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Photo: Justin Sullivan/Getty Images

Elizabeth Warren and Bernie Sanders looked like Democrats' de facto leaders and policymakers last night, in the opening half of the party's back-to-back Debate 2.

The state of play: The two progressives dominated the clock. Warren had the most speaking time and Sanders was second, with Pete Buttigieg third.

Both spoke to Democrats who are tired of small ball.

  • Warren: "I don't understand why anybody goes to all the trouble of running for president of the United States, just to talk about what we really can't do and shouldn't fight for."
  • Sanders: "I get a little bit tired of Democrats afraid of big ideas." 

Why it matters ... Former Chicago Mayor Rahm Emanuel, who warned the party this week about moving too far left, told Axios' Mike Allen after the debate:

  • "No one was the happy warrior — a collective shortcoming. We are so angry at Trump, we are letting it get the better of us."

CNN's debate structure — with candidates pressed into abbreviated answers, often in response to a rival — frustrated the more centrist campaigns:

  • All of your policy proposals that you share with people watching are suddenly in the context of someone else's policy plan.
  • That eats away at your talking points for those issues, and for your ownership over your own policies.
  • And it's a big win for the progressive wing of the party.

Buttigieg, 37, drew applause when asked if voters should take age into consideration when picking a president:

I don't care how old you are. I care about your vision. ... Because the only reason we got this president is that normal didn't work. ...
[I]f you are watching this at home and you are a Republican member of Congress, consider the fact that, when the sun sets on your career and they are writing your story — of all the good and bad things you did in your life — the thing you will be remembered for is whether, in this moment, with this president, you found the courage to stand up to him, or you continued to put party over country.

Some other takeaways: Tough night for the moderates ... Beto O'Rourke vanished ... No one mentioned Joe Biden by name.

What's next: The fun continues tonight on CNN at 8 p.m. ET with 10 more candidates.

  • To try to make up for Biden's shortcomings last time, some of his prep sessions (though not exclusively) have been with smaller groups of advisers, with aides asking him what he thinks instead of over-prepping and jamming his head.

Go deeper: 4 big moments from the debate

Go deeper

Behind GameStop's latest stock surge

Illustration: Aïda Amer/Axios

Back in focus: The meme stock trade.

By the numbers: GameStop finished up 19%, after a wild day that saw shares spike as much as 80%.

AT&T spins off U.S. video business via deal with TPG

Photo: AaronP/Bauer-Griffin/GC Images

AT&T is spinning off three of its video services, including its satellite TV brand DirecTV, to create a new standalone video company called New DIRECTV.

Details: The company will be jointly owned by AT&T and private-equity giant TPG. AT&T will retain a 70% stake and TPG will own 30% of the firm.

Updated 2 hours ago - Sports

Ex-USA Gymnastics coach dies by suicide after being charged with human trafficking

John Geddert. Photo: AFP via Getty Images

The body of John Geddert was found on Thursday, just hours after the former USA Gymnastics coach was charged with 24 counts of criminal misconduct, according to Michigan Attorney General Dana Nessel.

What they're saying: “My office has been notified that the body of John Geddert was found late this afternoon after taking his own life. This is a tragic end to a tragic story for everyone involved," Nessel said in a statement.