The US Justice Department closed a years-long antitrust probe into the meatpacking industry during the Covid-19 pandemic just weeks before President Donald Trump demanded a fresh investigation, according to people familiar with the matter https://t.co/7AwVp2NcI4 ...

Investment Rating - The report assigns an "Attractive" rating to the US Multi-Industry sector, indicating a positive outlook for investments in this area [6]. Core Insights - The US is entering a phase of re-industrialization, presenting a multi-decade opportunity estimated at $10 trillion, which aims to restore growth to the US industrial economy after over 20 years of stagnation [2][10]. - The reshoring trend is driven by structural technological advancements and a renewed focus on operational resilience following the COVID-19 pandemic and supply chain disruptions [2][10]. - Since 2000, the US has lost 9 percentage points of global manufacturing share, equating to approximately $1.5 trillion in annual output, leading to a significant trade deficit [2][19]. - Recent trends show a resurgence in foreign direct investment (FDI) in the US, with manufacturing construction surging by around 300% since 2020, stabilizing at three times pre-COVID levels [2][3][10]. Summary by Sections Reshoring Opportunity - The reshoring process is expected to shift activity and spending back to the US, benefiting US industrial equities and enhancing earnings and cash flow streams [12][10]. - The report quantifies the opportunity for approximately $6 trillion in incremental US manufacturing capital expenditure [12][13]. Historical Context - The report highlights that US manufacturing has faced under-investment for 25 years, with a significant decline in fixed asset investment since China joined the WTO in 2000 [4][21]. - The US trade deficit has been exacerbated by outsourcing, which has not yielded a net positive impact on the US economy [31]. Future Projections - The report projects that to regain a 20% share of global manufacturing by 2050, US manufacturing output must grow at a 5% compound annual growth rate (CAGR), a significant acceleration from the previous 25-year average [64][68]. - Achieving this growth will require an increase in the US manufacturing fixed asset base by over $4 trillion in real terms [68]. Key Beneficiaries - Preferred stocks in the reshoring theme include ETN and ROK, with other beneficiaries identified as HUBB, TT, FAST, and EMR [2][12].

Core Insights - Microsoft announced the shutdown of Skype, a 21-year-old calling and messaging service, effective May 5, encouraging users to transition to its Teams app [2][3] - Skype, once a pioneer in online communication, struggled to adapt in the mobile era and did not see significant growth during the pandemic [2][14] - Microsoft aims to streamline its offerings and enhance innovation by focusing on Teams, which has surpassed 320 million users in 2023 [3][14] Company History - Skype was launched in 2003 by Janus Friis and Niklas Zennström, initially allowing free online calls [5] - By 2004, Skype had 11 million registered users, and by 2005, this number grew to 54 million, with anticipated annual revenue of $60 million [6] - eBay acquired Skype for $2.6 billion in 2005, but the integration did not yield the expected benefits, leading to a sale to an investor group in 2009 for $2.75 billion [10] User Growth and Challenges - Under eBay, Skype's user base grew to over 405 million by 2008, but the company faced challenges after leadership changes [8][9] - Microsoft acquired Skype in 2011 for $8.5 billion, integrating it with various Microsoft products [11] - Despite initial success, Skype never reached a billion active users, facing stiff competition from services like WhatsApp and WeChat [12][14] Recent Developments - Skype's daily active users fell from 40 million in March 2020 to 36 million in 2023, indicating a decline in relevance [15] - Microsoft has not mentioned Skype in earnings calls since 2017, reflecting a strategic shift towards Teams [15]