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   DealBook: Spared
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             September 3, 2025
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          Good morning. Andrew here. Ponder this: The judge in the Google search antitrust case has made a big ruling — which we get into below — that prevents Google from paying rivals to be their “exclusive” provider of search. But the decision also allows the company to continue to pay others like Apple to be a default search provider. What’s the difference? The answer is unclear. Could Apple, whose stock jumped on the news because it gets
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          $20 billion a year
         </a>
         <span style="font-style:italic">
          from Google, still sell its search bar to Google while selling access to others, too?
         </span>
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         <span style="font-style:italic">
          We also take a look this morning at the breakup of Kraft Heinz, and the latest on the tariff drama. (Was this newsletter forwarded to you?
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          Sign up here.
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          )
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            <span style="color:#666;font:normal 14px georgia,serif">
             Google shareholders have cheered a judge’s ruling that sees no need to break up the search giant — for now.
            </span>
            <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
             Carlos Barria/Reuters
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Hitting the brakes on Big Tech antitrust
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Google shareholders are breathing a sigh of relief after a federal judge
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          spared the tech giant
         </a>
         <span>
          from the harshest possible punishment for violating federal antitrust law: a breakup.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Though the Justice Department praised yesterday’s ruling as a win for competition in Silicon Valley, the real outcome could be that efforts to constrain the power of Big Tech may have limited effects.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          “Courts must approach the task of crafting remedies with a healthy dose of humility,”
         </span>
         <span>
          Judge Amit Mehta of the U.S. District Court for the District of Columbia wrote in his ruling, outlining steps Google must take to address its illegal monopoly over web search. They include:
         </span>
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Stop paying makers of web browsers and smartphones for exclusive rights to provide search, and from requiring its other products to be bundled on a device
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Share some of its search data with “qualified competitors,” potentially including rivals like Microsoft and DuckDuckGo
               </span>
              </li>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          What he
         </span>
         <span style="font-style:italic;font-weight:700;font-family:arial,sans-serif;color:#000">
          didn’t
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          do:
         </span>
         <span>
          require Google to sell its Chrome browser, something the government had called for, or block it from paying for prime — but not exclusive — placement of its search engine.
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          Some big winners from the ruling:
         </span>
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                Google itself, with its shares leaping 8 percent in after-hours trading
               </span>
              </li>
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                Apple, whose
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                multibillion-dollar search arrangement
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                with Google will most likely continue; its shares
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                jumped 4 percent
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in post-market trading
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Mozilla, which
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                gets nearly all of its U.S. revenue
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                from a deal that makes Google the default search provider for its browser
               </span>
              </li>
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The artificial intelligence boom may have spared Google.
         </span>
         <span>
          Mehta specifically cited the rise of generative A.I. companies as a factor in his ruling, with chatbots now providing stiff competition. They also have astonishingly deep pockets to battle Google: Just yesterday,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Anthropic said it had raised $13 billion
         </a>
         <span>
          at a $183 billion valuation.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “These companies already are in a better position, both financially and technologically, to compete with Google than any traditional search company has been in decades (except perhaps Microsoft),” Mehta wrote.
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The decision may provide hope for other tech giants under the antitrust microscope.
         </span>
         <span>
          Google is awaiting a different ruling in a case in which it was determined to have had a monopoly over some forms of ad technology. (The government has also called for Google to be forced to sell some of those systems.) Amazon, Apple and Meta are also battling prosecutors in court.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But Mehta’s ruling suggests that the courts may not feel compelled to force Big Tech to break up: “There are strong reasons not to jolt the system and to allow market forces to do the work,” he wrote.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Some are skeptical that this approach will amount to much:
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Nidhi Hegde
         </a>
         <span>
          , an executive director of the American Economic Liberties Project, a nonprofit group calling for tougher antitrust enforcement, derided the ruling as a “feckless remedy” that “must be appealed.”
