Anti-antitrust... Big Tech is fighting for its platform power. Last week a Senate panel approved an “Innovation and Choice” bill that would force Amazon, Google, Meta, and Apple to stop favoring their products over competitors’. Think: Amazon putting its Basics at the top of search results. Smaller techies like Yelp and Sonos support the regulation, which they say will boost competition. The bill is moving on to a final vote, but analysts say it’s unlikely to pass before midterms, when Dems could lose the numbers needed to clear it.
Boom times for the YOLO-conomy... While pandemic powerhouses struggle (cough, Peloton), shares of Prada, Burberry, and Richemont spiked last week after the luxury retailers reported strong demand for designer goods like chic puffy jackets and diamonds. Sales have actually exceeded pre-pandemic levels for several companies, despite travel restrictions and soaring prices, which wealthy consumers are less sensitive to. As younger spenders treat themselves to Valentino instead of vacays, luxury brands expect profits to keep rising.