Alphabet Stock Price Falls After Google-Wiz Deal As Economy Hits Mag 7
- Google agreed to acquired cloud security startup Wiz for $32 billion.
- But Alphabet shares declined as much as 5% as investors instead focused on the economy.
- Slowdown worries have come to a head in recent weeks, with some bracing for recession.
Investors have met Google’s $32 billion acquisition of cloud security startup Wiz with a collective yawn.
Shares of parent-company Alphabet dropped as much as 5% on Tuesday following the deal announcement.
The deal is seen as an attempt by Google to close the gap between itself and mega-cap cloud competitors like Amazon and Microsoft. But rather than react to a potentially transformative deal, investors elected to focus on economic-slowdown fears.
These…
