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Illustration: Aïda Amer/Axios

Spending on the 2020 presidential primary has officially surpassed the $1 billion mark, with more than half of that total coming from billionaire Michael Bloomberg, according to data from Advertising Analytics.

Why it matters: It's the most money that has been spent this early on in an election cycle in U.S. history.

For context, experts project that more than $10 billion will be spent on political ads this election season, with more than $3 billion toward the presidential primary specifically.

  • In other words, roughly one-tenth of the total money that will be spent on presidential political ads has already been spent with eight months to go until Election Day.

By the numbers: To no surprise, Democrats have outspent Republicans more than 9-to-1 due to a highly competitive primary contest and because there are two billionaires spending an unprecedented amount on ads.

  • So far, Democrats have spent a whopping $969 million on ads, compared to $67.9 million by Republicans.
  • Bloomberg has spent more than $538 million to date, per Ad Analytics, while Tom Steyer has spent more than $186 million. All other candidates have spent less than $50 million each.

Startling stat: One of the biggest shifts between 2016 and 2020 has been the increase in money invested in Super Tuesday states — mostly as a result of Bloomberg's unorthodox campaign strategy.

  • In total, about $247 million has been spent in Super Tuesday states, up from only $30 million in 2016.

Be smart ... Ad Analytics credits this level of extraordinary spend to three factors:

  1. Better analytics from tech companies, which have now created dashboards and libraries that track political ad spending.
  2. Mike Bloomberg's war chest, which has surpassed more than $500 million in ad spending.
  3. Bernie Sanders' ability to drive grassroots donations, often through online platforms like ActBlue.

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Senate Democrats demand answers on FBI's Kavanaugh probe

Photographer: Andrew Harrer/Bloomberg via Getty Images

Senate Democrats are demanding that the FBI hand over "all records and communications" related to the FBI tip line set up to investigate Supreme Court Justice Brett Kavanaugh when he was a nominee in 2018.

Why it matters: The ask comes after the FBI revealed it received more than 4,500 tips about Kavanaugh when he was awaiting Senate confirmation amid sexual assault allegations. Only the most "relevant" of these tips were forwarded to the Trump White House.

Chip relief on the horizon

Illustration: Sarah Grillo

Good news: The worst of the chip supply crunch might be near.

The other side: Here's the bad news... CEOs say chips totally flowing like normal is still a ways out.