BlackRock, Inc., the world’s largest asset manager, has reported a highly successful third quarter for 2024, marked by strong financial growth. The firm’s total assets under management (AUM) surged to a record $11.5 trillion, driven by $221 billion in net inflows during the quarter. This represents a significant year-over-year increase of $2.4 trillion in AUM, showcasing BlackRock's continued leadership in the asset management industry.
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DOJ Pushes to Break Up Google as Antitrust Battle Heats Up
The U.S. Department of Justice (DOJ) has intensified its efforts against Google in a landmark antitrust case, marking a potential turning point for Big Tech regulation. This week, the DOJ revealed it is seriously considering drastic remedies to curb Google's dominance, including breaking up the tech giant's key business units such as Chrome and Android. This follows an August 2024 ruling that found Google had been illegally maintaining a monopoly over internet search and advertising.
Why Google Faces a Breakup
The DOJ’s proposed remedies aim to tackle the ways Google has stifled competition through its control over search engines and online advertising. One of the major concerns is Google’s deals with companies like Apple, where Google pays billions to ensure it remains the default search engine on devices like iPhones. These agreements, combined with Google’s use of its Android platform and Chrome browser, have given it an overwhelming market advantage.
As part of the case, the DOJ is also exploring requirements that would force Google to share key data, such as the algorithms and models it uses for search results and ads, with competitors. This would level the playing field for smaller companies, reducing Google's ability to dominate through its control of vast data resources.
AI and Future Risks
The DOJ also raised concerns about Google’s use of artificial intelligence (AI) in search. With Google leveraging its monopoly power to integrate AI features into search results, the DOJ is considering regulations that would prevent Google from using third-party content to train its AI without permission. This move aims to protect competition and prevent Google from further entrenching its dominance through cutting-edge technologies.
What's Next for Google?
While the DOJ pushes forward, Google has responded by criticizing the proposed measures. The tech giant argues that such drastic actions would harm innovation and increase costs for consumers. Google also plans to appeal the August ruling, which could drag the legal battle on for several more years.
Final proposals on how to break up or restructure Google's business are expected to be submitted in the coming months, with key court hearings scheduled for 2025. As both sides prepare for the next stages, this case could have profound impacts on how major tech companies operate moving forward.
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