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2021-12-08
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New Tech Regulations Are Coming. Buy Meta and Alphabet Stock Anyway.
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Buy Meta and Alphabet Stock Anyway.","url":"https://stock-news.laohu8.com/highlight/detail?id=1118640024","media":"Barrons","summary":"The risks of material new regulations on the technology sector are growing, Morgan Stanley strategis","content":"<p>The risks of material new regulations on the technology sector are growing, Morgan Stanley strategist Michael Zezas warns in a research note Tuesday. But he notes that the firm nonetheless remains bullish on advertising-driven internet stocks like Google parent Alphabet, Facebook parent Meta Platforms,Snapchat parent Snap,and Pinterest.</p>\n<p>The carefully constructed note asserts that the “bear case,” with far more restrictive U.S. regulation, would almost certainly hurt valuations in the internet sector—but Zezas finds the odds of that scenario unfolding to be long.</p>\n<p>“Key governments are pursuing a new regulatory approach to tech,” he says, in a note co-written by Brian Nowak, who covers internet stocks, and Benjamin Swinburne, who covers media companies. “Changes are imminent in Europe, where regulators are building upon traditional media/comms regulations to establish a framework. Plausible U.S. steps would have a more mixed effect, but the bear case would hurt engagement and valuations in the Internet sector.”</p>\n<p>The analysts assert that “the end is near” for the era of light-touch internet regulation, which has extended for 20 years. That approach, Zezas and his colleagues write, excluded tech platforms from traditional media and communications regulations to encourage investment and innovation, establishing safe-harbor protection against liability for harm from content distribution. But that is changing.</p>\n<p>“Given the scale the tech leaders have built, there is now growing political and public momentum to impose regulations, including in the major developed market regions relevant to investors—Europe (including post-Brexit U.K.) and the U.S.,” they write.</p>\n<p>In Europe and the United Kingdom, the analysts warn, the application of media and communications regulations on tech companies is coming soon. They point out that later this month the European Union parliament will vote on a measure called “the Digital Markets Act,” or DMA, which is intended to “rein in the influence of the major tech platforms on competition and Customers.” In the U.K., they note, pending legislation called “the Online Safety Bill” would establish a statutory “duty of care” obligation to social media and tech platforms, giving oversight to Ofcom, the country’s media and communications regulator.</p>\n<p>Zezas and his colleagues lay out base, bull, and bear cases for U.S. regulation.</p>\n<p>Their base case is that the group will see only a modest increase in oversight. “Although there’s a political consensus for social media and broader tech regulation, our examination of existing legislative templates and public statements of position by members of Congress suggests that plausible U.S. policy outcomes will focus more on data transparency and content moderation than portability and antitrust issues,” they write. “We see these efforts mirrored in actions pursued by multiple state governments.”</p>\n<p>The bull case is that Congress agrees on the need for regulation, but can’t agree on the approach. If the 2022 midterm elections give Republicans control of one or both chambers of Congress, they add, the result could be legislative gridlock.</p>\n<p>The bear case is that the U.S. adopts a European-style approach to tech regulation. In that scenario, they write, “public scrutiny, such as that prompted by the recent Facebook whistleblower, persists. A more severe incident, coupled with a specific electoral outcome, prompts the adoption of more aggressive content liability, data portability, and antitrust actions.” In that scenario, agencies like the Federal Communications Commission could be granted oversight over more parts of the tech business, potentially forcing changes in the social-media business model.</p>\n<p>The nuanced conclusion of the report that the investors need to “mind the bear case” without counting on it. “Investors should be mindful of the fundamental risk and potential multiple compression to the regulatory bear case,” the analysts write. “Indeed, our sensitivity analyses stressing negative impacts on ad unit pricing and engagement growth across the digital ad names shows the potential for mid-to-high single-digit impacts to annual ad revenue. However, the more severe potential impact to the online ad names is likely multiple compression.”</p>\n<p>The report says that a single-digit hit to advertising fundamentals from more regulation could trigger a 10% drop in Meta (ticker: FB) and Alphabet (GOOGL), with a potential drop of 30% or more for more-volatile online ad plays like Snap (SNAP),Twitter (TWTR), and Pinterest (PINS). And yet the analysts add that they place a low probability of the bear case playing out—ergo, they maintain their Overweight ratings on Meta, Alphabet, Snap, and Pinterest.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>New Tech Regulations Are Coming. 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Buy Meta and Alphabet Stock Anyway.