Illustration: Lazaro Gamio/Axios

After years of urging regulators to leave them be, Silicon Valley companies are gearing up for new rules, especially around privacy. The industry's focus has shifted from fending off regulation to helping craft something palatable.

What tech companies would like in return for federal legislation is to see states prohibited from passing their own rules. California has already passed a strict privacy law, set to take effect in 2020, adding additional incentive for tech companies to come to the table on federal legislation.

The rub: Some observers fear that rules protecting user privacy could inadvertently entrench large players. Big companies can build in cost of compliance, while upstarts can find adhering to complex rules prohibitive.

  • The model: Europe's General Data Protection Regulation (GDPR) is one possibility. While many tech companies didn't initially love the rules, they're a known quantity that the industry already has to deal with.
  • That said: A recent Senate hearing indicated that the tech giants will take any chance they get to influence lawmakers to create rules that are more industry-friendly — that is, weaker — than Europe's or California's. — Ina Fried

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Uber to buy Postmates in $2.65 billion deal

Illustration: Sarah Grillo/Axios

Uber has agreed to acquire food delivery company Postmates for $2.65 billion in an all-stock deal, the companies announced Monday.

Why it matters: This is the latest merger for the food delivery space as the sector undergoes an ongoing market consolidation.

Analysts expect soaring stock market despite slashed earnings forecasts

Data: FactSet; Chart: Axios Visuals

Despite cutting expectations for companies' earnings by the most in history and revenue by the most since 2009, Wall Street analysts are getting increasingly bullish on the overall direction of the U.S. stock market.

What's happening: Equity analysts are expecting earnings in the second quarter to fall by 43.8% — the most since 2008's fourth quarter 69.1% decline.

Case growth outpacing testing in coronavirus hotspots

Data: The COVID Tracking Project. Note: Vermont and Hawaii were not included because they have fewer than 20 cases per day. Chart: Andrew Witherspoon/Axios

The United States' alarming rise in coronavirus cases isn't due to increased testing — particularly not where cases have grown fastest over the last month.

Why it matters: The U.S. doesn't yet know what it looks like when a pandemic rages on relatively unchecked after the health system has become overwhelmed. It may be about to find out.