Illustration: Rebecca Zisser/Axios

United Technologies is breaking up. General Electric is a shadow of its former self. The great conglomerates of the past, names like ITT and Gulf + Western and Hanson Trust, are dim memories at best.

The bottom line: Maybe the big cloud providers — Amazon, Microsoft, IBM, Oracle — are in some way the new conglomerates. They don't own the companies they power, but they deliver impressive and valuable synergies all the same.

The big picture: One of the few conglomerates still alive is Berkshire Hathaway. And it won't long survive the death of its founder, Warren Buffett, who's 88 years old. The other claimants for conglomerate status are the private-equity shops, but they, much like Berkshire Hathaway, are ultimately built on financial engineering rather than genuine economies of scale.

What they're saying: Edward Hadas reckons that conglomerates are far from dead. "Without the ability to bring disparate businesses and skills together, costs in most firms would be higher, revenues lower and many new and improved products would never have been created," he writes for Reuters. "Diversified enterprises, by one name or another, will play a big role in the business world for a long time."

  • Hadas doesn't mention the cloud; he should. The reason to build a conglomerate is to centralize certain skills and apply those skills across multiple business lines. You can do that the laborious way, via acquisition and regular senior-management retreats, or you can just move a large part of your business into a cloud that provides state-of-the-art services on demand.

Go deeper: The end of industrial conglomerates

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SurveyMonkey poll: Young voters' red-state blue wall

Data: SurveyMonkey; Chart: Danielle Alberti/Axios

There are only five states in the U.S. where voters younger than 35 embrace President Trump over Joe Biden, and none are swing states, according to new 50-state SurveyMonkey-Tableau data for Axios.

Why it matters: These scattered red spots in a sea of blue vividly illustrate Trump's peril if young people were to actually turn out this year. Put another way, Trump's path to re-election depends heavily on younger adults staying home.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Politics: Chris Christie: Wear a mask "or you may regret it — as I did"
  2. Senate Democrats block vote on McConnell's targeted COVID relief bill
  3. Economy: Why the stimulus delay isn't a crisis (yet).
  4. Health: New York reports most COVID cases since MayStudies show drop in coronavirus death rate
  5. Education: San Francisco public schools likely won't reopen before the end of the year.
  6. World: Spain becomes first nation in Western Europe to exceed 1 million cases — France becomes the second
Updated 7 hours ago - Politics & Policy

U.S. officials: Iran and Russia aim to interfere in election

Iran and Russia have obtained voter registration information that can be used to undermine confidence in the U.S. election system, Director of National Intelligence John Ratcliffe announced at a press conference Wednesday evening.

Why it matters: The revelation comes roughly two weeks before Election Day. Ratcliffe said Iran has sent threatening emails to Democratic voters this week in states across the U.S. and spread videos claiming that people can vote more than once.