Акции Alphabet (GOOGL) растут после того, как судья отклонила требование Минюста о продаже AdX
Ключевые выводы
- •Федеральный судья отклонила попытку Минюста обязать Google продать свою рекламную биржу AdX.
- •Вместо структурного разделения судья Леони Бринкема обязала Google изменить поведение в рекламном бизнесе.
- •Решение следует за выводом от апреля 2025 года о том, что Google незаконно монополизировала два рынка рекламных технологий.
- •Подробности судебной меры пока не раскрыты и ожидаются в отредактированном постановлении позже.
- •После решения акции Alphabet выросли примерно на 1% в среду, а компания уже второй раз избежала принудительной продажи активов по требованию Минюста.
Alphabet (GOOGL) stock climbed roughly 1% on Wednesday after a federal judge rejected the Department of Justice’s push to force Google to sell its advertising exchange, AdX.
Judge Leonie Brinkema issued her ruling under seal, with a brief order denying the DOJ’s demand. A redacted version is expected to be released at a later date.
Rather than ordering a sale, Brinkema directed Google to make behavioral changes to how it operates its ad business. The details of those changes have not yet been made public, so the practical scope of the remedy will become clearer only after the redacted order is released.
The ruling stems from an April 2025 finding that Google illegally monopolized two advertising technology markets. The DOJ had asked the court to force a sale of AdX and require Google to make its ad auction logic publicly available.
What Was at Stake
The DOJ’s objective was to break up part of Google’s ad tech stack. AdX is the exchange publishers use to sell ad space in real-time auctions that take place the moment a user loads a webpage. For publishers and advertisers, the case matters because it touches the infrastructure that helps determine how digital ads are bought and sold across the web.
Google charges publishers a 20% fee to use the platform. While that is a significant amount, AdX represents a relatively small portion of Alphabet’s overall revenue.
The judge’s decision means Google keeps AdX intact and avoids being forced into a public sale of one of its core ad infrastructure tools. The broader antitrust case, however, is still relevant to how courts may weigh structural remedies versus behavioral changes in large tech platforms.
This is the second time Alphabet has defeated a DOJ effort to force it to sell assets. The first case centered on Google’s dominant position in online search, and it also did not result in a breakup.
What Analysts Think
GOOGL stock has risen 45% over the past 12 months heading into this ruling.
Wall Street remains bullish. Among 30 analysts covering the stock, the consensus is a Strong Buy, based on 25 Buy ratings and five Hold recommendations issued in the last three months.
The average price target is $422.59, which implies about 23% upside from current levels.
The stock was trading up approximately 1.01% on Wednesday following the ruling.
