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.

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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

Media prepares to fact check debates in real time

Illustration: Annelise Capossela/Axios

From live blogs to video chyrons and tweets, media companies are introducing new ways to fact check the presidential debates in real time this year.

Between the lines: The debates themselves are likely to leave less room for live fact-checking from moderators than a traditional news interview would.

Life after Roe v. Wade

The future seems clear to both parties: The Supreme Court will overturn Roe v. Wade in the next few years, either gradually or in one fell swoop, and the abortion wars will move to a state-by-state battle over freedom and restrictions. 

What's new: Two of the leading activists on opposite sides of the abortion debate outlined for “Axios on HBO” the next frontiers in a post-Roe v. Wade world as the balance on the Supreme Court prepares to shift.

Dion Rabouin, author of Markets
2 hours ago - Economy & Business

Jerome Powell, Trump's re-election MVP

Photo illustration: Annelise Capossela/Axios. Getty Images photos: Andrew Caballero-Reynolds/AFP and Lev Radin/Pacific Press/LightRocket

President Trump trails Joe Biden in most polls, has generally lower approval ratings and is behind in trust on most issues. Yet polls consistently give him an edge on the economy, which remains a top priority among voters.

Why it matters: If Trump wins re-election, it will largely be because Americans see him as the force rallying a still-strong U.S. economy, a narrative girded by skyrocketing stock prices and consistently climbing U.S. home values — but the man behind booming U.S. asset prices is really Federal Reserve chair Jerome Powell.