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Shares of Alphabet (GOOGL) are poised to open at record highs, climbing 6.4% in premarket trading to $224.80 on the back of a ruling from U.S. District Judge Amit Mehta. Last summer, Google was found to have created an illegal monopoly in online search and search-tied advertising, kicking off a year-long case to resolve what remedies would open up competition. Among them were requiring Google to sell off its Chrome browser and share data with rivals, ending its investments in artificial intelligence, and stopping to pay smartphone manufacturers to become the default search engine on their devices, writes Seeking Alpha.
Overreach: With Google proposing much narrower measures and the new DOJ under Trump backing most earlier proposals, the case continued to pick up pace this year. Mehta eventually held closing arguments and signaled less aggressive remedies given the rapid pace of artificial intelligence. Yesterday, he ruled that Google will not have to divest Chrome and can continue making payments for distribution of its products, though it will have to share online search data with competitors and avoid exclusive agreements that unconditionally limit the products of its rivals. 'Massive win' for Apple too, says Wedbush
Alphabet plans to appeal the latest ruling, meaning it could be on the way to the Supreme Court, and remedies might be years into the future. "The [DC District] Court did recognize that divesting Chrome and Android would have gone beyond the case’s focus on search distribution, and would have harmed consumers and our partners," Google wrote in a blog post. "Now the Court has imposed limits on how we distribute Google services, and will require us to share Search data with rivals. We have concerns about how these requirements will impact our users and their privacy, and we're reviewing the decision closely."
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