The U.S. government is considering separating Google search from the rest of its business.
Transcript:
Conway Gittens: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Stocks are in a holding pattern Wednesday as investors await key inflation data and quarterly earnings from some of the nation’s biggest banks. Investors are also keeping watch on Boeing, with negotiations for the workers’ strike suffering a setback.
In other corporate news: The Justice Department is moving forward with plans to seek a court-appointed break-up of Google.
The DOJ said in a court filing that it may ask the courts to separate Google’s core search business from other Google products such as the Android mobile operating system, the Chrome web browser, and the Google Play app store- because they combine to form a Google monopoly.
The remedy, according to the DOJ, “would prevent Google from using products such as Chrome, Play, and Android to advantage Google search and Google search-related products and features – including emerging search access points and features, such as artificial intelligence – over rivals or new entrants.”
Google has called the government’s plan “radical” and warned that a forced break-up would have “significant unintended consequences for consumers, businesses, and American competitiveness.”
So far, the courts have agreed with the government’s view that Google is a monopoly. In August, a federal judge called Google a “monopolist” and ruled the search giant violated antitrust law.
The next step includes a probe to determine what penalties Google should be slapped with. Google, of course, is sure to appeal. But whatever happens here could have wider implications as the DOJ is also fighting antitrust battles with Ticketmaster, Meta, Amazon, and Apple.
That’ll do it for your Daily Briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
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