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   DealBook: Big Tech and the Fed
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   Plus, Kraken is under investigation for possible sanctions violations.
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             July 27, 2022
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             What tech earnings say about the economy
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             The long-booming bottom lines of major tech companies are all of a sudden smaller than expected. That might be a good thing. Big Tech sailed through the pandemic with its profits mostly intact. The fact that some firms’ results are now flagging could be a positive sign for the Federal Reserve, which is trying to engineer a slowdown as it fights the nation’s worst bout of inflation in four decades.
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             The big question for investors, and perhaps the Fed, is whether the profits of Apple, Alphabet, Amazon and the other tech giants, along with corporate America in general, have fallen enough.
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Microsoft and Alphabet, Google’s parent company, kicked off what appears to be a disappointing round
             </span>
             of quarterly reports
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             for the U.S.’s largest tech companies yesterday.
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             Meta will release its results this afternoon, with Apple and Amazon rounding out Big Tech’s earnings announcements tomorrow.
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                Microsoft’s profits, while below expectations, were still up.
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               Sales of its signature software products, like Office,
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                rose 13 percent
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               . Its cloud services were up 40 percent. And LinkedIn, the professional social network Microsoft bought in 2016, grew 26 percent from a year ago, continuing to benefit from the tightest job market in decades.
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                Alphabet’s sales rose 13 percent.
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               In another good sign for the economy, the jump was driven by better-than-expected sales in its core Google search engine business, while
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                results were mixed elsewhere
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               . A jump in expenses and an exit from its Russian-related businesses caused profits to slump 14 percent.
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              The results were positive enough for investors.
             </span>
             Alphabet’s shares rose nearly 5 percent on the earnings news to $110. Microsoft’s shares jumped $10, or nearly 4 percent, to $262. Executives at both companies said they saw evidence of a weaker economy. “We are not immune to what is happening in the macro broadly,” Satya Nadella, Microsoft’s chief executive, said on a call with analysts. Alphabet’s chief financial officer, Ruth Porat, told analysts that a pullback in spending by some advertisers reflected “uncertainty about a number of factors.”
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              Few are betting that the earnings reports will change the Fed’s approach.
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             Its policymakers are meeting this week, and they are widely expected to continue raising benchmark interest rates. While central bankers “will likely acknowledge a recent weakening in economic momentum, the Fed will likely feel the need to appear resolute in battling inflation until there are clear signs that it is abating,” wrote David Kelly, the chief global strategist of J.P. Morgan Asset Management, in a note to clients earlier this week.
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             HERE’S WHAT’S HAPPENING
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Kraken, the crypto exchange, is under investigation for possible sanctions violations.
             </span>
             The Treasury Department is looking into whether
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              Kraken illegally allowed users in Iran and elsewhere to buy and sell digital tokens
             </a>
             . Shares of Coinbase, a larger crypto exchange, plunged yesterday after reports that
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              the S.E.C. was investigating
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             whether it allowed trading in unregistered securities. Cathie Wood’s Ark funds reportedly
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              dumped Coinbase shares
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             yesterday for the first time this year.
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Antitrust legislation aimed at Big Tech may be off the table for now.
             </span>
             Chuck Schumer, the Senate majority leader, told donors at a Capitol Hill fund-raiser yesterday that the American Innovation and Choice Online Act, which he had promised to bring to a vote this summer,
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              lacks the support needed
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             to get it to the Senate floor, Bloomberg reported. The bill’s bipartisan backers have been
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              pressuring Schumer
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             to act fast, before midterm elections that could change the balance of power in Congress.
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              One America News, once a dependable Trump promoter, is struggling to survive.
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             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              The network is being dropped by major carriers and faces a wave of defamation lawsuits
             </a>
             for its outlandish stories about the 2020 election. OAN’s most recent blow is from Verizon, which will stop carrying the network on its Fios television service this week. It is now available to only a few thousand people who subscribe to regional cable providers.
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              Teva Pharmaceuticals reaches a tentative $4.25 billion settlement over opioids.
