Page:Intel, Apple, Google, Microsoft, and Facebook - Observations on Antitrust and the High-Tech Sector.pdf/10

 challenge to a transaction or conduct that threatens innovation alone. In fact, the best case on this point to my knowledge is the Second Circuit’s 1981 decision in SCM Corp. v. Xerox Corp. There, the Second Circuit held that a defined product market is a prerequisite to an antitrust claim. Moreover, while there have been challenges to innovation markets in pharmaceutical merger cases, those challenges have all resulted in consents that the parties agreed to in order to get the deal through. I find this objection—that we should not be in the business of challenging innovation markets as such—to have the most credibility.