Former DOJ employees make up both its in-house team and members of outside counsel firms it employs. The company has hired three former DOJ officials into regulatory roles since May 2022, and one before that in 2021, according to public information including social media profiles. Google also uses four different outside counsel firms loaded with nearly 20 former DOJ officials, many of whom worked in the Antitrust Division at various times.
Such hiring to its internal regulatory team is a reflection of the intense scrutiny Google is facing from governments around the world. It can be a signal that a company anticipates dealing with regulatory challenges in years to come, even if it doesn’t know exactly what form it’ll take yet, according to two former government officials.
“When companies find themselves under intense scrutiny from regulatory authorities, antitrust law or otherwise, they make moves like this,” said Bill Kovacic, a former Federal Trade Commission chair who now teaches antitrust law at George Washington University.
Google now faces two antitrust challenges from the DOJ, both to its search and ad tech businesses, and additional challenges from a slew of state attorneys general. Regulators around the world, including in Europe and Australia, have also presented policy and enforcement hurdles.
Google’s hiring is not surprising for a company under such a microscope, according to Doug Melamed, a former acting assistant attorney general at the DOJ Antitrust Division who’s now a scholar-in-residence at Stanford Law School.
The company had already been fighting one complex antitrust case that would likely require a team of 10 to 15 lawyers alone, according to Melamed, when the Department brought its second antitrust challenge against the company earlier this year.
“They don’t have the capacity to handle a case like that just sitting idle,” Melamed said. “They’ve got to now think about well, what outside lawyers are available that have to have the time and expertise to handle this case? And then, do I have the in-house capability to support it and supervise it?”
The added threat of new legislation targeting Google’s business, and that of other tech firms, looms. In the near term, it appears that a massive lobbying campaign by the industry has successfully delayed the most disruptive reforms. But the possibility of renewed energy around that legislation still hangs over the industry, and a company like Google “can take nothing for granted now,” Kovacic said, adding that’s likely a reason for the company to build out its regulatory forces.
“New entrants and new innovations are driving competition and delivering value for America’s consumers, publishers, and merchants,” a Google spokesperson said in a statement for this story. “We’re proud of our services and we look forward to making our case in court.”
Revolving door hiring
Alphabet now has at least five former DOJ staffers on its legal team, including Google’s director of competition Kevin Yingling, who’s been with the company for more than a decade and worked as a trial attorney at the Department of Justice from 2000 to 2005, according to his LinkedIn.
The company hired Kate Smith as counsel for Alphabet’s regulatory response, investigations and strategy unit in February 2021, according to LinkedIn. Smith was a trial attorney in the DOJ’s Civil Frauds division from September 2015 until January 2021.
In May 2022, according to LinkedIn, Alphabet hired Mike Kass, a former trial attorney in the DOJ’s Civil Fraud section, as its regulatory and litigation counsel for products.
A month later, the company hired Seema Mittal Roper as counsel on its regulatory response team. Mittal Roper worked as an assistant U.S. attorney for the DOJ in Maryland from 2013 to 2018, according to LinkedIn.
Most recently, the company hired Jack Mellyn as strategy counsel on its regulatory team. Mellyn was previously an attorney advisor and then acting assistant chief in the DOJ’s competition policy and advocacy section, according to a previously available social media profile.
It’s not clear which employees are working on the specific matters before the DOJ and Kass’ role appears focused outside of antitrust. It’s likely these employees never worked on Google-related matters they’re dealing with now during their time in government, given their dates and areas of previous employment, as well as federal ethics rules that bar certain conflicts.
But experts say this kind of hiring, which is common among businesses faced with regulatory scrutiny, can still be beneficial to a company because of the unique insight, touch or credibility that an ex-government attorney might hold when it comes to their former colleagues.
“There are lots of lawyers out there. But only alumni of an office really understand how that office works,” said Jeff Hauser, executive director of the Revolving Door Project, which tracks the business ties of executive branch officials. “That means its strengths and weaknesses, that means the tendencies of people in that office. And they can therefore give much more concrete intelligence and better-informed advice to their client.”
