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I see Wednesday's court ruling as a significant turning point for Alphabet. The fact that Judge Mehta rejected a breakup of Google and allowed the company to retain Chrome and Android is a huge relief. What I find particularly positive is that Google can continue to make payments to partners like Apple for the default search engine – the core of the business model remains intact. The pre-market jump of 6% clearly shows how much this regulatory uncertainty had weighed on the valuation. MoffettNathanson puts it succinctly: Being condemned as...
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