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per repair. In the race to dominate generative AI, big tech firms haven't just been building,

they've been buying, but there's something strange about

most of the deals that they've struck.

Companies like Meta, Microsoft, Amazon, Google and Invidia are embedding themselves deep within

the AI ecosystem through strategic investments, exclusive partnerships and talent acquisitions, with deals that stop

just short of formal takeovers, but the economic impact of these deals, it turns out,

is indistinguishable from full control.

This new approach, which some analysts are describing as non-acquisition acquisitions, is designed to work

around antitrust law. The idea is to avoid drawing regulatory scrutiny with deals that allow

tech giants to secure privileged access to foundational AI models, critical data pipelines and elite research talent.

Despite all the talk of slashing regulation and despite the support that Trump has drawn from Silicon Valley,

so far the new administration is showing a surprising degree of continuity with the Biden-era approach to antitrust enforcement, particularly

when it comes to big tech and AI-related deals. According to the law firm Goodwin Proctor,

US enforcers are still willing to challenge deals they view as anti-competitive under traditional

horizontal theories of harm, particularly

mergers between direct competitors with leading market positions.

So far there has been no sign of reduced FTC enforcement.

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