Hauser said this may mean the lawyers could advise a client or employer to flood the agency with information rather than comply with a certain document request, knowing that the enforcers don’t have the capacity to deal with it. Or, they might suggest strategies to approach a deposition, knowing the government staffer conducting it.
“A lawyer who’s had experience in the government doesn’t bring information about the specific matters of the companies involved, but rather brings a general perspective about how the agency is approaching these kinds of problems,” Melamed said.
Enforcement agencies also often have to trust whether they believe the target of an investigation has complied with its requests. Hauser said the agencies may be more inclined to take the word of their former colleagues, compared to a more removed attorney.
A recent event shows what can happen when that trust is broken. The DOJ last month accused Google of destroying chat messages it should have kept under a litigation hold related to the investigation. The DOJ made the accusation in a legal filing after Epic Games raised the concern in its own antitrust litigation against Google.
A Google spokesperson said in a statement at the time of the DOJ’s filing that they “strongly refute the DOJ’s claims.”
Google also works with outside counsel firms on its antitrust cases, including Axinn, Freshfields, Ropes & Gray and Wilson Sonsini, based on reports, statements and legal filings. Those firms collectively have around 20 former DOJ employees on their staff, many of them working in antitrust. Though these attorneys may not all work on Google matters, the firms themselves often tout the benefit of former government officials in bringing a helpful perspective to clients.
For example, Freshfields says on its website that its “deep bench of former DOJ and FTC trial attorneys gives us unique insight into how the enforcement agencies approach enforcement in general and litigation in particular.”
Kovacic said agency experience is something companies look for in hiring outside firms.
“In deciding who to retain, what law firm to retain or what economic consultancy to retain, they would place a lot of weight on how many former government officials are in those firms,” Kovacic said.
Freshfields attorneys Julie Elmer and Eric Mahr have led Google’s defense against an advertising technology monopolization case brought by a group of states led by Texas, The New York Times reported in 2021. And Bloomberg Law reported this year that Mahr will also lead its defense in the ad tech case brought by the DOJ.
Mahr was director of litigation for the DOJ Antitrust Division from 2015 to 2017, according to the Freshfields site, and Elmer worked as a trial attorney in the Antitrust Division from 2015 to 2020, according to her LinkedIn profile.
Revolving door hiring goes both ways between the public and private sectors, with government officials often working for previous employers or clients who become relevant in their work. For example, DOJ antitrust chief Jonathan Kanter previously worked for clients including Microsoft and Yelp which have complained of Google’s allegedly anticompetitive behavior.
Ultimately, however, Kanter was cleared to work on cases and investigations involving Google, despite the company’s suggestion that his past work should cast doubt on his ability to be fair in such matters.
The DOJ and Wilson Sonsini declined to comment. The three other firms mentioned did not immediately provide a comment for this story.
Limits for former government employees
There are limits on what former government officials can work on under federal ethics and Bar rules.
For example, the DOJ’s website says that former employees can’t represent someone before the government on an issue involving parties they “personally and substantially” worked on during their time in government. For two years after leaving the Department, a former employee also cannot represent anyone before the government in a matter involving parties they know “was pending under his official responsibility for the last year of government service and in which the U.S. is a party or has a substantial interest.”
And for one year after leaving the agency, former senior employees cannot represent someone before the agency “with the intent to influence” the DOJ on a pending matter or one in which it has an interest.
Personal and substantial work on a matter within government doesn’t depend on the length of time devoted to it, but the role a person played in potentially influencing the outcome or direction, according to Virginia Canter, the chief ethics counsel at Citizens for Responsibility and Ethics in Washington (CREW) who previously advised government officials on ethics at agencies including the Securities and Exchange Commission and the Treasury Department.
But even if a former government official can’t work on a specific matter they were privy to during their earlier employment, their insight might still be useful to a company.
“You can read about it, but when you’re actually part of dealing with these cases, you know that there are certain factors that are going to either act as mitigating or … that are going to more favorably incline you to bring a case,” Canter said. “It’s just your general knowledge and experience.”
When companies hire former government officials, they may also have the idea that those employees will be viewed more favorably by the current regime.
“Maybe there’s just this general impression that they’re trying to surround themselves with what will be perceived by their former colleagues as the good guys,” Canter hypothesized.
