We’ve mentioned in previous weeks that the Magnificent Seven stocks – Apple, Amazon, Google, Meta, Microsoft, Nvidia, and Tesla – have since the start of this stock rally in October 2022 outpaced the sum total of the other 493 S&P 500 stocks.
They’ve made trillions of dollars for Americans with 401k plans and the like:
If we lived in a rational world, the President would give these American powerhouse companies Medals of Honor and let them go on their way to steamrollering over their European, Japanese, and Chinese competitors.
Nope. Biden’s trigger-happy regulators treat these companies as if they were public enemies that must be hauled into court for the unforgivable sin of providing world-class products.
The latest absurdity is a DOJ lawsuit against Apple which complains that iPhones and iPads don’t allow apps on Apple platforms for some of their rivals’ online products. This is said to be illegally “impeding rivals.” Instead, we – the trustbusters – assert that Apple is obliged to let any and all competitors’ products access to these devices. There is apparently no such thing as private property anymore in America.
This brings to five – Amazon, Apple, Google, Meta, and Microsoft – of the Magnificent Seven that are being harassed by the FTC or Justice Department trustbusters. And a fifth, Tesla, is being investigated by the EPA.
The new Apple lawsuit is especially incoherent because iPhones have been falling in price and are wildly popular. We thought the antitrust laws were supposed to protect consumers – but this challenge asserts that Apple is harming its rivals. We wonder if that includes the Chinese.
Is there any successful American company the Biden administration doesn’t want to interrogate and bring to its knees?