Welcome to Regulator, our exclusive newsletter for Verge subscribers. Here, we delve into the intersection of technology, politics, and the ever-evolving landscape under the Trump administration. If you’re fascinated by Silicon Valley’s influence on political developments, consider subscribing. After all, it’s the start of the fiscal year—surely there’s room in the budget for some insightful reading.

Exactly a year ago, Steve Bannon, the influential MAGA podcaster, expressed enthusiasm about the Big Tech titans flocking to Donald Trump. Just before his inauguration, these industry leaders were making their presence known at Mar-a-Lago, contributing financially, and even sitting silently behind Trump during his second swearing-in. In an interview with ABC’s Jonathan Karl, Bannon recounted how Big Tech had historically opposed Trump, citing critical coverage from Jeff Bezos’ Washington Post and alleged suppression by platforms like Meta and Alphabet. Bannon claimed they were now “supplicants” to Trump, who had appointed MAGA regulators poised to dismantle these tech giants. “Most in our movement see this as President Trump breaking the oligarchs,” he boasted.

Even minor shifts from staunch MAGA positions in favor of the tech sector reveal much about the base’s sentiment. Last November, Trump faced backlash from the right for supporting H1-B visas for skilled foreign tech workers, suggesting that domestic workers lacked the requisite skills. Although Trump later revamped the immigration lottery to favor nativist policies, the persistence of the H1-B program stirred significant discord within MAGA circles. Critics questioned how Trump could admit any foreign workers, let alone imply their superiority over Americans. What kind of “America First” stance was that?

Throughout his career, Trump has adhered to a single organizational principle: competition for his favor. This dynamic was evident during his first term, as New York financiers, the Republican establishment, career officials, Trump’s family, and the budding MAGA faction vied within the West Wing. By 2024, however, the New Yorkers had withdrawn, the Republican establishment had capitulated, and career officials faced imminent expulsion. MAGA populism triumphed, and its adherents believed they would achieve so much success it would become tiresome. The populists have claimed ground in Trump’s second administration; the Department of Justice targets critics, Homeland Security empowers ICE with alarming authority, and the Department of Defense engaged in audacious acts like abducting a foreign leader.

Reflecting on the past year, I wouldn’t have anticipated that the tech CEOs, once applauding Trump in the Rotunda, would eventually influence his decisions. The coming year promises more internal drama from the White House. Notably, Bannon, who once hinted at plans for Trump to pursue an unconstitutional third term, is now reportedly considering his own presidential bid.

Currently, the Senate is on a one-week recess, allowing me to monitor the unfolding situation with Coinbase’s opposition to the CLARITY Act over interest rates before the Senate Banking Committee resumes. Unfortunately, I won’t be at Davos, where CEO Brian Armstrong is engaged in key negotiations. If you happen to be in Switzerland with insider knowledge about potential market structure legislation, feel free to reach out to me at tina@theverge.com or via Signal at tina_nguyen.19.