Some might argue that experience could be beneficial to the government in some cases, Canter noted. A former government employee might have a deeper understanding of the importance of compliance or providing certain information to officials, for example, having seen up close what could be at stake if they don’t.
Hauser said it’s unlikely DOJ leadership, especially Kanter, who has made a point to bring more aggressive cases in the tech space and overall, would be overly swayed to view things Google’s way in ongoing matters. But, he said, the impact of former DOJ staff employed by Google could be more influential in an emerging issue, where there’s an opportunity to leave a first impression on senior leadership about it.
The degree of this kind of influence may be relatively small on the level of an individual case, Hauser said, but for a company under such a high degree of regulatory scrutiny, it could add up.
“You’re talking about billions and billions of dollars of potential implications for Google’s net worth,” Hauser said. “Relatively small changes in the scope of the investigation, the timeframe of the investigation, can be very big, even if they don’t go to the overall question of will there be any lawsuits by the Justice Department against Google.”
A Thanksgiving week rally couldn’t put all three major indexes in the green for November. The S & P 500 gained nearly 4% for the week, while the Dow Jones Industrial Average added more than 3% — a strong enough showing for each to eke out gains for the month. It extends their streak of winning months to seven. And while the Nasdaq Composite ended the week higher by more than 4%, it wasn’t enough to overcome selling earlier in the month triggered by valuation concerns about the artificial intelligence trade. The tech-heavy Nasdaq fell roughly 2% in November, ending its seven-month winning streak. .SPX YTD mountain S & P 500 (SPX) year-to-date performance There were a couple of bright spots in our portfolio during the holiday-shortened trading week. Apple shares notched three consecutive all-time highs this week, starting on Monday and ending on Wednesday. The stock has been buoyed by positive demand signs for Apple’s iPhone 17 series. Counterpoint Research data on Wednesday showed that Apple is on track to dethrone Samsung as the world’s top smartphone maker this year — an achievement the iPhone maker hasn’t seen in over a decade. Overall, Counterpoint analysts expect Apple to capture 19.4% of the global smartphone market in 2025, compared with Samsung’s expected 18.7%. The stock rose further on Friday, closing the week with a nearly 3% gain. Broadcom secured all-time record closes during every trading session this week. The stock’s been up as Wall Street starts to see the chipmaker as an ancillary play to Alphabet ‘s growing AI dominance. As Google began rolling out its latest AI model, investors see benefits for Broadcom as a co-designer of its specialized chips, called tensor processing units (TPUs). Media reports earlier in the week of Meta Platforms considering Google’s TPUs for its data centers in 2027 added fuel to Broadcom’s run. That’s because Alphabet’s AI expansion could drive more sales for Broadcom’s crucial networking and custom chips businesses, which was a key reason the Club started a position in the stock. Shares of Broadcom advanced more than 18% week to date. Fellow chipmaker Nvidia went the other way, with shares hitting a nearly three-month low on Tuesday as those same reports highlighted how some big tech companies are looking for alternatives to Nvidia’s chips. But Jim Cramer recommended staying the course , and called the stock dip a buying opportunity for new investors. After all, Nvidia still dominates the extremely lucrative AI chip market. “The demand is insatiable for Nvidia,” Jim said Tuesday. Shares fell 1% week to date. NVDA YTD mountain Nvidia (NVDA) year-to-date performance And while we didn’t see any earnings from the portfolio this past week, Dick’s Sporting Goods ‘ quarterly report was great news for Club holding Nike . Jim called the retail stock a buy on Tuesday after Dick’s announced plans to close several Foot Locker locations during its third-quarter earnings call. “Nike is a buy off of Dick’s problems,” Jim said. Management’s remarks indicated that Nike’s relationship with the retail giant has been improving, a positive sign for Nike’s turnaround story. “They’re moving in the right direction,” Ed Stack, executive chairman of Dick’s Sporting Goods, told “Squawk on the Street,” after the company’s earnings were released. He cited a strong performance from Nike’s running line. “If you take a look at what they did with their running construct, what they did with Pegasus, what they did with Vomero, what they did with Structure, this running