Good morning. The market has, for now, calmed down. But we are big fans of the Mandelbrotian view of markets: long trends are interrupted by periods of instability, which end only when a new trend has formed. Do you think the market has found a new trend? We doubt it. Email us: robert.armstrong@ft.com & aiden.reiter@ft.com.

Google and antitrust

Google, Alphabet’s search business, is officially a monopoly. It offers revenue-sharing agreements worth billions of dollars to device makers and wireless carriers in exchange for becoming their default search engine. Judge Amit Mehta of the US District Court ruled on Monday that this is illegal.

Unhedged generally thinks antitrust lawsuits against Big Techs don’t amount to much, from an investor’s point of view. Decades of antitrust action against Microsoft have conspicuously failed to prevent it from becoming the most valuable company in the world, with a competitive position as ironclad as ever.