US Department of Justice last week filed a lawsuit against Alphabet/Google, seeking to break up its advertising business. This continues the seismic shift in the digital advertising industry, driven by both regulatory pressures and technological changes. Two leading digital advertising platforms - Alphabet and Meta, bellwether "big tech" stocks - had also just reported eventful sets of results. Anna Macdonald and Mikhail Zverev discussed how this impacts digital advertising landscape, what are the risks, and where do we find mis-priced growth and innovation opportunities, in both our Global and UK funds.