concept has done extremely well on the Dick’s side, and where it’s been put into Foot Locker stores, it’s done really well there too.” Nike stock jumped nearly 3% week to date. NKE YTD mountain Nike (NKE) year-to-date peformance Trades Finally, we executed two trades during the shortened holiday trading week. On Monday, the Club bought more Palo Alto Networks shares on the cybersecurity company’s overblown post-earnings decline. We saw the weakness as an opportunity, given that Palo Alto delivered a beat-and-raise third quarter that topped estimates for every single key metric. The Nov. 19 report showed that momentum in Palo Alto’s “platformization” strategy of bundling its products and services remains promising. Deals from Palo Alto make us even more bullish on the stock. The company announced plans to buy cloud management and monitoring company Chronosphere for $3.35 billion. Management’s acquisition of identity-security leader CyberArk was approved by shareholders on Nov. 13 and is expected to close in the third quarter of fiscal year 2026. “Palo Alto Networks is setting itself apart in the AI era by adding two platforms just as their respective markets hit key inflection points,” Jeff Marks, the Investing Club’s director of portfolio analysis, wrote in a trade alert. We added to our Procter & Gamble position on Tuesday, our second purchase of the consumer goods giant since starting a position on Nov. 18. The thesis: Shares will benefit from any rotation out of Big Tech and into more economically resilient companies. Basically, if AI spending lets up or the U.S. economy slows down, defensive stocks like P & G should shine. (See here for a full list of the stocks in Jim Cramer’s Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
CEO of Palantir Technologies Alex Karp attends the Pennsylvania Energy and Innovation Summit, at Carnegie Mellon University in Pittsburgh, Pennsylvania, U.S., July 15, 2025.
Shares of the software analytics provider dropped 16% for their worst month since August 2023 as investors dumped AI stocks due to valuation fears. Meanwhile, famed investor Michael Burry doubled down on the artificial intelligence trade and bet against the company.
Palantir started November off on a high note.
The Denver-based company topped Wall Street’s third-quarter earnings and revenue expectations. Palantir also posted its second-straight $1 billion revenue quarter, but high valuation concerns contributed to a post-print selloff.
In a note to clients, Jefferies analysts called Palantir’s valuation “extreme” and argued investors would find better risk-reward in AI names such as Microsoft and Snowflake. Analysts at RBC Capital Markets raised concerns about the company’s “increasingly concentrated growth profile,” while Deutsche Bank called the valuation “very difficult to wrap our heads around.”
Adding fuel to the post-earnings selloff was the revelation that Burry is betting against Palantir and AI chipmaker Nvidia. Burry, who is widely known for predicting the housing crisis that occurred in 2008 and the portrayal of him in the film “The Big Short,” later accused hyperscalers of artificially boosting earnings.
Palantir CEO Alex Karp vocally hit the front lines, appearing twice in one week on CNBC, where he accused Burry of “market manipulation” and called the investor’s actions “egregious.”
“The idea that chips and ontology is what you want to short is bats— crazy,” Karp told CNBC’s “Squawk Box.”
Despite the vicious selloff, Palantir has notched some deal wins this month. That included a multiyear contract with consulting firm PwC to speed up AI adoption in the U.K. and a deal with aircraft engine maintenance company FTAI.
But those announcements did little to shake off valuation worries that have haunted all AI-tied companies in November.
Across the board, investors have viciously ditched the high-priced group, citing fears of stretched valuations and a bubble.
In November, Nvidia pulled back more than 12%, while Microsoft and Amazon dropped about 5% each. Quantum computing names such as Rigetti Computing and D-Wave Quantum have shed more than a third of their value.
Apple and Alphabet were the only Magnificent 7 stocks to end the month with gains.
Sill, questions linger over Palantir’s valuation, and those worries aren’t a new concern.
Even after its steep price drop, the company’s stock trades at 233 times forward earnings. By comparison, Nvidia and Alphabet traded at about 38 times and 30 times, respectively, at Friday’s close.
Karp, who has long defended the company, didn’t miss an opportunity to clap back at his critics, arguing in a letter to shareholders that the company is making it feasible for everyday investors to attain rates of return once “limited to the most successful venture capitalists in Palo Alto.”
