Google closes in on its biggest deal yet

The Street

TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and Google plans to buy a cybersecurity for for $23 billion.

Transcript

00:00I'm Conway Giddens reporting from the New York Stock Exchange. Here's what we're watching on

00:03the street today. The Dow set a fresh record closing high on the back of earnings optimism

00:08and hopes for lower interest rates. Federal Reserve Chairman Jerome Powell said the Fed

00:11does not have to wait until inflation falls to two percent in order to start cutting. Stocks

00:17also got a boost as some investors bet Donald Trump has a better chance of returning to the

00:22White House. Meanwhile, earnings season continues Tuesday with numbers from Bank of America,

00:27Morgan Stanley and UnitedHealth. Turning to the day's other headlines, Google may be on the verge

00:33of making its biggest deal ever. Google is in serious talks to buy Wiz, a cyber security firm

00:39for 23 billion dollars according to the Wall Street Journal. If completed, the acquisition

00:44would come at a time when a never-ending series of cyber attacks have put renewed focus on cyber

00:49sleuths and cyber security firms. Wiz was founded in 2020 and was valued at around 12 billion

00:55dollars in May when it was preparing for an IPO. The company is financially backed by a number of

01:00heavy hitters who believe in Wiz's cloud security business. This planned acquisition, however, could

01:06hit a snafu when the Federal Trade Commission hears about it. Google already scooped up one

01:10cyber security firm two years ago when it purchased Mandiant for 5.4 billion dollars.

01:16The FTC frowns on big tech companies getting even bigger and the Justice Department has filed two

01:21antitrust lawsuits against Google. But the risk of taking on regulators may be worth it for this

01:27deal since Google lags far behind rivals Amazon and Microsoft when it comes to cyber security

01:33for the cloud. That'll do it for your daily briefing from the New York Stock Exchange.

01:37I'm Conway Gittins with The Street.

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