The US government is seeking to possibly breakup Alphabet due its domination of the search market. In our view, the government's case has little chance of succeeding because Google dominates its market due a better product and not because of anti-competitive behavior such as buying competitors. Furthermore, new competitors such as OpenAI (ChatGPT) are entirely disrupting the industry with AI enabled search. The US government does not seem to realize this new era in tech. In any case, if Trump gets elected on november 5, one can sure bet that his new administration will be much less willing to to go after the big US technology companies and may swiftly drop this case against Alphabet. Unsurprisingly, 90% of the financial analysts that cover Alphabet have a buy rating on the stock.

Investors were disappointed at the "We, Robot" Tesla day. The "Cybercab" will not generate revenues before 2027 and the "Optimus" robot will take even longer to commercialize. Investors sanctioned the stock of Tesla.

The unemployment numbers in the United States are close to full employment. The fears of recession or significant economic weakness appear unjusitified. The FED appears to have succeeded in taming inflation while keeping the economy strong.