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Apple and Google are now valued higher than the GDP of all but America's two largest cities, according to a new BofA Merrill Lynch Global Research report.

Expand chart
Data: BofA Merrill Lynch Global Investment Strategy, Bloomberg, Bureau of Economic Analysis, BofAML estimates; Notes: Current market cap vs. 2016 real GDP; Chart: Andrew Witherspoon / Axios

What it means: There is a growing concentration of wealth among a small number of tech companies that are mostly based in the same geographic regions (Silicon Valley and the Pacific Northwest). And that could ultimately lead to social unrest, particularly when juxtaposed against Trump-era economic nationalist. From the BAML report, which is titled Occupy Silicon Valley:

"It could ultimately lead to populist calls for redistribution of the increasingly concentrated wealth of Silicon Valley as the gap between tech capital & human capital grows ever-wider."

What it doesn't mean: Amazon is not, for example, actually more valuable than its home base of Seattle, as metropolitan GDP doesn't account for broader economic or security values (let alone real estate, infrastructure, etc.).

Go deeper

41 mins ago - World

U.K. prosecutors charge third person in poisoning of former Russian spy

Emergency services members in biohazard encapsulated suits encasing the poisoning scene in a tent in Salisbury, England, in March 2018. Ben Stansall/AFP via Getty Images

U.K. prosecutors said they had enough evidence to charge Denis Sergeev, a member of the Russian military intelligence service, in the 2018 Salisbury nerve agent attack against a former Russian spy, according to AP.

Why it matters: Sergeev is the third person to face charges for the nerve agent attack against Sergei Skripal and his daughter, Yulia, both of whom survived.

2 hours ago - Technology

Scoop: More boycotts coming for Facebook

Illustration: Sarah Grillo/Axios

Leaders of the Stop Hate For Profit social media boycott group are discussing whether to organize another campaign against Facebook in light of an explosive investigative series from the Wall Street Journal, Common Sense CEO Jim Steyer tells Axios.

The intrigue: Sources tell Axios that another group, separate from the Stop Hate For Profit organization, is expected to launch its own ad boycott campaign this week.

Democrats' dwindling 2022 map

Illustration: Sarah Grillo/Axios

Democrats are trying to unseat only about half as many Republican House members next year as they did in 2020, trimming their target list from 39 to 21.

Why it matters: The narrowing map — which reflects where Democrats see their best chance of flipping seats — is the latest datapoint showing the challenging political landscape the party faces in the crucial 2022 midterms.