             </span>
             The proposed settlement, which is with some 2,500 local governments, states and tribes, would end thousands of lawsuits against
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              one of the largest producers of the painkillers during the height of the opioid epidemic
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              Florida’s largest utility secretly funded a website that attacked its critics.
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             Florida Power &amp; Light bankrolled and controlled The Capitolist, a news site aimed at Florida lawmakers, through intermediaries from an Alabama consulting firm,
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              an investigation by The Miami Herald found
             </a>
             . The site claimed to be independent, but it advocated rate hikes and legislative favors in efforts that were directed by top executives at the utility.
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             BlackRock downshifts on E.S.G.
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             BlackRock, the world’s largest asset manager, slashed its support for shareholder proposals on environmental and social issues this year, backing only 24 percent of such resolutions in the proxy season that ended in June, down from 43 percent in the previous period. The firm, which has long led the conscious investing movement, said
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              this year’s proposals
             </a>
             were “less supportable” and cited new
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              regulatory guidance
             </a>
             that opened the door to a broader range of policy-related proposals.
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              The firm has criticized overly “prescriptive” resolutions.
             </span>
             In a May memo, BlackRock signaled that Russia’s war in Ukraine was straining global energy supplies and shifting its calculations. “Many climate-related shareholder proposals sought to dictate the pace of companies’ energy transition plans despite continued consumer demand,” wrote the firm’s global head of investment stewardship, Sandy Boss. She noted that shareholders generally supported fewer environmental and social proposals this year as well, voting for 27 percent of resolutions, down from 36 percent in the previous proxy period.
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              Opposition to E.S.G. is mounting.
             </span>
             The environmental, social and governance investment push has been labeled “woke capitalism” by critics and is
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              under fire
             </a>
             from executives like Tesla’s Elon Musk,
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              major investors
             </a>
             like Bill Ackman and
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              Republican politicians
             </a>
             . In a speech yesterday, former Vice President Mike Pence, a possible 2024 hopeful, said that big government and big business were together advancing a “
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              pernicious woke agenda
             </a>
             .”
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              E.S.G. supporters say critics may have a point.
             </span>
             Andrew Behar, C.E.O. of the shareholder advocacy group As You Sow, agrees that many supposed E.S.G. investments don’t reflect true sustainability — with ever more capital directed toward the idea and many funds failing to live up to their promises. Behar argued that more corporate disclosures — which anti-E.S.G. groups oppose — would help to ensure that green investing actually works. He argues that critics also ignore a key financial incentive driving investor interest: knowing and lowering the
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              costs of environmental issues
             </a>
             throughout company operations, including risks from changing weather and the transition to more sustainable models. “We don’t have an E.S.G. problem,” Behar told DealBook. “We have a naming problem.”
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            <h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             “I quit Starbucks. I had to. I just didn’t feel like that was justifiable. It’s like a small car payment.”
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             <span style="font-style:italic;font-size:inherit">
              — Fontaine Weyman, a 43-year-old songwriter from Charleston, S.C., on changing her coffee habits. Many Americans are dealing with
             </span>
             <span style="font-style:italic;font-size:inherit">
              <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
               the fastest inflation of their adult lives
              </a>
             </span>
             <span style="font-style:italic;font-size:inherit">
              across a broad range of goods and services.
             </span>
            </p>
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             Instagram tries to explain itself
            </h2>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Instagram responded yesterday to criticism from some of its most popular users, including Kylie Jenner, about new features that made it more like its top rival, TikTok, the fast-growing video app owned by the Chinese company ByteDance.
            </p>
           </td>
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Adam Mosseri, Instagram’s head, said that it was experimenting with several changes
             </span>
             ,
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
             </span>
             and that he knew users were unhappy. “It’s not yet good,” he said of some of the tweaks
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              in a video post
             </a>
             . He stressed Instagram’s commitment to photos, the app’s original focus, but said, “I’m going to be honest, I do believe that more and more of Instagram is going to become video over time.”
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Reels, a short-video product, is one of the six main investment priorities at Meta
             </span>
             , which owns Facebook and Instagram,
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              according to an internal memo last month from Chris Cox
             </a>
             , the company’s chief product officer. Cox said that users had doubled the amount of time they spent on Reels year over year, and that Meta would prioritize boosting ads in Reels “as quickly as possible.” Last week, Instagram announced that almost all videos in the app would be posted as Reels.
