in one of the most serious antitrust cases to threaten Big Tech in decades. In the stock market, where other megacaps have started to buckle, traders seem unconcerned.
“If you look at stability of earnings, Alphabet is right near the top of that list,” said Matt Miskin, co-chief investment strategist at John Hancock Investment Management. “It is a major quality stock, and given that it trades a bit cheaper than peers and should be a major player in AI, it is hard to not like the relative value opportunity.”Shares of Alphabet rose 0.9% on Wednesday. The Nasdaq 100 Index gained 0.6%.
The US justice department’s case targets Alphabet’s search business, which it alleges maintains a monopoly by paying rivals to make its engine the default on web browsers. The US wants Alphabet to change its business practices and potentially pay damages and restructure itself. Unlike many of the biggest internet and technology stocks, Alphabet doesn’t come with a nosebleed valuation. Shares trade at less than 20x estimated earnings, a discount to the Nasdaq 100 Index, and below the stock’s average multiple over the past decade. In contrast, Apple and Microsoft are at premiums to the market and their own history.
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