Sep 30, 2017

The rising power of America's tech giants

Apple CEO Tim Cook kicks off the event for a new product announcement. Photo: Marcio Jose Sanchez / AP

"NYU marketing professor Scott Galloway ... has racked up millions of [YouTube] views talking about brands, big tech, and who's disrupting whom. ... Barron's [Jack Hough] recently sat down with Galloway to discuss the rising power of America's tech giants, which he writes about in a new book, The Four: The Hidden DNA of Amazon, Apple, Facebook, and Google":

  • What's next for Amazon: "Going right after Netflix ... There is talk of their acquiring some television networks to get scale and content quickly and fill in some niches, because those assets have been beaten down from a valuation standpoint and Amazon has the ability to monetize them."
  • On Facebook: "It is bigger than communism, capitalism, the Kardashians. It is the most successful thing in the history of mankind if you look at the intensity of the relationship across Facebook and Facebook-owned properties."
  • On Facebook and the 2016 election: "This could be, if they handle it poorly, the moment Facebook goes into structural decline."
  • "I believe Google is a modern man's god. Our species throughout time has needed a superbeing to fill in gaps around huge questions we are unable to answer."
  • "Apple draws on the second most powerful instinct behind survival — procreation. ... Apple is the new signal of wealth, of creativity, and that you're part of the innovation class."

Free link for Axios readers.

Go deeper

OPEC+ and G20 energy meetings mark zero hour for oil diplomacy

Illustration: Aïda Amer/Axios

The next two days will be pivotal for determining whether large oil-producing countries can partially stabilize an industry reeling from very low prices and the historic, coronavirus-fueled collapse in demand.

Driving the news: The OPEC+ group led by Saudi Arabia and Russia begin meeting remotely later Thursday morning to discuss production cuts, to be followed by a virtual Friday meeting among G20 energy ministers that includes the U.S.

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 9:30 a.m. ET: 1,498,833 — Total deaths: 89,733 — Total recoveries: 337,074Map.
  2. U.S.: Total confirmed cases as of 9:30 a.m. ET: 432,438 — Total deaths: 14,808 — Total recoveries: 24,125Map.
  3. Business: Fed will lend up to $2.3 trillion amid coronavirus crisis — Another 6.6 million jobless claims filed last week
  4. Public health latest: The federal government is in the process of deploying 90% of its stockpiled medical equipment to fight the pandemic.
  5. States latest: New York has reported more cases than the most-affected countries in Europe — Chicago's Cook County jail is largest-known source of coronavirus in U.S.
  6. Poll: 1 in 10 Americans believe economy will never return to normal from coronavirus.
  7. What should I do? Pets, moving and personal healthAnswers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it.

Subscribe to Mike Allen's Axios AM to follow our coronavirus coverage each morning from your inbox.

Fed will lend up to $2.3 trillion amid coronavirus crisis

Fed Chairman Jerome Powell at a press conference in March. Photo: Eric Baradat/AFP via Getty Images

The Federal Reserve announced Thursday that it will support the coronavirus-hit economy with up to $2.3 trillion in loans to businesses, state and city governments — made possible in part by Treasury funds set aside in the government stimulus package.

Why it matters: The Fed has taken more action amid the coronavirus outbreak than it has in any other financial crisis in U.S. history in an effort to blunt the effects of the resultant economic shutdown.

DetailsArrowUpdated 28 mins ago - Economy & Business