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Stocks rose yesterday following Jerome Powell's acknowledgment of inflation progress, yet he emphasized that rate cuts were not imminent. The latest data indicating a robust labor market helps clarify this stance. Just a reminder: the stock market will close early today and will be closed tomorrow, allowing bankers to enjoy fireworks from their beach houses.

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Technology

Big Tech Faces European Crackdown

When it came to winning over European users, Big Tech companies pretty much hopped over from the US and declared, “I came, I saw, I conquered.” But European antitrust regulators have greeted them with much more skepticism, and it looks like AI’s $3 trillion hero, Nvidia, will be the next one to face a potential smackdown.

French antitrust regulators are about to charge Nvidia with allegedly engaging in anticompetitive conduct, which would make it the first regulator to accuse the chipmaker of abusing its position since it came to dominate the AI business, Reuters reported this week. While the specific charges they intend to bring are not public, the regulator published a report last week on competition in the generative AI space that raised concerns about potential misconduct by chipmakers.

NVIDIA is not alone. A separate antitrust investigation into Nvidia by EU-wide regulators will likely be put on hold while the French authority proceeds, per Reuters. Still, those regulators will have plenty of Big Tech battles to keep them busy.

• Since the EU’s broad new digital competition law kicked in recently, regulators have accused Apple, Microsoft, and Meta of violating it. If the EU concludes the companies acted anti-competitively, it could fine them each 10% of their global revenue (or even more for repeated actions).

• In the face of regulatory hurdles, Apple, Meta, and Google have delayed bringing AI products to Europe.

With clear EU v. Big Tech battle lines drawn, some on the tech side say it’s Europe, which has yet to produce a homegrown tech giant, that will get bruised in the fight. Former Facebook VP of Product Sam Lessin said on X that eventually tech companies will decide Europe’s not worth it, and Europeans will just have to “live with crappy digital services and a crappy digital economy.”

It’s not all smooth sailing for Big Tech in the US, either. US regulators have also taken aim at Big Tech—and despite some embarrassing losses, they aren’t slowing down. Last month, the Department of Justice and the Federal Trade Commission reportedly reached a deal divvying up how to investigate Microsoft, OpenAI, and Nvidia.

Politics

Sentencing in Trump hush money case delayed after SCOTUS immunity ruling

The sentencing of the former president for 34 felonies in New York has been rescheduled to September 18. This delay comes as Donald Trump seeks to overturn his conviction using a new Supreme Court standard on presidential immunity, set earlier this week. Trump's legal team requested more time to argue that his conviction should be nullified based on the Supreme Court's ruling that he is immune from prosecution for official acts. Prosecutors did not oppose the delay. The New York Times notes that Trump's attempt may face significant challenges, as his convictions are related to actions taken during his candidacy before assuming the presidency.

Aviation

Boeing Turns to an Old Friend

The sentencing of the former president for 34 felonies in New York has been rescheduled to September 18. This delay comes as Donald Trump seeks to overturn his conviction using a new Supreme Court standard on presidential immunity, set earlier this week. Trump's legal team requested more time to argue that his conviction should be nullified based on the Supreme Court's ruling that he is immune from prosecution for official acts. Prosecutors did not oppose the delay. The New York Times notes that Trump's attempt may face significant challenges, as his convictions are related to actions taken during his candidacy before assuming the presidency.

Auto

American Golf Companies are in Divot

US golf cart manufacturers, well-known for providing rides to sun-exposed individuals after enjoying too many Transfusions, are seeking assistance from the White House. According to Bloomberg, Club Car LLC and Textron Specialized Vehicles Inc., the top two producers of golf carts in the country, have requested the Biden administration to impose a 100% tariff on Chinese-made golf carts. They argue that these carts undercut their own small vehicles.

Lawyers representing the companies claim that Chinese carts and similar low-speed vehicles, often electric, are imported without additional features and then modified in the US to avoid higher tariffs. The manufacturers are advocating for the same 100% tariffs imposed by Biden on inexpensive Chinese electric vehicles to also apply to golf carts used on the fairways.

In their submission to the US Trade Representative's office, the companies highlight a significant increase in imports of Chinese carts and similar vehicles, rising from $148 million in 2020 to $916 million in 2023.

Meanwhile, American farmers and outdoor enthusiasts are showing increasing interest in affordable, compact Kei trucks from Japan. According to the Japan Used Motor Vehicle Export Association, exports of Kei trucks to the US have more than tripled since 2019.

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