            </p>
           </td>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              The changes come as Meta heads into a new phase.
             </span>
             Mark Zuckerberg, its founder and chief executive, has cut costs, reshuffled his leadership team and made clear that low-performing employees will be let go,
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              writes The Times’s Mike Isaac
             </a>
             . “Realistically, there are probably a bunch of people at the company who shouldn’t be here,” Zuckerberg
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              said on a call
             </a>
             late last month.
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
             </span>
             In recent months, profit at Meta
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              has fallen
             </a>
             and revenue has slowed as the company has spent lavishly on augmented and virtual reality projects, and as the economic slowdown has hurt its advertising business.
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              The high-profile complaints about Instagram’s revamp started in recent days
             </span>
             , when Kylie Jenner, the beauty mogul with 361 million Instagram followers,
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              shared an image
             </a>
             on the site that read: “Make Instagram Instagram again. (stop trying to be tiktok i just want to see cute photos of my friends.) Sincerely, everyone.”
            </p>
           </td>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             “PRETTY PLEASE,” Kim Kardashian, Jenner’s half sister and the seventh-most-followed Instagram user, echoed in a later post. Yesterday, Chrissy Teigen, a model and author with 39 million followers, responded to Mosseri in a
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              tweet
             </a>
             , saying, “we don’t wanna make videos Adam lol.”
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Companies have reason to listen when social media stars speak up,
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              writes The Times’s Kalley Huang
             </a>
             . In 2018, after Snapchat overhauled its interface, Jenner
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              tweeted
             </a>
             : “sooo does anyone else not open Snapchat anymore? Or is it just me….” Within a week, Snap, the app’s parent company, had lost $1.3 billion in market value.
            </p>
           </td>
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             THE SPEED READ
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              Deals
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             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               The activist investor Elliott Management reportedly has
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                a stake in Paypal
               </a>
               and is pushing it to
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                cut costs faster
               </a>
               . (WSJ, Bloomberg)
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               Twitter shareholders will be asked to
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                vote on Elon Musk’s potential acquisition
               </a>
               in September. (Bloomberg)
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              Policy
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              <span style="font-size:17px;line-height:25px">
               The Senate advanced an
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                industrial policy bill
               </a>
               that includes more than $52 billion in subsidies for chip makers building U.S. plants. (NYT)
              </span>
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              <span style="font-size:17px;line-height:25px">
               The short seller Carson Block is being
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                sued over a $14 million award from the S.E.C.
               </a>
               that raised questions about the agency’s whistle-blower program. (Bloomberg)
              </span>
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             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               After Apple launched a “
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                buy now, pay later
               </a>
               ” service, the top U.S. consumer finance regulator warned Big Tech about undermining competition in the sector. (FT)
              </span>
             </li>
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              <span style="font-size:17px;line-height:25px">
               A federal judge ruled that Uber doesn’t have to offer
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                wheelchair-accessible cars in every city
               </a>
               . (The Verge)
              </span>
             </li>
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              Best of the rest
             </span>
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            <ul class="css-27qc8p e1darl2c0" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               Credit Suisse, which reported larger second-quarter losses than expected,
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                replaced its C.E.O.
               </a>
               (FT)
              </span>
             </li>
             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               Customers are
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                paying billions of dollars in fees
               </a>
               for “free” checking. (Bloomberg)
              </span>
             </li>
             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               The default settings in Apple, Google, Amazon and Microsoft products that
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                you should turn off right away
               </a>
               . (NYT)
              </span>
             </li>
             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               This man
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                sells mud to Major League Baseball
               </a>
               . (NYT)
              </span>
             </li>
             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               “The Case of the
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                $5,000 Springsteen Tickets
               </a>
               ” (NYT)
              </span>
             </li>
             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               R.I.P.,
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                Choco Taco
               </a>
               . (NYT)
              </span>
             </li>
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              contributed to today’s DealBook.
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