Google parent Alphabet posts record Q3 profits on the back of strong advertising sales, but its shares trade lower in extended hours despite the company shrugging off any perceived impact from Apple’s iOS changes. Microsoft also beats expectations on strong cloud performance – its best quarterly sales growth in 3 years. Meanwhile, Chinese industry reports booming profit growth in the face of supply chain bottlenecks, high raw material costs and power rationing. Meanwhile in Washington, Democrats announce plans over a new wealth tax against the country’s richest companies while they wrangle over funding for President Biden’s ‘Build Back Better’ plan. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.