Big Tech has defeated its bipartisan critics, setting itself up to get even bigger.

• The last gasp of opposition was snuffed out this week in a federal courtroom, when Meta won a landmark antitrust case that had been brought by the Federal Trade Commission near the end of President Trump's first term.

The big picture: There is widespread agreement in D.C. that a small handful of companies have become uncomfortably powerful.

• But almost all efforts to stem the tide have failed, leaving politicians with few deliverables beyond viral videos of CEOs being berated during congressional hearings.

Zoom in: Big Tech moves much faster than does government.

• Antitrust lawsuits, for example, often get decided by how particular markets are defined. But the cases can drag on for years, during which time the markets can be dramatically altered by technological changes.
• For example, the FTC's original case against Meta highlighted competition from Snap — but not from TikTok. In his ruling, the judge suggested that the FTC's definition of the social media market was outdated.
• Judges also rely on written law, and Congress is systemically behind the times.

In the courts: The U.S. government didn't just lose on Meta. It also lost when trying to stop Microsoft from buying Activision and when trying to convince a court that Google should be forced to divest Chrome.

• A broad antitrust case against Amazon isn't expected to go to trial until 2027.
• DOJ continues to pursue an antitrust case against Apple, and is awaiting remedies for a different case against Google.

In the Congress: Major legislation to curb Big Tech is stalled.

• That includes a privacy bill, an antitrust bill called JPCA, and the Kids Online Safety Act.
• Same goes for efforts to regulate AI.

Behind the scenes: Making things even stickier is that some prominent political critics of Big Tech, such as Vice President Vance, also are Big AI advocates.

• As Axios' Ashley Gold wrote last week, the anti-Big Tech alliance is fractured.

Look ahead: One thing that could shift momentum is if lots of Americans begin losing jobs to AI, or at least perceive that they're losing jobs to AI.

The bottom line: Big Tech is emboldened to buy. And it will.

There's a twist today in the corporate espionage drama between HR software unicorns Deel and Rippling.

• Rippling claims in a U.S. court filing that Revolut produced records confirming that Deel transferred $6,000 from its corporate account to the wife of its COO, who less than a minute later transferred that same amount to alleged spy Keith O'Brien.
• Deel tells Axios: "This is Rippling rehashing its same story, nothing new. In fact, we did not contest the unsealing of this information."

Zoom in: Deel also highlighted its own unsealed filing in a related Irish court case, claiming that Rippling has paid O'Brien over €110,000 as part of a witness cooperation agreement.

The bottom line: Neither side is backing down.

• Nor are venture capitalists, who recently invested $300 million into Deel at a $17.3 billion valuation and $450 million into Rippling at a $16.3 billion valuation.

Abbott Labs (NYSE: ABT) has agreed to acquire cancer testing company Exact Sciences (Nasdaq: EXAS) for $21 billion in cash.

Why it's the BFD: This is the year's largest health-care merger.

By the numbers: Abbott will pay $105 per Exact Sciences share, a 21.8% premium to yesterday's closing price and a 50% premium to where shares opened on Wednesday (before media reports of a possible deal).

The bottom line: "Exact Sciences' diagnostic tests include Cologuard, which helps screen for colorectal cancer, the second-leading cause of cancer deaths in the US. It's been used to screen for colorectal cancer 20 million times since receiving FDA approval in 2014, according to Exact Sciences' website." Bloomberg

• Luma AI, a Palo Alto, Calif.-based video generation platform, raised a $900m Series C round at a $4b valuation. Humain led, joined by AMD Ventures, a16z, Amplify Partners, and Matrix Partners. axios.link/48n5C0G

🚑 Function Health, an Austin, Texas-based longevity startup, raised $298m in Series B funding at a $2.5 billion post-money valuation. Redpoint Ventures led, joined by a16z, FirstMark, Battery Ventures and Menlo Ventures. axios.link/4pdUn06

• Incode Technologies, an SF-based identity verification platform, is in talks to raise $150m-$300m at up to a $3b valuation, per Bloomberg. axios.link/4o4p0Ek

🚑 Profluent, an Emeryville, Calif., protein design AI startup, raised $106m. Altimeter and Bezos Expeditions led, joined by insiders Spark Capital, Insight Partners, and Air Street Capital. axios.link/4oaUx7I

