The DOJ has increased work on drafting a potential antitrust lawsuit against Apple. According to sources, the DOJ began investigating Apple in 2019 to determine if the iPhone maker has monopoly power that it abuses. The probe has escalated in recent months, with the DOJ assigning more litigators to the case. More: - There have also been more requests for documents and consultations with companies involved in the matter.
- The investigation is centered around Apple’s policies governing mobile third-party software on its devices.
- The DOJ is also probing Apple’s iOS to determine if its mobile operating system favors its own products over those of outside developers.
- Apple has previously denied that it operates its business in a way that hurts developers, adding that it embraces competition in its App Store.
- Multiple firms across different industries have accused Apple of various anti-competitive policies and actions over the years.
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The Congressional Budget Office (CBO) projects that the U.S. could default on its debts sometime between July and September if Congress doesn’t raise the debt ceiling. The U.S. debt ceiling currently sits at $31.4T. More: - The CBO added that the final date will be determined by tax revenues the IRS receives in April.
- The U.S. reached its debt limit last month, which led the Treasury to deploy some extraordinary measures that allowed the government to continue meeting its obligations.
- Top members of Congress have assured the public that the U.S. would not default on its debt and that a bill would be passed ahead of time before a default.
- If Congress does not pass a debt ceiling increase before the extraordinary measures are exhausted, the government will have to delay certain payments.
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*data from New York Times
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According to the White House, Tesla will open part of its proprietary Superchargers to other EVs for the first time. The move will qualify Tesla for billions of dollars in federal funds aimed at building a national network of EV fast charging stations. More: - Tesla will open at least 3,500 new and existing 250-kilowatt chargers to all types of EVs by the end of the year.
- Fast chargers like the Supercharger can repower a vehicle in about 30 minutes but are in short supply across U.S. highways.
- They are considered crucial in boosting EV adoption in the U.S.
- Tesla already has a network of more than 17,700 fast chargers at over 1,650 locations in the U.S.
In related news: - Tesla workers in Buffalo, N.Y., have begun a campaign to form the first Tesla union in the U.S.
- On Tuesday, more than two dozen employees sent a letter to Tesla’s management declaring their intent to organize and asked the company to affirm that workers won’t face negative repercussions.
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Roblox released its Q4 and full-year 2022 earnings on Wednesday, reporting better-than-expected results. The video game developer generated $579M in revenue on $899.4M in bookings, up 17% YoY. Roblox reported a Q4 net loss of $289.9M, or 48 cents a share, a steeper loss from the net loss of $143.3M, 25 cents a share, reported in Q4 2021. More: - Daily Active Users rose to 58.8 million in the quarter, up 19% YoY.
- Average bookings per daily user were $15.29, down 2% YoY.
- Roblox users spent 12.8 billion hours on the platform in Q4, up 18% YoY.
- Full-year revenue was $2.2B, up 16% YoY, and bookings for the year were $2.9B, up 5% YoY.
- Roblox shares were up more than 25% during afternoon trading on Wednesday following its earnings report.
- It closed at $45.08, up more than 26.38% for the day.
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Warren Buffett’s Berkshire Hathaway has sold 86% of its $4.1B stake in Taiwan Semiconductor Corp. (TSMC). Berkshire first reported its stake in TSMC in November, holding 60 million shares of the Asian chip maker. More: - According to a regulatory filing on Tuesday, Berkshire has sold 51.8 million shares of TSMC in the last three months.
- On news of the share sales, TMSC shares fell more than 3%; they closed at $92.76, down more than 5% for the day.
- The pandemic fueled an increase in demand for smartphones and other electronic devices, leading to a global semiconductor shortage.
- The recent downturn in global markets, coupled with high inflation and reduced demand for consumer electronics, has weighed on the outlooks of chip makers.
- Global shipments of smartphones decreased by 11.3% in 2022, its lowest level since 2013.
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Marriott International released its Q4 and full-year 2022 earnings on Tuesday, beating analysts’ expectations as demand for travel continues to rise. CEO Tony Capuano said demand for leisure travel in the U.S. and Canada, the company’s largest markets, held strong, and group travel topped pre-pandemic levels. More: - Business travel was nearly 90% recovered to pre-pandemic levels in the U.S. and Canada.
- Marriott generated $5.92B in revenue in Q4, up from $4.4B reported in Q4 2021.
- Q4 net income came in at $673M, or $2.12 a share, up from $468M reported in the prior year.
- Marriott’s Q4 revenue per available room (RevPAR) rose 28.8% globally and increased 23.6% in the U.S. and Canada.
- RevPAR rose 45.1% in international markets.
- Marriott shares closed at $181.27 on Tuesday, up ~4% for the day.
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Quick Hits - Athletic Brewing is pioneering a non-alcoholic craft beer revolution and donating 2% of sales toward protecting and restoring local trails.*
- World Bank President David Malpass is stepping down from the role in June “to pursue new challenges.” Malpass was appointed by former President Donald Trump and served as World Bank President for four years.
- According to Nielsen, Sunday’s Super Bowl was the second most-watched NFL football game, with an estimated 113.06 million viewers.
- Scotland’s first minister and leader of the Scottish National party, Nicola Sturgeon, resigned on Wednesday following backlash over her strategy for securing national independence and controversy over proposed gender laws.
- Elon Musk has signaled he could potentially name a new Twitter CEO toward the end of the year. Musk made the comment while speaking at the World Government Summit in Dubai on Wednesday.
- Retail sales in the U.S. rose 3% in January, beating predictions of a 1.9% increase. Excluding auto purchases, sales rose 2.3%. Food services and drinking places saw the highest increase, rising 7.2% in January.
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- February 20 - Inside Marketing Coffee Break (Register Here)
- February 21 - Inside Startups Coffee Break (Register Here)
- March 01 - Webinar on the changing privacy landscape in the US by Vanta and Osano (Register Here) *
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 |  | Vanessa Omeokachie writes the daily Inside Business newsletter. Her interests include finance, technology, and entrepreneurship. In her free time, she enjoys reading, hiking, attending concerts and music festivals, traveling, and exploring. Connect with her on Twitter @VanessaOmeo or on LinkedIn. |   | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
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