It is never easy to distinguish, in the midst of the noise of the day, news with far-reaching consequences of something that will disappear on the air. This is especially the case when we talk about bills introduced in Congress that most of the time never seem to go anywhere. But the introduction today of legislation that will force Google’s Alphabet to abandon key parts of its advertising technology business seems like something the tech industry and investors need to take seriously.

As we announced in January when we announced the proposed legislation, this could cause the biggest corporate collapse since the breakdown of AT&T 40 years ago. And this bill, which both Republicans and Democrats support, will not only affect Google. If it becomes law, Meta Platforms will have to sell parts of its advertising business. This could also affect Amazon and maybe even Apple, we noted today. Our antitrust reporter Josh Cisco told me that while the bill is unlikely to be passed this year, it will reappear at the next congress. And because Republicans are at the forefront of the bill, its chances of passing it could be higher if Democrats lose control of Congress.

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