In product markets that rely heavily on artificial intelligence (AI), firms both use data and generate data. For a multiproduct firm, the data generated by one product will often have spillover benefits on the firm’s other AI-enabled products, increasing their quality. This presumptively benefits consumers and may encourage procompetitive coordination between complementary products or data sources. But these data spillovers can also bolster incentives for anticompetitive leveraging strategies (e.g. tying), because excluding rivals in one market will indirectly raise the...