Core Viewpoint - Apple is urging EU antitrust regulators to repeal the Digital Markets Act (DMA), claiming it poses privacy risks to users and could stifle innovation [1][2] Group 1: Apple's Opposition to DMA - Apple has reiterated its opposition to the DMA, which was implemented by the EU to protect consumer rights and prevent large tech companies from abusing their dominant positions [1] - The company emphasizes that while it is complying with the rules, it calls for a closer examination of the regulations' impact on individuals and businesses in the region [1][2] Group 2: Risks Associated with DMA - Apple argues that mandatory use of external payment services and allowing sideloading could expose iPhone users to malware and scams [2] - The company also expresses concerns that allowing other companies to access user data could lead to sensitive information leaks [2] Group 3: Financial Implications and Penalties - In April, the EU Commission fined Apple €500 million (approximately $588 million) for violating rules that allow developers to direct users to shop outside the Apple Store, which Apple is appealing [2] - The DMA targets companies with annual sales of at least €7.5 billion or a market capitalization of €75 billion in the 27 EU countries [2] - Other large tech companies, such as Meta, have also faced fines under this regulation, with the EU imposing significant penalties on firms like Google, totaling over $8 billion [2]

来源：市场资讯 （来源：美股情报站） 美国法院近日做出了一项重要的反垄断裁决，决定谷歌无需出售其知名产品Chrome浏览器，也无须剥 离安卓操作系统。这一裁决引发了广泛关注，并在一定程度上影响了谷歌股价的表现。当法官宣布这一 决定后，谷歌股价在盘后交易中上涨了6.7%。与此相关的另一项裁决则要求谷歌与竞争对手共享信 息，以纠正其在在线搜索领域的垄断行为。 该系列裁决是美国司法部对谷歌发起的两宗诉讼之一。这些诉讼是美国政府针对大型科技公司展开更广 泛行动的一部分，旨在控制这些公司在多个领域的市场支配地位。这些行动也涉及Meta Platforms、亚 马逊及苹果等企业，标志着政府对科技巨头进行更为严格的监管。 谷歌无需出售Chrome这一裁决直接回应了检察官的要求，检察官此前曾要求谷歌剥离该产品以减少其 市场影响力。此外，本次裁决还驳回了相关要求谷歌剥离安卓的请求，这是谷歌在全球智能手机操作系 统市场中占据领导地位的重要产品。 谷歌计划于9月开庭应对美国司法部的另一诉讼，该诉讼指控谷歌在在线广告技术领域持有非法垄断地 位。在这一案件中，美国法官已裁定谷歌须在广告市场内开放竞争并共享相关数据。此案预计将进一步 影 ...

0:00 21世纪经济报道记者 章驰 实习生 左永川 目前谷歌方面对出售Chrome的提议持消极态度。Alphabet首席执行官皮查伊今年在法庭作证时强调，强 制出售资产或要求数据共享，不仅会直接损害谷歌的业务根基，还将打击企业在新技术研发上的投入动 力，甚至可能引发数据安全风险。作为全球用户规模最大的浏览器，Chrome目前在全球浏览器市场的 份额占比超过60%，其市场地位对谷歌搜索业务的生态构建具有战略意义。 值得关注的是，Perplexity当前估值约为180亿美元，此次报价已远超其自身市值。不过该公司透露，包 括多家大型风险投资基金在内的投资方已明确表示，将全额支持这笔交易的资金需求。 从市场估值来看，Chrome的价值评估存在显著分歧，近期行业估算区间在200亿至500亿美元之间。若 Perplexity的345亿美元报价最终达成，将意味着其以相对合理的成本获得这一核心资产，堪称一笔极具 战略价值的交易。成立于2022年的Perplexity总部位于美国旧金山，其核心产品是AI驱动的搜索引擎， 该公司刚刚推出自主研发的网页浏览器Comet，展现出在浏览器领域的布局野心。 此次收购提议的背后，是持续升 ...

