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Winds of Change 🌍 Google, the Dollar & the Next Pope
Big Tech under fire, airlines in chaos, and a historic vote in the Sistine Chapel—here’s what you need to know today.
Suit & Times Daily Briefing – May 7, 2025
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📬 What We’re Covering Today
🧨 DOJ Wants to Break Up Google’s Ad Empire
The Justice Department has proposed a sweeping plan to force Google to sell off key parts of its ad-tech business, citing years of anti-competitive practices.
✈️ Newark Airport Chaos Worsens as Airlines Slash Flights
Major airlines like United and American are canceling dozens of daily flights due to staffing shortages, tech failures, and runway construction.
📉 Palantir Stock Plunges Despite Strong Earnings as Europe Sours on AI
Palantir’s international business faltered and analysts slammed its “irrational” valuation, sending the stock down 12%.
✝️ Habemus Papam? Cardinals Gather to Elect the Next Pope
The conclave to choose Pope Francis' successor begins Wednesday in the Sistine Chapel as 133 cardinals meet in secrecy.
💱 'Asian Crisis in Reverse' as Currencies Surge, Dollar Support Wobbles
A wave of capital is flowing into Asia, driving up regional currencies and shaking one of the dollar’s strongest global pillars.
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🧨 DOJ Wants to Break Up Google’s Ad Empire
The Story: The Department of Justice just proposed a sweeping plan that would force Google to divest major pieces of its advertising business — AdX and Google Ad Manager — after a judge ruled its conduct violated antitrust laws.
Google, unsurprisingly, disagrees and claims splitting up its ad tech stack would be a technical nightmare, one that would take years and divert top engineering talent from improving existing services. Instead, the company is pitching smaller behavioral changes — like opening up real-time bids and nixing past auction advantages — while keeping its empire intact.
The DOJ isn’t buying it. Their proposed remedies include:
Requiring Google to immediately sell AdX and phase out its ownership of DFP (Google Ad Manager).
Blocking Google from running an ad exchange for 10 years.
Open-sourcing ad auction code and restricting use across Google’s products like Android and Chrome.
Preventing the use of first-party data from YouTube, Search, Gmail, and Android for competitive advantage.
Google’s counter: divesting the tech would take at least five years, hurt existing customers, and disrupt the entire ad market.
This battle isn’t happening in a vacuum. It comes as the DOJ is also trying to force Google to sell Chrome, following another ruling that deemed Search a monopoly — signaling the feds are aiming to chip away at every pillar of Google’s digital dominance.
Why it matters:
💰 Billions at stake: Google’s ad business makes up the majority of its revenue — breaking it apart could fundamentally reshape the company.
📉 Market disruption: If divested, it could spark chaos across the ad tech ecosystem and open space for rivals.
🏛️ Government momentum: It’s the most aggressive federal antitrust action against a tech giant since Microsoft in the 1990s.
🧩 Could set precedent: If this breakup goes through, expect Apple, Amazon, and Meta to feel increased heat.
🔗 Read the full story → The Verge
✈️ Newark Airport Chaos Worsens as Airlines Slash Flights
The Story: Major carriers are still facing widespread delays and cancellations at Newark Liberty International Airport as staffing shortages, outdated tech, and a radar blackout last week continue to ripple across operations.
The FAA’s Philadelphia facility briefly lost radar and radio communication while directing Newark-bound flights — a 90-second lapse that triggered cascading disruptions across United, American, Delta, and Lufthansa flights.
United CEO Scott Kirby said the breakdown “diverted dozens of flights, delayed and canceled hundreds more, and disrupted thousands of passengers.” United has since canceled 35 round-trip flights per day from its Newark schedule to contain the damage.
American Airlines and Lufthansa are also reporting delays. Delta says disruptions have been minimal — but notes Newark is now operating with only one runway due to construction.
The root causes go deeper: long-standing air traffic control understaffing, aging tech, and underinvestment in FAA infrastructure. The FAA says it’s trying to fix it — streamlining hiring, raising starting pay for trainees by 30%, and pledging to bring on 2,000 new controllers this year. But the system is clearly buckling under pressure now.
Why it matters:
🛫 Persistent disruption: Newark is the second-busiest NYC-area airport — delays here affect the entire East Coast.
📉 Airline cutbacks: United’s schedule reductions show just how unfixable the short-term staffing problem is.
📡 Infrastructure reckoning: The FAA’s outdated systems are under national scrutiny — and becoming a liability.
👷 Fixes are coming… slowly: Replacing experienced controllers takes years. The hiring pipeline won’t ease pressure anytime soon.
