Google’s Moat May Dry Up, Anthropic’s AI takeover, and OPEC’s crude wake-up call

2nd June 2025

Google’s monopoly crown could be on the chopping block as a U.S. judge weighs breaking up its search empire. Meanwhile, Anthropic’s enterprise AI business is surging, pulling in a staggering $3 billion in annualized revenue—and putting OpenAI on notice. Citi makes a bold bet on China, and Europe pushes back on the U.S. Indo-Pacific playbook. Dive into the details in today’s edition of Read It and Eat.

Major Headline

• Judge weighs splitting up Google’s search empire in landmark antitrust case

  
  

• Google’s multi-billion dollar search monopoly may be heading for its biggest shakeup yet. After finding the tech giant guilty of violating antitrust laws in the general search and ad markets, U.S. District Judge Amit Mehta is now deciding on potential remedies—and they could be drastic. The Department of Justice wants Google to sell off its Chrome browser, end default search exclusivity deals (like the $20B-a-year one with Apple), and share its search data with competitors. Google has already vowed to appeal, but the decision could change the company’s core business forever. Adding to the pressure, another judge recently ruled Google abused its power in online ad tech markets. With Chrome, Android, and its search engine under scrutiny, the future of Google’s dominance is hanging in the balance. Yahoo Finance 

  
  

• Anthropic hits $3B run rate as businesses double down on AI coding tools

  
  

  Anthropic just became one of the fastest-growing SaaS companies ever—hitting $3B in annualized revenue, up from $1B in December. The OpenAI rival, backed by Google and Amazon, is seeing explosive growth thanks to demand from businesses using its AI models, especially for code generation. While OpenAI dominates the consumer side with ChatGPT, Anthropic iscarving out a niche among enterprise clients with its Claude-powered developer tools. The growth has been so fast that investors say it's outpacing nearly every known IPO-stage SaaS company. With both players racing toward $10B+ in revenue, the AI wars are entering a new commercial phase. Yahoo Finance 

  
  

• Citi names veteran banker Wenjie Zhang to steer China operations

  
  

• Citigroup has appointed Wenjie Zhang as its new country officer and head of banking for China, filling a leadership gap left vacant since November. Zhang, formerly Bank of America’s top executive in China, will lead Citi’s mainland operations and strengthen regulatory relationships as the bank navigates ongoing geopolitical and financial tensions. His three-decade career includes stints at JPMorgan, HSBC, and even Citi itself, giving him deep institutional ties across global banking. He joins officially in July, pending regulatory approval, and will report to Asia-Pacific head Marc Luet. Zhang’s appointment signals Citi’s long-term bet on the China market despite broader concerns about foreign investment headwinds. Financial Times

  
  

• US-Europe tensions flare in Asia, India and Pakistan posture at Shangri-La

  
  

• The annual Shangri-La Dialogue in Singapore—traditionally a U.S.-China sparring ring—took a turn this year as European delegates pushed back on Washington's calls to focus more on European defence. U.S. Defense Secretary Pete Hegseth urged Europe to prioritize the continent, as the U.S. looks to pivot deeper into the Indo-Pacific. Meanwhile, China sent only a low-level delegation, ceding spotlight to India and Pakistan, whose high-ranking military leaders made pointed appearances following deadly border clashes. Tensions ran high, but so did the optics. Reuters 

  
  
  
  

  Minor Headline

  
  

• OPEC+ to increase oil output despite sluggish Asian demand - Reuters

  
  

• Chile’s president pledges climate push and criticizes Israel as term nears end —  Reuters

  
  

• Cuba rebukes U.S. diplomat in Havana for “disrespectful conduct” — Reuters

  
  

• Ford recalls 29,000+ U.S. vehicles, citing safety concerns —Reuters

  
  

• 2 dead, 500 arrested during PSG title celebrations in France —Reuters 

  
  

• Saab CEO says Europe must streamline defence procurement amid rising budgets — Reuters 

  
  

• Air India explores massive new order for narrow-body jets — Wall Street Journal 

  
  

• Nintendo Switch 2 pre-orders near final cutoff ahead of release -  Reuters

  
  

  Gen Z Word of the Day: Loud wrong

  
  

  Meaning: Confidently saying something totally incorrect.

  
  

  Example: "He said Mercury is a planet in the sun… loud wrong.