墨西哥经济部长：与美国的贸易讨论也可能涉及反垄断监管方面的担忧。 ...

Core Viewpoint - The acquisition attempt of Seven & I Holdings by Alimentation Couche-Tard has failed after a year of negotiations, with ACT withdrawing its proposal due to perceived lack of constructive engagement from 7&i [1][5][8]. Group 1: Acquisition Attempt - ACT announced the withdrawal of its acquisition proposal for 7&i, citing a lack of sincere participation from 7&i [1][5]. - The initial acquisition proposal was made in August last year, with ACT increasing its offer to 2,600 yen per share, representing a 47.6% premium over 7&i's unaffected stock price [7][12]. - 7&i has consistently rejected ACT's offers, citing antitrust regulatory risks as a primary concern [1][12]. Group 2: Company Responses - 7&i responded to ACT's withdrawal by expressing disappointment and disagreement with ACT's claims, stating that they had been engaging in good faith discussions [8][9]. - 7&i emphasized that significant changes in the global economy and financing markets had occurred since ACT's initial proposal, which affected the negotiations [9][20]. - The company plans to focus on its value creation strategy, including an IPO for its North American business and a stock buyback plan worth approximately 2 trillion yen by the end of fiscal year 2030 [9][20]. Group 3: Market Context and Financial Performance - The acquisition attempt highlights the challenges of cross-border mergers, particularly regarding governance and control issues prevalent in Japanese companies [21][25]. - 7&i's recent financial performance shows a 1.6% year-on-year revenue increase to 27,773.7 billion yen for the first quarter of fiscal year 2025, with a significant 129.2% increase in net profit [23]. - Despite the overall revenue growth, the company's domestic market performance has been declining, with a 0.7% drop in revenue from its convenience store operations in Japan [24].

Group 1 - The Canadian antitrust agency has ordered Amazon to provide records related to its business practices [1] - This action indicates increased scrutiny on Amazon's operations in Canada [1] - The investigation may focus on potential anti-competitive behavior by Amazon [1] Group 2 - The move reflects a broader trend of regulatory bodies worldwide tightening their oversight of major tech companies [1] - Amazon's compliance with the order could have implications for its business strategy in Canada [1] - The outcome of this investigation may influence future regulatory actions against Amazon and similar companies [1]

Core Viewpoint - Apple is facing significant regulatory pressure globally regarding its App Store fees, commonly referred to as "Apple Tax," which has led to substantial changes in its fee structure in the EU and the US, while China remains locked into a higher fee regime [1][2][9]. Group 1: Apple Tax Overview - The Apple Tax is characterized by a high commission rate of 30% on digital goods and services, which is higher than corporate income tax rates in many regions [2]. - Apple's global revenue from this tax is estimated to reach approximately 266.7 billion RMB (around 40 billion USD) in 2024, nearly double the size of China's AI chip market [3]. - The operating profit margin from the Apple Tax is reported to be as high as 75%, significantly exceeding the average profit margin of major internet companies in China [4]. Group 2: Regulatory Changes in the EU - Following a 500 million Euro fine from the EU, Apple has reduced its commission for external link transactions to 12%, allowing users to purchase digital goods from third-party platforms [5][6]. - A tiered commission structure has been introduced, where the fee is 12% for basic services and 20% for comprehensive services, with a notable restriction that apps offering external payment options cannot use Apple's in-app purchase system [6][7]. - If EU users adopt the external link payment method, it could save the market up to 23.3 billion RMB annually, enhancing the competitiveness of the European digital industry [7]. Group 3: Developments in the US - A recent US court ruling has eliminated the Apple Tax for external link transactions, allowing developers to direct users to third-party payment platforms without incurring fees [8]. - If this ruling stands, the estimated revenue from Apple Tax in the US for 2024 could be around 107.9 billion RMB (approximately 16.5 billion USD), representing a significant financial relief for the US digital economy [8]. Group 4: Implications for China - China, as Apple's third-largest market, contributes approximately 470 billion RMB (around 70 billion USD) in revenue, yet continues to face a 30% Apple Tax, amounting to about 50 billion RMB annually [9][10]. - There is a call for China to align its policies with those of the US and EU to secure similar benefits for its digital market, as the current high fees could undermine the international competitiveness of China's digital industry [10].

