Alphabet shares jump as Google gains edge in antitrust case
Alphabet’s stock surged 6% in premarket trading on Wednesday after investors interpreted the outcome of Google’s antitrust battle as largely favorable for the tech giant.
The U.S. Department of Justice (DOJ) had proposed a sort of break-up of Google, which included divesting its Chrome browser, in an antitrust case that began in September 2023, News.Az reports, citing CNBC.
While Google was last year found to hold an illegal monopoly in its core market of internet search, U.S. District Judge Amit Mehta ruled against the most severe consequences that were proposed by the DOJ.
Google will not have to divest Chrome. The company can also still make payments to companies to preload products, but it cannot have exclusive contracts that condition payments or licensing.
That means Google will still be able to pay Apple the billions of dollars it does to be the default search engine on iPhones.
Apple shares were also higher in premarket trade.
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