Google stock jumps after antitrust win

A federal district judge ruled that Google won't be forced to sell Chrome ruled that divestment was a - quote - 'poor fit'. Join Ramzan Karmali as he delves deeper into this for the tech giant.

Video Transcript

00:01 Speaker A

Well, our top story today is Google and its victory in a Columbia court.

00:06 Speaker A

A federal jurist district judge ruled that Google won't be forced to sell Chrome after a after he said that divestment was, quote, a poor fit.

00:16 Speaker A

In this landmark antitrust case, Judge Amit Mehta, though he did say that Google would have to share data that helped it hold on to its search monopoly.

00:27 Speaker A

The ruling sent shares soaring in the pre-market, as you can see, at one point, they were actually up over 8%.

00:36 Speaker A

Another key part of the decision means that Google can continue to make payments to distribution partners for pre-loading or placement of Google Search, Chrome or Gen AI products.

00:51 Speaker A

That allows for Google to continue to make its 20 billion dollar per year payments to Apple in exchange for the iPhone maker using Google search as the default search engine in its Safari browser and Siri.

01:07 Speaker A

And guess what? That sent Apple shares higher in the pre-market too. Up there almost 3 and a half% as you can see.

01:14 Speaker A

Well, the Justice Department had pushed for a full sale of the company's search business and for the judge to order an end to multi-billion dollar contracts that have all but assured Google's market dominance.

01:29 Speaker A

Moves the judge denied to make. Judge Mehta also declined to grant the DOJ's request for a contingent divestment of Google's Android operating system, writing that the government, quote, did not present any evidence to justify a contingent structural remedy.

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