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Illustration: Rebecca Zisser/Axios

Netflix has surpassed Comcast in market value after decades of tailing the telecom giant.

Why it matters: Netflix's rise speaks to the power of on-demand video, which is its core product. Comcast's core product is Pay-TV subscriptions for live, commercial-driven programming. Data shows that the modern consumer is abandoning commercials and live TV.

A tweet previously embedded here has been deleted or was tweeted from an account that has been suspended or deleted.

Netflix's market capitalization rose to roughly $149 billion, surpassing Comcast's market value of $147 billion Wednesday. Shares for the streaming company have been on the up since it announced a multi-year production deal with Barack and Michelle Obama.

Between the lines: As Comcast's Pay-TV business wanes (it lost 95,000 sable customers in Q1 alone,) it's looking to invest in new revenue streams to offset the loss.

  • Comcast's' biggest opportunity is in content, as it already owns entertainment giant NBCUniversal, and could use an expand content library to better compete with Netflix for eyeballs and revenue.
  • The company announced Wednesday morning that it's preparing an all-cash bid for 21st Century Fox's entertainment assets, in an effort to potentially build an on-demand entertainment business that could compete with Netflix.

Go deeper

It's harder to fill the Cabinet

Data: Chamberlain, 2020, "United States of America Cabinet Appointments Dataset" Chart: Will Chase/Axios

It's harder now for presidents to win Senate confirmation for their Cabinet picks, an Axios data analysis of votes for and against nominees found.

Why it matters: It's not just Neera Tanden. The trend is a product of growing polarization, rougher political discourse and slimming Senate majorities, experts say. It means some of the nation's most vital federal agencies go without a leader and the legislative authority that comes with one.

Exclusive: Hundreds of kids held in Border Patrol stations

Migrants cross the Rio Bravo to get to El Paso, Texas. Photo: Herika Martinez/AFP via Getty Images

More than 700 children who crossed from Mexico into the United States without their parents were in Border Patrol custody as of Sunday, according to an internal Customs and Border Protection document obtained by Axios.

Why it matters: The current backup is yet another sign of a brewing crisis for President Biden — and a worsening dilemma for these vulnerable children. Biden is finding it's easier to talk about preventing warehousing kids at the southern border than solving the problem.

Pompeo plots 2024 power play

Mike Pompeo in Washington on Feb. 12. Photo: Samuel Corum/Getty Images

Mike Pompeo has quickly reentered the political fray, raising money for Republicans, addressing key political gatherings and joining an advocacy group run by Donald Trump's former lawyer.

Why it matters: The former secretary of state is widely considered a potential 2024 presidential contender. His professional moves this week indicate he's working to keep his name in the headlines and bolster a political brand built largely on foreign policies easily contrasted with the Biden White House.