Google Stock In Focus Amid Reports Of DOJ Push For Chrome Sell-Off: Retail Sentiment Split
By Stocktwits Inc | First Published Nov 19, 2024, 6:16 PM ISTProposals to judge Amit Mehra also include regulating Google’s use of AI, measures around its Android operating system and imposing licensing requirements.
Shares of Google-parent Alphabet Inc ($GOOG , $GOOGL) were down nearly 1% pre-market on Tuesday after reports that the country’s apex legal body will be asking the tech giant to sell off its Chrome browser in a bid to end its market monopoly.
According to a report by Bloomberg, officials within the justice department will also be asking federal judge Amit Mehta to put in measures for Google’s use of artificial intelligence (AI) as well as its Android operating system.
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Judge Mehta passed judgment in August that Google illegally monopolized the search market.
Another proposal reportedly includes imposing data licensing requirements on Google.
Mehta’s decision on these proposals will shape the future outlook of the online search market and AI industry, in which Google has been a primary player for decades, according to industry watchers.
Lee-Anne Mulholland, Google’s VP of Regulatory Affairs, said the Justice Department “continues to push a radical agenda that goes far beyond the legal issues in this case.”
“The government putting its thumb on a scale in these ways would harm consumers, developers, and American technological leadership at precisely the moment it is most needed,” she added.
Meanwhile, another report by Android Authority alleges that Google is working on a multi-year project to turn Chrome OS into Android to create a platform that can compete against Apple Inc.’s ($AAPL) iPad.
Retail sentiment on Stocktwits remained in the ‘neutral’ zone before markets opened on Tuesday. However, there was an uptick in chatter to ‘normal’ from ‘low’ a day ago.
Retail is divided on how much of an impact a Chrome sell-off could have on the stock.
The anti-trust case against Alphabet was first filed during President-elect Donald Trump’s initial term and continued under President Joe Biden.
The nomination of former Congressman Matt Gaetz as Attorney General by Trump indicates that the new administration will maintain a focus on regulating Big Tech.
Gaetz, a vocal critic of major tech companies for allegedly censoring conservative views, has pushed for antitrust action against firms like Amazon ($AMZN), Meta ($META), and Google.
While a broad legal assault on these companies may slow, his appointment suggests that targeted scrutiny of their practices will remain a priority for the incoming administration.
Despite its legal hurdles this year, Alphabet’s stock has gained 26% so far.
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