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Maryland tax court voids digital ad tax, orders refunds to Apple, Google and Peacock TV
Associated Press42d agoneutral
Maryland tax court voids digital ad tax, orders refunds to Apple, Google and Peacock TV

A Maryland state tax court has struck down the state’s first-in-the-nation tax on digital advertising and ordered state officials to repay the tax money already collected from big tech firms. The Maryland Tax Court said the tax violates the federal Internet Tax Freedom Act as well as the First Amendment and the commerce and due process clauses of the U.S. Constitution. Maryland estimated the tax, approved in 2021, could raise about $250 million a year to help pay for a sweeping K-12 education measure.

Berkshire Boosted Alphabet, Delta Stakes in 2nd Quarter, Sold Bank of America
Barrons.com42d agoneutral
Berkshire Boosted Alphabet, Delta Stakes in 2nd Quarter, Sold Bank of America

Berkshire’s Alphabet stake—consisting of the search giant’s voting and nonvoting shares—rose about 80% in the quarter to 106 million shares, reflecting a purchase directly from Alphabet in June and open-market buys, based on a 13-F report with the Securities and Exchange Commission late Friday. Berkshire was a seller of part of its sizable stake in Bank of America cutting it by 30 million shares to 483 million shares now worth about $31 billion.

MediaPost42d agoneutral
Maryland Court Strikes Down Digital Ad Tax

A Maryland court on Friday struck down a 2021 law that imposed taxes on digital ad sales and ordered the state to provide refunds to Google, Peacock and Apple, which challenged the statute.

Apple Is Testing Its Fundamental Floor
24/7 Wall St.42d agoneutral
Apple Is Testing Its Fundamental Floor

Apple just posted a monster quarter, yet the stock sits within striking distance of a support level that buyback math alone may not be enough to defend. Something has to break the standoff, and the next few weeks will reveal which side of the trade is right.

AI Could Push Apple Into a New Era Analysts Haven’t Modeled Yet
24/7 Wall St.42d agoneutral
AI Could Push Apple Into a New Era Analysts Haven’t Modeled Yet

Jefferies just slapped a sell rating on Apple right before what could be its most consequential product era in two decades. The case for staying in the stock rests on a consumer AI opportunity that most bearish analysts appear to be pricing at exactly zero.