         </span>
        </p>
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           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span>
             HERE’S WHAT’S HAPPENING
            </span>
           </h3>
          </td>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          President Trump’s Fed shake-up moves forward.
         </span>
         <span>
          Lawyers for Lisa Cook, the Fed governor on the hot seat, slammed Trump for making
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          “cut-and-paste” accusations of mortgage fraud
         </a>
         <span>
          against her as he tries to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          remove her from office
         </a>
         <span>
          ; the district judge hearing the case probably won’t rule before tomorrow. Separately, The Wall Street Journal reports that Treasury Secretary Scott Bessent is moving forward with the administration’s restaffing of the bank, as he plans to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          begin interviewing candidates
         </a>
         <span>
          on Friday to replace Jay Powell as chair.
         </span>
        </p>
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            <div style="width:100%;text-align:center;line-height:0">
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Vogue names Chloe Malle as its editor, replacing Anna Wintour.
         </span>
         <span>
          The 39-year-old editor of Vogue’s website and co-host of its podcast became the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          magazine’s first new editor
         </a>
         <span>
          in 37 years. (Wintour will remain her boss, however, as Condé Nast’s chief content officer.) Malle, the daughter of the actress Candice Bergen and the director Louis Malle, may steer Vogue into publishing fewer, more collectible issues as it tries to stake a path through the magazine world’s decline.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Apple reportedly loses its lead A.I. researcher for robotics to Meta.
         </span>
         <span>
          Jian Zhang is the latest
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          to depart
         </a>
         <span>
          the iPhone maker, Bloomberg reports; and three more A.I. researchers left Apple’s large language models team to join companies like OpenAI and Anthropic. The Apple Foundation Models team has lost some 10 people in recent weeks, amid worsening morale as the company weighs turning from
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          homegrown models to outside technology
         </a>
         <span>
          .
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
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         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          A tariffs showdown
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          President Trump says he plans to call on the Supreme Court to keep his trade war going.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Investors are watching the development closely after a federal appeals court ruled last week that most of his reciprocal tariffs were illegal — though it left the duties in place — adding a new kind of uncertainty over his tariff strategy.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The latest:
         </span>
         <span>
          Today, bondholders
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          sold off long-dated Treasury notes and bonds
         </a>
         <span>
          as debt fears grow. With the yield on the 30-year Treasury bond nearing 5 percent, some
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          traders are fretting
         </a>
         <span>
          that a legal showdown over Trump’s tariffs could spill into the debt markets.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          A setback for Trump might be welcome news for U.S. importers facing huge tariff bills. But it would be a huge blow for the Trump administration, potentially depriving Washington of
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a multibillion-dollar monthly windfall
         </a>
         <span>
          in tariff revenues that could ease the government’s huge debt load.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Trump understands the stakes
         </span>
         <span>
          . “If you took away tariffs, we could
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          end up being a third-world country
         </a>
         <span>
          ,” he said at the White House, a warning that some economists might call far-fetched, but might also risk piquing jittery bondholders’ concerns. (He also said the “stock market needs the tariffs,” a pronouncement that came as the S&amp;P 500 fell for a second straight session.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Trump signaled that he would ask the justices as soon as today to fast-track a decision over the legality of his reciprocal tariffs, the punishing levies he’s imposed on much of the world. The administration has used a 1970s law, which grants the president the power to impose sanctions and embargoes to address global threats, to justify those duties.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Many legal scholars have challenged that interpretation, however.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          One issue
         </a>
         <span>
          : The law does not explicitly mention “tariffs (or any of its synonyms) nor has procedural safeguards that contain clear limits on the president’s power to impose tariffs” as last week’s court ruling noted.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Still, Trump sounded confident about his chances.
         </span>
         <span>
          He called last week’s court ruling “very shocking.” Labeling the federal appeals docket that ruled against him “a liberal court,” he expressed optimism that the case was “going up to the Supreme Court.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Even if the administration were to lose in the Supreme Court, Trump could turn to other laws to continue his tariffs barrage. But they’d probably be temporary.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The latest twist in Trump’s trade war could add more markets drama.
