitive landscape [4] Group 4: Market Dynamics - The relevance of sharing among friends and family on Meta's platforms is declining, with an increase in content recommendations from outside users' social circles [6] - Other tech companies, such as Reddit, X, TikTok, and Pinterest, have testified on how their products compete for user engagement and advertising revenue against Meta [6] - The definition of the relevant market for competition is debated, with some analysts suggesting that it could encompass a wide range of media, complicating the FTC's case [6] Group 5: Expert Opinions - Antitrust experts express skepticism about the FTC's narrow market definition, suggesting it may weaken their case [4] - Some analysts believe that Meta has a 60% chance of winning the case, with the possibility of a settlement before the judge's ruling [6] - The complexity of antitrust cases makes it difficult to predict outcomes, with experts suggesting that two potential results are likely [7]

Core Viewpoint - TSMC's 2nm process is set to begin mass production in the second half of 2025, with a projected monthly capacity of 30,000 wafers by the end of the year, despite facing four significant challenges in the semiconductor supply chain [1][2][4]. Group 1: Production and Capacity - TSMC's 2nm process is expected to exceed the tape-out numbers of the 3nm process in its first two years, potentially driving a global product value of approximately $2.5 trillion within five years of mass production [3]. - The initial production site for the 2nm process will be the Fab 20 in Hsinchu, with an estimated capacity of 3,000 wafers per month by mid-2024, increasing to 22,000 wafers by the end of the year [3][4]. - The 2nm foundry service price is projected to rise to nearly $30,000 per wafer, contributing to TSMC's anticipated 25% growth in annual revenue [4]. Group 2: Challenges Facing TSMC - TSMC faces challenges including the need to expand its Arizona facility in response to U.S. government demands, which may impact future operational performance [1][2]. - Antitrust issues are becoming a concern as TSMC's market share in the global foundry market exceeds 60%, potentially reaching 70% by the end of the year, creating a divide between TSMC and its competitors [1][2]. - The ongoing U.S.-China trade tensions and inflationary pressures pose significant challenges for cost management and pricing strategies within the semiconductor industry [2][4]. - Geopolitical factors are complicating TSMC's capacity planning, requiring a balance between maintaining operations in Taiwan and expanding manufacturing in the U.S. [2][4].

Group 1 - The People's Bank of China and the State Administration of Foreign Exchange plan to improve the management of funds raised by domestic companies for overseas listings, emphasizing that funds from overseas listings should generally be returned to the domestic market [2] - The Chinese government is encouraging foreign financial institutions, including Citigroup and Carlyle Group, to invest in China's capital market and deepen cooperation [3][4] - The actual use of foreign capital in China decreased by 10.9% year-on-year in the first four months of this year, with significant increases in investments from Japan, Switzerland, and the UK [4] Group 2 - The Hong Kong stock market saw a mixed performance, with the Hang Seng Index closing up 0.24% while the Hang Seng Tech Index fell 0.09% [6] - Major brokerages are optimistic about the A-share market's performance in the second half of the year, with technology and domestic consumption sectors being core investment directions [6] - Miniso reported a total revenue of 4.43 billion yuan in the first quarter, a year-on-year increase of 19%, with overseas revenue growing by 30% [7] Group 3 - The China Securities Regulatory Commission approved the IPO registration of Shandong Electric Power on the Shenzhen Stock Exchange [9] - The China Securities Regulatory Commission has agreed to the registration of aluminum alloy futures and options on the Shanghai Futures Exchange [24] - The first batch of 26 new floating rate funds has been registered with the CSRC and is expected to be offered to investors soon [10]

Core Viewpoint - Senator Warren, a member of the Democratic Party and known as an "antitrust fighter," is urging the Department of Justice not to sign a "non-prosecution agreement" with Boeing [1] Group 1 - Warren's request highlights concerns over Boeing's business practices and accountability [1] - The call for action reflects ongoing scrutiny of large corporations and their compliance with antitrust laws [1] - This stance may influence future regulatory actions and public perception of Boeing [1]