The U.S. government might be breaking up Google

The Street

TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why Google may be getting a huge makeover.

Transcript

00:00I'm Conway Gittins reporting from the New York Stock Exchange.

00:02Here's what we're watching on the street today.

00:05Stocks are in a holding pattern Wednesday,

00:07as investors await key inflation data and quarterly earnings

00:10from some of the nation's biggest banks.

00:12Investors are also keeping watch on Boeing,

00:15with negotiations for the workers' strike

00:17suffering a setback.

00:18In other corporate news, the Justice Department

00:21is moving forward with plans to seek a court-appointed breakup

00:24of Google.

00:25The DOJ said in a court filing that it

00:28may ask the courts to separate Google's core search

00:30business from other Google products,

00:32such as the Android mobile operating system, the Chrome

00:35web browser, and the Google Play App Store,

00:38because they combine to form a Google monopoly.

00:42The remedy, according to the DOJ,

00:44quote, would prevent Google from using products such as Chrome,

00:48Play, and Android to advantage Google Search and Google Search

00:52related products and features, including

00:54emerging search access points and features,

00:57such as artificial intelligence over rivals or new entrants.

01:01Google has called the government's plan, quote,

01:04radical, and warned that a forced breakup would have,

01:07quote, significant unintended consequences

01:10for consumers, businesses, and American competitiveness.

01:15So far, the courts have agreed with the government's view

01:17that Google is a monopoly.

01:19In August, a federal judge called Google a, quote,

01:22monopolist and ruled the search giant violated antitrust law.

01:26The next step includes a probe to determine what

01:28penalties Google should be slapped with.

01:31Google, of course, is sure to appeal.

01:33But whatever happens here could have wider implications,

01:36as the DOJ is also fighting antitrust battles with Ticketmaster, Meta,

01:41Amazon, and Apple.

01:44That'll do it for your daily briefing from the New York Stock Exchange.

01:47I'm Conway Gittins with The Street.

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