         </span>
         <span>
          “The Bond Vigilantes might start acting up again if they can no longer look forward to a significant reduction in the federal deficit attributable to tariff revenues,”
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Ed Yardeni
         </a>
         <span>
          , a noted investment strategist, wrote in a research note yesterday.
         </span>
        </p>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
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           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
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         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Pic of the day
         </span>
        </h2>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="Four men sit in the stands watching a tennis match, including: Adam Silver, the N.B.A. commissioner; Josh Kushner, the tech investor; and Bob Iger, the C.E.O. of Disney." class="css-xsf469" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F09%252F03%252Fmultimedia%252F03db-usopen-qfjz%252F03db-usopen-qfjz-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NTY5MDEzODQuODQ5MTI3NX0:1utmJ6:f92BwkZddEEhRZ6To7aRjL7MKPIe6COP9lH4jd7oZqw" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
           </td>
          </tr>
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           <td style="text-align:center;width:100%;padding-top:3px;padding-bottom:20px;line-height:12px">
            <span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:right">
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:0">
              Sarah Stier/Getty Images
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Among those who attended yesterday’s U.S. Open men’s quarterfinal tennis match between Novak Djokovic and Taylor Fritz were: Adam Silver, the N.B.A. commissioner, Josh Kushner, the venture capitalist who leads Thrive Capital, and Bob Iger, the C.E.O. of Disney and an investor in Thrive.
         </span>
        </p>
        <table width="100%">
         <tbody>
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           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
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           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          The Big Food shake-up continues
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          There’s been a frenzy of deals hitting the grocery aisles — and Wall Street is watching.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Yesterday, Kraft Heinz announced that it was splitting into
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          two businesses,
         </a>
         <span>
          while the activist investor Elliott Investment Management took a roughly $4 billion stake in PepsiCo.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The latest moves were far from unique, Niko Gallogly reports. Over the past year, more than $60 billion has been announced in industry acquisitions and investments. Consider the following transactions:
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Mars, the company behind M&amp;M’s and Snickers, agreed last year to acquire Kellanova in a deal valued at $35.9 billion.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Ferrero, the Italian candy maker that sells Nutella and Tic Tacs, announced plans in July to
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                buy the cereal business WK Kellogg
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                for $3.1 billion.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                And just last month, Keurig Dr Pepper said that it would
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                acquire the European coffee company JDE Peet’s
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                for roughly $18 billion.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Big Food faces big challenges.
         </span>
         <span>
          The wave of deals comes less from optimism about the sector than from the realization that it has to adapt to a changed marketplace.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Warren Buffett
         </a>
         <span>
          expressed as much yesterday, telling CNBC that he was “disappointed” in the Kraft Heinz split, which largely unwinds the merger he masterminded in 2015. Shares fell 7 percent yesterday, wiping out more than $2 billion in market capitalization.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The skinny:
         </span>
         <span>
          Consumers, feeling the sting of inflation, are trading brand-name goods for
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          private-label
         </a>
         <span>
          products. A growing distrust of ultraprocessed foods and the rise of weight-loss drugs like Ozempic isn’t helping, driving down sales and stock prices.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          In response, major food and beverage players are entering a “phase of divestitures and spinoffs,” said Farzad Mukhi, a managing director at the M&amp;A advisory firm Kroll.
         </span>
        </p>
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          Through divestitures, these companies are betting that what remains will drive growth and profits. And, as smaller entities, they are better positioned for mergers and acquisitions. Indeed, the Kellanova and WK Kellogg businesses bought in the past year were created when Kellogg split into two in fall 2023.
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                , an aircraft leasing company founded by the aviation mogul Steven Udvar-Hazy, agreed to sell itself to investors including Apollo Global Management for $7.4 billion. (CNBC)
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