Core Viewpoint - Apple Inc. announced significant changes to its App Store operations in the EU to comply with the EU Digital Markets Act, avoiding potential economic penalties [1][2] Group 1: Policy Changes - Starting June 26, developers in the EU and EEA countries will be allowed to display external purchase channels on their apps [1] - Users will have more options for purchasing digital goods and services outside the official App Store [1] - A unified fee structure will be implemented by January 1, 2026, transitioning to a digital goods transaction commission model [1] Group 2: Regulatory Context - The policy adjustment is a direct response to a €500 million (approximately $585 million) antitrust fine imposed by the EU Commission [2] - Apple is one of the first six "gatekeepers" identified under the EU Digital Markets Act, alongside Google, Amazon, Meta, Microsoft, and ByteDance [2] - The EU's definition of "gatekeepers" includes companies providing core digital services with annual revenues exceeding €7.5 billion or a market capitalization above €75 billion [2] Group 3: Market Reaction - Following the announcement, Apple's stock price fell by 0.28% during regular trading, closing at $201.00 per share [2] - The stock price rebounded by 0.36% in after-hours trading, indicating a technical correction [2]

Core Viewpoint - Meta has announced a $14.8 billion investment to acquire a 49% non-voting stake in Scale AI, aiming to leverage the expertise of its CEO, Alexandr Wang, to enhance its AI capabilities while avoiding antitrust scrutiny [6][10][11]. Group 1: Acquisition Strategy - Meta's investment in Scale AI marks its second-largest acquisition in history, following the $21 billion purchase of WhatsApp [6]. - The deal reflects Meta's strategy of making high-stakes acquisitions to eliminate competition and strengthen its market position, similar to past acquisitions of Instagram and WhatsApp [5][6]. - Scale AI's valuation has doubled to $30 billion following Meta's investment, indicating the growing importance of data in the AI sector [8][9]. Group 2: Regulatory Considerations - By acquiring non-voting shares, Meta aims to sidestep potential antitrust investigations that could arise from a full acquisition [10][11]. - The investment structure is seen as a strategic move to avoid regulatory challenges while still gaining significant influence in the AI data supply market [11][12]. - Experts suggest that this approach provides Meta with protection against scrutiny from antitrust authorities, although the FTC may still review the transaction [11][12]. Group 3: Talent Acquisition - The deal is characterized as a "talent acquisition," as it allows Meta to bring Scale AI's CEO, Alexandr Wang, into its leadership team to guide its AI initiatives [13][15]. - Wang's expertise in AI model training and data infrastructure is viewed as critical for Meta to regain its competitive edge in the AI landscape [16]. - Meta's recruitment of Wang is a response to recent talent losses to competitors, highlighting the urgency for the company to bolster its AI capabilities [15][16]. Group 4: Market Dynamics - The investment is expected to create tension among AI giants, as competitors may reconsider their partnerships with Scale AI due to Meta's involvement [12][13]. - Major companies like Google and Microsoft are reportedly reevaluating their contracts with Scale AI, which could shift the competitive landscape in the AI data supply market [12][13]. - Meta's strategic positioning through this investment could lead to a significant reduction in collaboration between Scale AI and its other clients, enhancing Meta's market leverage [12][13].

Core Point - The upcoming legislation from the House Judiciary Committee will transfer all antitrust actions and personnel from the Federal Trade Commission (FTC) to the Department of Justice, which will weaken the FTC's key regulatory powers [1] Group 1 - The transfer of antitrust responsibilities indicates a significant shift in regulatory authority from the FTC to the Department of Justice [1] - This change may impact the enforcement of antitrust laws and the overall competitive landscape in various industries [1]