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-12-08 16:11 GMT+8 <a href=https://www.barrons.com/articles/tech-regulation-buy-meta-alphabet-stock-51638898380?mod=hp_LATEST><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The risks of material new regulations on the technology sector are growing, Morgan Stanley strategist Michael Zezas warns in a research note Tuesday. But he notes that the firm nonetheless remains ...</p>\n\n<a href=\"https://www.barrons.com/articles/tech-regulation-buy-meta-alphabet-stock-51638898380?mod=hp_LATEST\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GOOGL":"谷歌A"},"source_url":"https://www.barrons.com/articles/tech-regulation-buy-meta-alphabet-stock-51638898380?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1118640024","content_text":"The risks of material new regulations on the technology sector are growing, Morgan Stanley strategist Michael Zezas warns in a research note Tuesday. But he notes that the firm nonetheless remains bullish on advertising-driven internet stocks like Google parent Alphabet, Facebook parent Meta Platforms,Snapchat parent Snap,and Pinterest.\nThe carefully constructed note asserts that the “bear case,” with far more restrictive U.S. regulation, would almost certainly hurt valuations in the internet sector—but Zezas finds the odds of that scenario unfolding to be long.\n“Key governments are pursuing a new regulatory approach to tech,” he says, in a note co-written by Brian Nowak, who covers internet stocks, and Benjamin Swinburne, who covers media companies. “Changes are imminent in Europe, where regulators are building upon traditional media/comms regulations to establish a framework. Plausible U.S. steps would have a more mixed effect, but the bear case would hurt engagement and valuations in the Internet sector.”\nThe analysts assert that “the end is near” for the era of light-touch internet regulation, which has extended for 20 years. That approach, Zezas and his colleagues write, excluded tech platforms from traditional media and communications regulations to encourage investment and innovation, establishing safe-harbor protection against liability for harm from content distribution. But that is changing.\n“Given the scale the tech leaders have built, there is now growing political and public momentum to impose regulations, including in the major developed market regions relevant to investors—Europe (including post-Brexit U.K.) and the U.S.,” they write.\nIn Europe and the United Kingdom, the analysts warn, the application of media and communications regulations on tech companies is coming soon. They point out that later this month the European Union parliament will vote on a measure called “the Digital Markets Act,” or DMA, which is intended to “rein in the influence of the major tech platforms on competition and Customers.” In the U.K., they note, pending legislation called “the Online Safety Bill” would establish a statutory “duty of care” obligation to social media and tech platforms, giving oversight to Ofcom, the country’s media and communications regulator.\nZezas and his colleagues lay out base, bull, and bear cases for U.S. regulation.\nTheir base case is that the group will see only a modest increase in oversight. “Although there’s a political consensus for social media and broader tech regulation, our examination of existing legislative templates and public statements of position by members of Congress suggests that plausible U.S. policy outcomes will focus more on data transparency and content moderation than portability and antitrust issues,” they write. “We see these efforts mirrored in actions pursued by multiple state governments.”\nThe bull case is that Congress agrees on the need for regulation, but can’t agree on the approach. If the 2022 midterm elections give Republicans control of one or both chambers of Congress, they add, the result could be legislative gridlock.\nThe bear case is that the U.S. adopts a European-style approach to tech regulation. In that scenario, they write, “public scrutiny, such as that prompted by the recent Facebook whistleblower, persists. A more severe incident, coupled with a specific electoral outcome, prompts the adoption of more aggressive content liability, data portability, and antitrust actions.” In that scenario, agencies like the Federal Communications Commission could be granted oversight over more parts of the tech business, potentially forcing changes in the social-media business model.\nThe nuanced conclusion of the report that the investors need to “mind the bear case” without counting on it. “Investors should be mindful of the fundamental risk and potential multiple compression to the regulatory bear case,” the analysts write. “Indeed, our sensitivity analyses stressing negative impacts on ad unit pricing and engagement growth across the digital ad names shows the potential for mid-to-high single-digit impacts to annual ad revenue. However, the more severe potential impact to the online ad names is likely multiple compression.”\nThe report says that a single-digit hit to advertising fundamentals from more regulation could trigger a 10% drop in Meta (ticker: FB) and Alphabet (GOOGL), with a potential drop of 30% or more for more-volatile online ad plays like Snap (SNAP),Twitter (TWTR), and Pinterest (PINS). And yet the analysts add that they place a low probability of the bear case playing out—ergo, they maintain their Overweight ratings on Meta, Alphabet, Snap, and Pinterest.","news_type":1},"isVote":1,"tweetType":1,"viewCount":151,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":6,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/602905367"}
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