Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Axios on your phone

Get breaking news and scoops on the go with the Axios app.

Download for free.

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Illustration: Aïda Amer/Axios

All of the world's trillion-dollar companies (with the exception of Saudi Aramco) are reportedly having what Protocol's Issie Lapowsky characterizes as "heart palpitations" over the appointment of Lina Khan as FTC chair. But don't expect anything drastic to happen soon.

Why it matters: Khan is the most fearsome foe that Big Tech could have imagined in America's top antitrust role — and her fans in Congress are making waves as well. But you'd never guess that from the giants' share prices, which have been hitting new all-time highs since the announcement.

How it works: There are two main reasons Khan doesn't seem to be worrying the markets.

  • The first is financial: The markets don't necessarily see a lot of value in the giant companies being as big as they are. As the NYT's Shira Ovide points out, with size comes flabbiness and a lack of strategic focus.
  • The possibility of break ups — spinning out the likes of Instagram and YouTube and AWS — could create value rather than destroy it.

The bigger reason for the market's sanguine reaction is that no one knows whether or how Khan will be able to permanently change the U.S. regulatory system's approach to antitrust.

The big picture: Khan is a lawyer who's acutely aware that even if she can reconfigure the FTC staff to align with her vision, those rulings would still need to be upheld by appointed judges in highly contentious and drawn-out court proceedings.

  • Khan is also a journalist — and her most lasting legacy could be the degree to which she is able to use her FTC perch to shape the broader narrative about anti-competitive behavior.

Between the lines: Storytelling ability — which Khan has in spades — has had outsized financial rewards of late. But it could turn out to be even more influential with regard to changes in the way that regulators, jurists, and lawmakers think about foundational issues.

  • Where it stands: For the time being, Robert Bork's vision of antitrust dominates the jurisprudential arena. That vision came not from any particular judicial ruling but rather from a book he wrote in 1978.
  • Khan's compelling rebuttal of that vision put her on the map. Her job now is to use her bully pulpit — and her ability to hire and fire at the FTC — to start expanding the circle of people who embrace her approach.

The bottom line: What Khan wants is an almost total reimagining of the way in which antitrust is conceptualized. That's not going to come from, say, her agency's investigation into Amazon's acquisition of MGM Studios. It's going to take many years, and it's not something that financial analysts can even begin to start quantifying.

Go deeper:

  • Axios' Scott Rosenberg on how "the Goliaths are fully in command" of the transition to a new form of computer hardware — something that might normally provide opportunities for upstart competitors.
  • Axios' Margaret Harding McGill and Ashley Gold on the divisions within Congress when it comes to bills attempting to rein in Big Tech.

Go deeper

Updated 45 mins ago - Politics & Policy

Congress passes $2.1B Capitol security funding bill

U.S. Capitol police officers testify during a House select committee hearing on the Jan. 6 Capitol riot on July 27. Photo: Andrew Caballero-Reynolds/Pool via Xinhua

A $2.1 billion Capitol security funding bill is heading to President Biden for his signature after the House and Senate passed the legislation on Thursday.

Why it matters: The legislation provides funding for the Capitol Police, the National Guard and other agencies to cover the costs incurred during the Jan. 6 riot.

Biden details new vaccination initiatives as COVID cases surge

Joe Biden. Photo: Anna Moneymaker/Getty Images

President Biden detailed several new initiatives on Thursday to get more Americans vaccinated and slow the spread of the Delta variant.

Why it matters: The plan outlines aggressive next steps from the federal government as COVID-19 cases surge across the country due to the contagious Delta variant and as demand for vaccines has tapered off.

Ex-Cardinal McCarrick charged with sexually assaulting teen in 1970s

Theodore McCarrick in 2015. Photo: Chip Somodevilla/Getty Images

Former Cardinal Theodore McCarrick, who was defrocked in 2019, has been charged with sexually assaulting a teenage boy in the 1970s, AP reports.

Why it matters: McCarrick is the first cardinal in the U.S. to "ever be criminally charged with a sexual crime against a minor," AP notes, citing Mitchell Garabedian, a lawyer for the man allegedly abused by McCarrick.

You’ve caught up. Now what?

Sign up for Mike Allen’s daily Axios AM and PM newsletters to get smarter, faster on the news that matters.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!