⚡ Amperesand, a power infrastructure provider based in Nevada and Singapore, raised $80M in Series A funding. Walden Catalyst Ventures and Temasek led, joined by Industry Ventures, Acclimate Ventures, and SG Growth Capital and insiders Material Impact, Xora Innovation, TDK Ventures, and Foothill Ventures. axios.link/48mTj4m

• Guardio, an Israeli consumer cybersecurity company, raised $80m. ION Crossover Partners led, joined by insiders Union Tech Ventures, Vintage Investment Partners, and Emerge. axios.link/47QIbwE

• Doppel, an SF-based social engineering defense platform, raised $70m in Series C funding. Bessemer Venture Partners led, joined by George Kurtz, NTT Docomo Ventures, and Aurum Partners. axios.link/3Mayqkd

• Peek, a provider of software for attractions and tour operators, raised $70m in Series D funding and made two ticketing company acquisitions, per Axios Pro. Springcoast Partners led, joined by WestCap, Goldman Sachs Alternatives, Eric Schmidt, and Paul English. axios.link/4o7Xc1V

🚑 Arbiter, an NYC-based provider of health care orchestration tools, raised $52m at a $400m valuation. TriEdge Investments and MFO Ventures led, joined by WindRose Health Investors. axios.link/3X5zhoM

🚑 Okami Medical, a vascular embolization tech startup, raised $45m led by Gilde Healthcare, with participation from Vensana Capital and USVP. axios.link/4o3oNRK

🌍 Sortera, a Markle, Ind.-based aluminum-sorting startup, raised $45m, per Axios Pro. T. Rowe Price and VXI Capital led, joined by Yamaha Motor Ventures and Overlay Capital. axios.link/3JJPTzt

• Archetype AI, a Palo Alto, Calif.-based developer of AI models for the physical world, raised $35m in Series A funding, per Axios Pro. IAG Capital Partners and Hitachi Ventures led, joined by Bezos Expeditions, Venrock, Amazon Industrial, Innovation Fund, Samsung Ventures, Systemiq Capital, E12 Ventures, and Higher Life Ventures. axios.link/3XChaXF

• Stuut, an accounts receivables automation startup, raised $29.5m in Series A funding, per Fortune. A16z led, joined by Activant Capital, Khosla Ventures, 1984 Ventures, Carya Venture Partners, Page One Ventures, Vesey Ventures, and Valley Ventures. axios.link/4a1j6jN

• Sphere, a tax compliance platform, raised $21m Series A in Series A funding. A16z led, joined by YC and Felicis Ventures. axios.link/4pci9cM

• Coverbase, an SF-based AI procurement and risk platform, raised $20m in Series A funding led by Canapi Ventures. axios.link/4pkXiUU

🚑 Onepot AI, a chemistry automation startup for biotech, raised $13m in seed funding from Khosla Ventures, Fifty Years, and Speedinvest. axios.link/4i5CJJw

• Xenia, a Chicago-based provider of ops software for multi-location organizations, raised $12m in Series A funding from PSG. axios.link/3Kc4GD2

• Cavela, a supplier sourcing automation startup, raised $6.6m in seed funding. XYZ Venture Capital and Susa Ventures led, joined by Crossover Capital. axios.link/441wjFR

• Synthio Labs, a SF-based voice AI company, raised $5m in seed funding. Elevation Capital led, joined by 1984 Ventures, Peak XV Partners, and YC. axios.link/3LH0hsp

🚑 Ember, an SF-based provider of claims denial prevention software, raised a $4.3m seed round from Nexus Venture Partners and YC. axios.link/4pfdc2V

🌍 Athian, a livestock carbon insetting marketplace, raised $4m in Series A funding from Ajinomoto Group Ventures; Chipotle's Cultivate Next Fund, and Mondelēz International. axios.link/4ijwWAj

• Kaaj, a credit risk automation platform, raised a $3.8m seed round from Kindred Ventures and Better Tomorrow Ventures. axios.link/4oMLjiR

• Logistica OS, a German developer of an "AI operating system" for supply chains, raised $1.7m in pre-seed funding led by NAP, with Daphni participating. axios.link/3X8N1PD

