Google Dodges a Breakup, China’s Growing Trade With Africa & Anthropic’s $183B Valuation
Timestamps are as accurate as they can be but may be slightly off. We encourage you to listen to the full context.
Podcast Summary
In this episode of ProfG Markets, host Ed Elson explores the surprising outcome of the Google antitrust case with former DOJ Assistant Attorney General Jonathan Kanter, diving deep into the implications of Judge Mehta's surprisingly lenient ruling. While Google was found to be an illegal monopolist (04:45), the judge's remedy essentially allows Google to continue many of its practices with minimal restrictions—a decision that sent Google stock soaring 9% and added $234 billion in value. Kanter reveals his disappointment with the court's cautious approach, explaining how Google convinced the judge that AI competition from OpenAI and others would naturally erode their monopoly power (12:21), effectively letting them off with what amounts to a slap on the wrist for years of illegal conduct. The episode also covers China's aggressive expansion into Africa with $122 billion in exports and growing trade partnerships worldwide, while Scott Galloway weighs in on America's diminishing global influence and Trump's latest provocative Truth Social post targeting Chinese leadership. The show concludes with analysis of Anthropic's massive $13 billion funding round at a $183 billion valuation—a private market deal that dwarfs every public IPO this year, highlighting once again how the best investment opportunities remain locked away from retail investors.
Speakers
Jonathan Kanter
Former Assistant Attorney General for the Antitrust Division at the Department of Justice, led landmark antitrust cases against Google and other major tech companies. As the architect of DOJ's aggressive tech enforcement strategy, he successfully secured monopoly rulings against Google in both search and ad-tech cases.
Ed Elson (Host)
Host of ProfG Markets, providing in-depth analysis of business and finance. Known for breaking down complex market movements and corporate strategy with clear, actionable insights for ambitious professionals.
Key Takeaways
Antitrust Requires Bold Action, Not Just Court Victories
Winning landmark antitrust cases means nothing without meaningful remedies. Google's $234 billion market cap surge after dodging real consequences sends a dangerous message: monopolists can violate laws for decades if the penalties don't match the profits. (15:23) As Kanter notes, companies will view antitrust violations as "a cost of doing business" when enforcement lacks teeth.
Private Markets Are Cannibalizing Public Investment Opportunities
Anthropic raised $13 billion privately—nine times larger than America's biggest IPO this year. The best companies no longer need public markets because private capital is so abundant. (36:10) Retail investors are systematically locked out of the most valuable growth opportunities as private markets capture companies at their prime.
Trade Partnerships Form Around Exclusion, Not Inclusion
While the US imposes tariffs on 30 African countries, China cuts tariffs on 19 and exports $200 billion annually to Africa—more than to America. (26:58) Every protectionist move drives potential allies into competitors' arms, creating a self-fulfilling prophecy of American isolation.
Money Always Wins Over Mission Statements
Anthropic publicly denounced taking Gulf state money as "dangerous," then quietly accepted Qatar Investment Authority funding months later. (37:41) When private capital reaches unprecedented levels, even the most principled companies abandon their stated values—cash flow trumps moral positioning every time.
Undervalued Monopolies Reward Patient Contrarians
Google traded at 17x earnings while monopolizing search, YouTube, and autonomous driving—cheaper than dying industrials companies. (21:58) The stock surged 45% after dodging antitrust breakup, proving that regulatory capture creates asymmetric investment opportunities for those willing to bet on incumbent protection.
Statistics & Facts
- Chinese exports to Africa totaled $122 billion in 2025, with exports jumping 25% year over year. (26:17)
- China is on pace to export over $200 billion to Africa for the first time ever, more than double what they sold just five years ago. (26:26)
- Africa signed $30 billion in construction contracts with China in the first half of the year—five times more than last year. (26:51)
- Google stock soared 9% on the antitrust ruling news, adding $234 billion in value in a single day. (21:02)
- Anthropic closed a $13 billion funding round at a $183 billion valuation, nearly triple its $61.5 billion valuation from earlier this year. (35:04)
