Sponsored by Rua Gold

Google is a monopolist.

A federal judge issued a landmark ruling against Google, a subsidiary of Alphabet Inc (NASDAQ: GOOGL), finding the tech giant guilty of violating U.S. antitrust law through its search business practices. This decision, which could significantly alter how millions of Americans access information online, marks a substantial setback for Google and has the potential to disrupt decades of its market dominance.

U.S. District Judge Amit Mehta’s ruling, which concluded a prolonged legal battle initiated by the U.S. government, has significant implications for the tech industry. “After having carefully considered and weighed the witness testimony and evidence, the court reaches the following conclusion: Google is a monopolist, and it has acted as one to maintain its monopoly,” Mehta wrote in his detailed 277-page opinion. “It has violated Section 2 of the Sherman Act.”

You can read more on the matter here.

What’s going on?

• Senator Elizabeth Warren Criticizes Fed Chair Jerome Powell, Urges Immediate Rate Cut (theDeepDive)

• Kamala Harris picks Minnesota Governor Tim Walz for vice president (Globe)

• Mass Protests Force Bangladesh PM to Resign and Seek Exile (theDeepDive)

• Federal Reserve officials move to reassure markets that US is not in recession (FT)

• Iranian Interference Suspected in Canadian Campus Protests, Cybersecurity Firm Reveals (theDeepDive)

• Secretaries of state urge Elon Musk to fix AI chatbot spreading election misinformation on X (Globe)

• Canadian Federal Civil Service Grows 43% Under Trudeau (theDeepDive)

• China launches its rival to Elon Musk’s Starlink internet satellites (CNBC)

• Nikkei Panic: Unpacking Japan’s Record-Breaking Market Collapse (theDeepDive)

• Canada Moves to Shrink Low-Wage Foreign Worker Program After Explosive Growth (Bloomberg)

• Canadian Personal Insolvencies Hit Four-Year High (theDeepDive)

What’s the latest?

• Monday Losses: The dramatic drop in global stock markets on Monday, with the Nikkei down 12%, the Kospi falling 9%, and the Nasdaq plunging 6%, has left market veterans reeling. The sudden shift in market sentiment has erased $6.4 trillion from global stocks and raised fears of a recession, prompting calls for the U.S. Federal Reserve to cut interest rates.

• Trade Surplus: Canada recorded an unexpected $638 million trade surplus in June, driven by an expanded crude oil pipeline and a surge in global demand for gold. This result contrasts with economists' expectations of a $2.04 billion deficit. Exports rose 5.5%, led by energy products and gold, while imports increased by 1.9%.

• US Elections: Democratic U.S. presidential candidate Kamala Harris has chosen Minnesota Gov. Tim Walz as her 2024 vice-presidential running mate. Walz, 60, appeals to rural, white voters, a demographic that has largely supported Donald Trump in recent years. His selection is seen as a strategic move to connect with working-class, white male voters and moderates crucial for winning the White House.

• Bitcoin Deception: The recent cryptoasset selloff has challenged the idea that Bitcoin acts as "digital gold" and a hedge against stock market volatility. As equities dropped on Monday, Bitcoin fell 17% before partially recovering, showing a stronger correlation with stocks than gold. Analysts suggest Bitcoin's role in investment portfolios differs from gold, indicating it’s more vulnerable to market panics and deleveraging.

• Real Estate: The Toronto Regional Real Estate Board reported a 3.3% increase in home sales in the Greater Toronto Area for July, with 5,391 homes sold compared to 5,220 the previous year. However, sales saw a 1.7% decline from June on a seasonally adjusted basis. New listings surged by 18.5% to 16,296, outpacing the year-over-year sales growth, but prices only dipped slightly by 0.9% to an average of $1,106,617.

Japan carry trade explained

The stock market and stuff

• Trulieve Trims Losses In Q2 2024, Thanks To Stronger Revenue (theDeepDive)

• Saudi Aramco to pay out $124bn as it says oil demand underestimated (FT)

• Falcon Energy Materials Exits Canada as Trudeau’s Policies Deter Foreign Investment (theDeepDive)

• Interactive Brokers Will Now Let You Bet On The Weather (theDeepDive)

• Canada's services PMI shows sector contracting further in July (Reuters)

• Buffett’s Berkshire Slashes Apple Stake by Half in Major Selloff (theDeepDive)

In the juniors

• Banyan Gold Slows Exploration Activity Amid Wildfires, Victoria Gold Incident (theDeepDive)

• Foran Mining Targets Copper Production by 2026 (theDeepDive)

• Patriot Battery Metals Pushes New Resource Estimate With 4.88 Mt Contained LCE (theDeepDive)

• SunPower files for bankruptcy, plans to sell off assets — stock drops more than 30% (CNBC)

• TRU’s Golden Deal: $15M with Eldorado Gold with Joel Freudman of TRU Precious Metals (theDeepDive)

• Calibre Mining Receives Approval To Mine The Berry Deposit At Valentine Gold Mine (theDeepDive)

• Becoming the World’s Largest Silver Producer with Michael Konnert of Vizsla Silver (theDeepDive)

FULL DISCLOSURE: Rua Gold is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover Rua Gold on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.