“Please turn on the conventional television and see how unhappy those that didn’t invest in us are,” Karp said during an earnings call. “Enjoy, get some popcorn. They’re crying. We are every day making this company better, and we’re doing it for this nation, for allied countries.”
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Here are five key things investors need to know to start the trading day:
1. Down and out
Stock futures trading was halted this morning after a data center “cooling issue” took down several Chicago Mercantile Exchange services. Individual stocks were still trading before the bell, while the CME said futures indexes and options trading would open fully at 8:30 a.m. Follow live markets updates here.
The stock market has rebounded during the holiday-shortened trading week. But the three major indexes are still on pace to end November’s trading month — which ends with today’s closing bell — in the red. The Dow and S&P 500 are poised to snap six-month winning streaks, while the Nasdaq Composite is on track to see its first negative month in eight.
Today’s trading session ends early at 1 p.m. ET.
2. Shopping and dropping
A Black Friday sale sign is displayed in a shop window at an outlet mall in Carlsbad, California, U.S., Nov. 25, 2025.
Mike Blake | Reuters
Black Friday was once considered the biggest in-person shopping day of the year, drawing huge crowds to stores in search of bargains. But while millions are still expected to partake in the occasion, it’s not what it used to be.
Here’s what to know:
In the past six years, online sales have outpaced brick-and-mortar spending on Black Friday. Data shows in-person foot traffic has been mostly flat over the last few years, as well.
No matter where they make their purchases, shoppers are also skeptical that they’re getting the best deals.
As CNBC’s Gabrielle Fonrouge reports, the shift has meant a change in strategy for many of the retail industry’s biggest names. Some have started offering their holiday sales earlier in the season, while others are spacing out their promotions.
Deloitte reported that the average consumer will shell out $622 between Nov. 27 and Dec. 1, a decrease of 4% from last year.
Even as the day of deals loses its allure, AT&T found that Gen Z participates the most, while their older counterparts do their shopping closer to Christmas.
3. AI comeback
Cfoto | Future Publishing | Getty Images
Alphabet has been a notable exception to the recent tech downturn. Shares of the Google parent have surged more than 13% this month as Wall Street sees the company as an AI leader.
Alphabet began the month by announcing its latest tensor processing units, or TPUs, called Ironwood. Last week, the company launched its latest AI model, Gemini 3, which caught positive attention from Silicon Valley heavyweights.
Shares of the stock are now up close to 70% this year, making it the best-performer within megacap tech. But experts told CNBC’s Jennifer Elias that Alphabet’s lead in the competitive AI market is marginal and could be hard to hold onto.
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4. Tech’s tug of wars
Alibaba announced plans to release a pair of smart glasses powered by its AI models. The Quark AI Glasses are Alibaba’s first foray into the smart glasses product category.
Alibaba‘s AI-powered smart glasses went on sale yesterday. With its new wearable tech offering, the Chinese tech company is going up against major players — namely Meta, which unveiled its smart glasses with Ray Ban in September.
Meanwhile, Counterpoint Research found Apple is poised to ship more smartphones than Samsung this year for the first time in 14 years. Apple is also poised to boast a larger market share, driven by strong iPhone 17 sales.
5. From Seoul to Los Angeles
Carly Xie looks over facial mask items at the Face Shop, which specializes in Korean cosmetics, in San Francisco, April 15, 2015.
Avila Gonzalez | San Francisco Chronicle | Hearst Newspapers | Getty Images
American shoppers are increasingly looking to South Korea for their cosmetics. NielsenIQ found U.S. sales of so-called “K-beauty” products are slated to surge more than 37% this year to above $2 billion.
Retailers ranging from beauty product hubs Ulta and Sephora to big-box chains Walmart and Costco are jumping on the trend. On top of that, Olive Young — aka the “Sephora of Seoul” — is opening its first U.S. store in Los Angeles next year.
The Daily Dividend
Here are some stories worth circling back to over the weekend:
— CNBC’s Chloe Taylor, Gabrielle Fonrouge, Laya Neelakandan, Jessica Dickler, Sarah Min, Sean Conlon, Jennifer Elias, Arjun Kharpal and Luke Fountain contributed to this report. Josephine Rozzelle edited this edition.