Paul Glenchur

This week, in the Live Nation Ticketmaster case, state attorneys general will likely outline their request to break up the company, i.e., divesting Ticketmaster, to remedy antitrust violations. Court resolution next year.

As Hedgeye predicted, fed court strikes down Trump’s Sec. 122 “balance of payments” deficit tariffs, the replacement tariffs when IEEPA tariffs were invalidated. Admin can probably get a stay pending appeal. Ultimately, billions more will likely be added to the big, beautiful refund burden.

@Hedgeye As always, incredibly thoughtful and insightful.

Lots of consumer frustration about NFL and other sports migrating to subscription streaming. FCC, DoJ and lawmakers object to higher costs and navigation burdens on fans, but repeal of broadcasting antitrust exemption not likely and regulatory power for other intervention is hazy at best. But the spotlight has the NFL playing defense in the stadium of public opinion.

Cal jury finds Meta and Google YouTube liable in social media addiction trial. $3 million to the bellwether plaintiff in compensatory damages sounds modest for mega-tech platforms but many pending cases will follow (there are thousands of plaintiffs) and punitive damages liability is next up for consideration, likely a big number. New Mexico jury also found against Meta in a separate youth harms case — $375 million in damages. This is tip of the iceberg stuff and insurance carriers are denying coverage under liability policies. Global settlement burden gets heavier with more bellwether trial losses.

FCC threatens revocation of broadcast licenses for asserted unfair news coverage. Courts would stop it under the First Amendment, but when the FCC Chair eschews independence and accepts he is just a White House policy official, this stuff happens.

A DoJ settlement with Live Nation (LYV) puts a huge burden on states remaining in the fight to force a Ticketmaster divestiture. Resources are an issue, but new pro-competitive conduct remedies could diminish the alleged market harms driving the case. The status quo changes.

Supreme Court, following DoJ recommendation, declines review of lower court decision that rejects copyright protection for AI-generated content. IP rights belong to humans, not machines. Good news for screenwriters and other creators worried about AI disruption. So when does human creativity with AI assistance cross the line?

Is AI-generated content protected under copyright law? Generally not, but Supreme Court may take a case raising the issue. Likely discussing it today and could let us know on Monday. Hollywood screenwriters and other creators monitoring this case for sure.

Not sure what ABC’s David Muir and John Karl think they’re seeing at the State of the Union address, but they’re reporting Pres. Trump, after entering the Chamber, shook the hand of Chief Justice Roberts and ignored Justice Amy Coney Barrett, walking past her. Not true, he shook hands with all four Justices present tonight in the front row. Three of them voted against his IEEPA tariffs.

New Sec. 122 tariffs now in effect to replace invalidated IEEPA tariffs. Legal challenges likely over “balance of payments” justification. Duration of Sec. 122 tariffs is only 150 days, but could ultimately lead to another refund fight.

After IEEPA case defeat, President Trump was asked about refunds. He just said the issue will have to be litigated for the next several years. But he made no affirmative statement committing to refund the invalidated tariffs.

No real clarity on refunds in Supreme Court tariff opinion. No surprise; issue was not briefed, and barely mentioned at oral argument. As we’ve said before, Trump might argue his IEEPA tariff orders include backup authority that can block refunds. Have to wait and see.

As we long anticipated, Supreme Court rules 6-3 against President Trump’s IEEPA tariffs. Applies major questions doctrine, i. e., congress doesn’t confer tariff power the way Trump has widely and unilaterally deployed it without clear, explicit statutory language.

May get Supreme Court IEEPA tariff decision this morning. If Court invalidates those tariffs, it probably leaves refund issues (over $130 Billion) to lower courts. Admin may argue no refunds due if “other U.S. laws” could authorize the same tariffs, another legal fight.

@KeithMcCullough @HedgeyeTV Inside courtroom, jurors heard Zuck cared more about increasing user engagement time than he does now, and he has done more to limit accounts of young teens. Could be seen as admission of platform risks to kids. And a similar fed case goes to trial soon in the Bay Area.

We've been warning about this headline risk for Zuck and $META on The Call @HedgeyeTV for the last few weeks @HedgeyeTechLaw

No tariffs decision today but threatened Greenland tariffs reinforce the impact of IEEPA tariff ruling and the President’s power to “tariff by tweet.”

Several Supreme Court decisions are likely coming this morning, perhaps the IEEPA tariff case. Minutes away from announcements.

Closing arguments just concluded in DoJ’s case to force Google to divest its digital ad exchange to remedy monopoly control of publisher display ads. Doubt that happens but Google will implement other fixes to enhance competition from PUBM, MGNI and other sell side platforms.