Intel and the AEC test: ‘Do. Or do not. There is no try.’

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After more than two decades, the Intel saga may have finally ended with the General Court’s judgment of 26 January 2022. The judgment—which had at its core the use of the ‘as-efficient competitor’ test in the context of loyalty rebates―confirms the critical role of robust economic analysis in abuse of dominance cases. We reflect on the implications going forward.