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Today's big stories

The US president signed an executive order cracking down on Big Tech
With company merger activity set for a record-breaking year, here are two ways to profit – Read Now
The UK economy grew a lower-than-expected 0.8% in May, much less than the month before

Depth Charges

What’s Going On Here?

The US president launched a fresh offensive on Friday against anticompetitive company practices in several sectors, with Big Tech a particular target.

What Does This Mean?

The American administration is worried that tech giants currently have too much power to exploit users’ personal data and squeeze out smaller competitors. Friday’s executive order proposes to tackle this problem in two ways. First, it calls for regulatory reforms improving scrutiny of merger deals in the tech sector and preventing dominant companies from taking would-be rivals out of the market. Second, it suggests new rules increasing oversight of firms’ data-collection and user-surveillance practices.

But the president’s new plans cover more than just the tech sector. Also in his crosshairs is the pharmaceutical industry – with government health officials asked to help drive down the prices of prescription drugs by importing cheaper alternatives from Canada, among other things.

Why Should I Care?

For markets: We’re all tied to tech.
If successfully implemented, this latest crackdown could hit tech firms’ growth – and with valuations sky-high, their share prices are vulnerable. The five biggest tech companies – Apple, Microsoft, Alphabet, Amazon, and Facebook – are currently worth an average 31x next year’s forecast earnings, almost 50% more than the US S&P 500 overall (tweet this). But even those passively invested in the index should be worried: these five firms represent almost a quarter of its total market value.

Zooming out: Tech today, crypto tomorrow?
If regulators are being asked to reduce consumer harm, then the crypto industry looks ripe for intervention. That could be bad news for Circle, the crypto-focused payments firm that last week announced plans to “go public” later this year via a $4.5 billion merger with a special-purpose acquisition company (SPAC). Circle’s popular USDC stablecoin is pegged to the value of the US dollar – but with 90% of the world’s central banks exploring digital versions of their respective currencies, such unofficial competitors’ days may be numbered.

You might also like: The next big disruption to the crypto industry.

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2. Analyst Take

How You Could Profit From The M&A Boom

What’s Going On Here?

Global mergers and acquisitions (M&A) are currently on track for a new annual record.

There are four major factors at play: one of them is the rise of SPACs, which by one estimate could drive $1 trillion worth of deals in the next two years.

And there are two main ways to play this opportunity, focusing on companies with certain features and those in particular industries.

So that’s today’s Insight: what’s driving the M&A boom, which companies are most likely to benefit – and the simple change you can make to your investment process to profit from these deals.

Read or listen to the Insight here

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