🚑 Altaris, Lone Star Funds, and One Rock Capital are among shortlisted bidders for Lonza Group's (Swiss: LONN) capsules and health ingredients unit, which could fetch at least €2.5b, per Bloomberg. axios.link/3XCCz2T

• Amplix, a portfolio company of Gemspring Capital, acquired 24By7Security, a Coral Springs, Fla.-based cybersecurity consultancy. axios.link/44fm94j

• Arkview Capital acquired NeoTech, a Chatsworth, Calif.-based electronics manufacturer. axios.link/4oRgFoN

• ATIS, an elevator inspections company owned by Thompson Street Capital Partners, acquired M.A.N Elevator Inspections, which serves southeastern Florida. axios.link/4ibJAkW

• TPG agreed to invest $1b into India's Tata Consultancy Services, focused on AI data centers. axios.link/49q1ttS

🚑 Vance Street Capital acquired Injectech, a Fort Collins, Colo.-based provider of injection-molding and clean-room assembly to medical OEMs, from The West Group. axios.link/3LNgkVr

• Viking Global Investors acquired Machine Sciences, a Tualatin, Ore., aerospace component supplier and manufacturer. axios.link/44gii75

• Wafra of Kuwait acquired a minority stake in Paris-based Ardian. axios.link/4oTKQM6

• Blockchain.com, a Luxembourg-based crypto exchange, plans to go public in 2026, per The Information. axios.link/4r4CYsF

• Central Bancompany, a Jefferson City, Mo.-based bank with 156 locations across five states, raised $373m in its IPO. It priced at the bottom of its $21-$24 range, for what serves as an uplisting from the OTC (CBCY) to the Nasdaq (CBC). axios.link/488mgje

• Gloo, a Boulder, Colo.-based provider of management software for faith-based organizations, raised $73m in its IPO. It priced at $8 per share, below its $10-$12 range, for an initial market cap of $582m. It will list on the Nasdaq (GLOO), while backers include Thrivent. Gloo's exec chair and tech head is ex-Intel CEO Pat Gelsinger. axios.link/4hF64KM

• Kraken, a U.S.-based crypto exchange recently valued at $40b, confidentially filed for a U.S. IPO, per Reuters. axios.link/4pityYL

• Atkore (NYSE: ATKR), an Illinois electrical manufacturer valued at around $2.2b, is weighing a sale after coming under activist pressure, per Bloomberg. axios.link/4a2R6fM

• CAA, a talent agency owned by Groupe Artemis, agreed to acquire Beanstalk, an NYC-based licensing agency, from backers like Beach Point Capital Management and JPE Investments. axios.link/43Fwp5F

• Palo Alto Networks (Nasdaq: PANW) will pay $3.35b to acquire Chronosphere, an Issaquah, Wash.-based data observability startup most recently valued by VCs at $1.6b in late 2023. Chronosphere raised over $400m from GV, Geodesic Capital, Addition, Founders Fund, General Atlantic, Greylock, Glynn Capital and Lux Capital. axios.link/487vGM8

• Workday (Nasdaq: WDAY) agreed to acquire Pipedream, an SF-based integration platform for AI agents that raised $22m from 8-Bit Capital, CRV, and WiL. axios.link/47PH2VZ

• Lloyds Banking Group (LSE: LLOY) agreed to acquire U.K. fintech Curve. axios.link/4r4D3fX

• Brookfield is launching a $100b AI infrastructure program with Nvidia and Kuwait Investment Authority, anchored by a $10b fund. axios.link/4r0s3A2

• JPMorgan raised $1b for its second private equity co-investment fund. axios.link/4ifq9b0

• Eric Ries, author of The Lean Startup, joined Unshackled Ventures as a partner. axios.link/4p0rvJ5

🚑 Christina Speck joined Sage Growth Partners as chief solutions and AI officer. She previously was with Amazon One Medical. axios.link/49p703S

The U.S. economy added 119,000 jobs in September, beating estimates, while the unemployment rate rose to 4.4%.

• July and August revisions removed 33,000 jobs.

This is September data delayed by the government shutdown, and the White House yesterday said to never expect an October jobs report.

• Go deeper.