🔗 Read the full report → Fox Business
📉 Palantir Stock Plunges Despite Strong Earnings as Europe Sours on AI
The Story: Palantir’s blockbuster U.S. growth wasn’t enough to stop its stock from tumbling 12% Tuesday, as investors zeroed in on a steep drop in international commercial sales — and a sky-high valuation many now call “irrational.”
Revenue from the company’s international commercial business fell 5% year-over-year to $142M, well below expectations. CEO Alex Karp didn’t sugarcoat it, bluntly stating: “Europe doesn’t get AI yet.” Analysts say the region’s slow GDP growth and desire for homegrown tech solutions are weighing on Palantir’s momentum abroad — and some buyers are also wary of the company’s ties to the Trump administration.
Yet overall, Palantir crushed expectations: revenue for the quarter hit $884M (vs. $863M expected), thanks to a 71% surge in U.S. commercial sales and a 45% jump in U.S. government contracts. The company raised its 2025 guidance and still commands massive investor interest as a top AI player.
But the valuation? That’s where bulls and bears diverge. Jefferies called Palantir’s 56x forward revenue multiple “unprecedented,” while Wedbush’s Dan Ives is still all in — seeing a $1 trillion market cap ahead. Investors weren’t buying the optimism Tuesday, slicing $35 billion off Palantir’s market value.
Why it matters:
📉 Weakness abroad: International business sales slumped, especially in Europe — a warning sign for global AI adoption.
📊 U.S. strength holds: Palantir’s growth is booming at home, especially in commercial and defense sectors.
💼 Controversy lingers: Contracts with ICE and military agencies continue to draw scrutiny and protest.
🧮 Valuation vs. reality: Wall Street is increasingly split over whether Palantir’s future is “generational” or just overpriced.
🔗 Read the full story → Yahoo
✝️ Habemus Papam? Cardinals Gather to Elect the Next Pope
The Story: The Vatican is once again at the center of the world’s attention as 133 cardinals begin the sacred — and secretive — process of selecting the next pope following the death of Pope Francis on April 21.
The conclave officially begins Wednesday inside the Sistine Chapel, where the red-robed cardinals will cast their first votes beneath Michelangelo’s frescoes. Until a new pope is chosen — by a two-thirds majority — the cardinals are locked inside Vatican City with no contact with the outside world. Black smoke signals a failed vote; white smoke tells the world Habemus Papam.
The election follows nine days of mourning for Francis, the first Latin American pope, and will begin with a special Mass. Tradition dictates absolute secrecy, reinforced by excommunication penalties for leaking any details. The world will know a new pope has been chosen when the senior cardinal deacon steps onto the St. Peter’s balcony to make the announcement — followed by the pope himself offering his first public blessing.
Why it matters:
🕊️ A global moment: Over a billion Catholics await a new spiritual leader — one who’ll shape doctrine, diplomacy, and reform for years to come.
📜 Shrouded in secrecy: The conclave is steeped in centuries-old rituals and forbidden communication with the outside world.
🌍 High stakes: The new pope’s stance on modern crises — from war to climate to social doctrine — will reverberate globally.
⏱️ Fast track: Historically, conclaves conclude in under four days. The world could have a new pope before the weekend.
🔗 Read the full story → NPR
💱 'Asian Crisis in Reverse' as Currencies Surge, Dollar Support Wobbles
The Story: A sudden surge in Asian currencies is sending shockwaves through global markets, raising alarms about the weakening dominance of the U.S. dollar as the region’s economic heavyweights shift away from investing trade surpluses in U.S. assets.
The Taiwan dollar led the charge with a record-breaking two-day gain, spurring similar strength in the Singapore dollar (now near a decade high), as well as the yuan, ringgit, baht, and won. Analysts say this reflects a broader pullback in Asian demand for dollars, with capital flowing back into regional economies.
Louis-Vincent Gave of Gavekal Research described the rapid currency appreciation as having an “Asian-crisis-in-reverse feel,” noting that the current trend inverts the late-90s panic that once triggered massive capital flight from the region.
Why it matters:
🧭 Tectonic shift in capital flow: The reversal of Asia’s long-standing dollar accumulation could destabilize U.S. financial markets and weaken the greenback.
📉 Dollar dominance challenged: A pullback in foreign demand for U.S. assets may erode one of the key supports of U.S. economic strength.
🌏 Regional resurgence: Surging Asian currencies could signal growing confidence in local markets — or concerns over U.S. stability and trade policy.
💼 Trade implications: A stronger Taiwan and Singapore dollar could ripple through export-driven industries, reshaping global pricing dynamics.
🔗 Read the full story → Reuters
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💡 That’s it for today’s briefing. Stay sharp, stay informed, and we’ll see you tomorrow!