KEY POINTS Wall Street cheered the first-quarter earnings results from tech giants like Meta and Alphabet, which both reported strong online advertising revenue. President Donald Trump’s tariff blitz is upending global trade and leading to recession concerns. Chinese retailers like Temu and Shein are already rolling back ad spend. https://www.cnbc.com/2025/05/09/meta-alphabet-amazon-ads-tariffs.html
"The digital advertising market was sunny enough for investors this past quarter, providing what could be a last hurrah before a looming economic storm from President Donald Trump’s tariff onslaught...."
Treating equity ($149.89 billion, $283.15 billion) as a liability makes them net negative (Meta: -$124.53 billion; Alphabet: -$228.35 billion)