|Day's Range||242.50 - 242.50|
Founded by former Google engineers, Brief is a newly launched news app that aggregates and summarizes the news in hopes of tackling a number of problems with today’s news cycle, including information overload, burnout, media bias, and algorithms that prioritize engagement over news accuracy. Before Brief, co-founder and CEO Nick Hobbs was a Google product manager who had worked on AR, Google Assistant, Google's mobile app, and self-driving cars, among other things during his time at the company. Co-founder and CTO Andrea Huey, meanwhile, was a Google senior software engineer.
Google Cloud today announced the private beta launch of Assured Workloads for Government, the company's version of what some of its competitors would call their "government cloud." With Assured Workloads for Government, Google Cloud ensures that government agencies and their contractors can ensure that all data stays in its U.S. regions. Government agencies can also limit access to Google Cloud support personnel based on their citizenship, background check and geography.
(Bloomberg) -- Google is in advanced talks to buy a $4 billion stake in Indian billionaire Mukesh Ambani’s technology venture, people familiar with the matter said, seeking to join rival Facebook Inc. in chasing growth in a promising internet and e-commerce market.The Mountain View, California-based company has been discussing the investment in Jio Platforms Ltd., the digital arm of Ambani’s Reliance Industries Ltd., the people said, asking not to be identified because the information is private. An announcement could come as soon as the next few weeks, according to the people.Jio is at the center of the Indian tycoon’s ambition to transform his energy conglomerate into a homegrown technology behemoth akin to China’s Alibaba Group Holding Ltd. The venture has turned into a magnet for Silicon Valley investors, attracting almost $16 billion from Facebook to KKR & Co. in the past three months.Should the talks with Google result in a deal, that would further burnish Jio’s credentials in its push to upend online retail, content streaming, digital payments, education and health care in a market of more than a billion people.Global technology leaders from Facebook to Intel Corp. are looking for multiple ways to grab a slice of the Indian market, where millions of first-time internet users are added every month. Jio Platforms, which boasts almost 400 million customers through its wireless network, offers the largest base of such users who are increasingly buying consumer goods online and downloading music and video, using cheap smartphones and Jio’s own cut-price data services.Trade war politics have all but eliminated Google’s odds of returning to China. That leaves India as one of the remaining large digital markets where Google’s key business lines, Search and YouTube, have room to grow. It’s also a country where Google has made headway in more nascent efforts, such as payments and health care.Chetan Sharma, a tech industry consultant, said cloud-computing is the main reason Google is investing in Jio. The move would also support Google’s Android smartphone operating system and its mobile payments efforts in the country, he added.Telecom giants are turning to cloud-computing for their next wave of expansion. As a provider, Google has lagged behind competitors in this growing sector, Sharma said. “Google has been more reactive than proactive,” he said. “This gives them a leg in.”Last year, Reliance entered a 10-year deal with Microsoft Corp. for cloud services. The announcement did not describe the partnership as exclusive, and Google’s cloud strategy has centered on offering businesses ways to spend across multiple providers.Read more: Facebook Helps Asia’s Richest Man Shed Dependence on OilAn arm of Qualcomm Inc. is the latest in Jio’s growing list of high-profile investors, which also includes Intel Capital, Silver Lake Partners and Mubadala Investment Co. As of July 12, Reliance had sold 25.2% of Jio, valuing the venture at $65 billion.Google invests widely in companies, through its venture capital units as well as off its own balance sheet. A $4 billion investment would be the largest Google has made in a company outside of the U.S.Here’s a list of confirmed investors in Jio Platforms:Details of the potential deal with Google could change, and negotiations could still be delayed or fall apart, the people said. Reliance’s representatives didn’t immediately respond to requests for comment. A spokeswoman for Google in California declined to comment on Tuesday.The string of investments in Jio has spurred a rally in the shares of parent Reliance. The stock has more than doubled from its March 23 low, rewarding investors who will get to hear Ambani, 63, lay out his road map for the future of the group at the conglomerate’s annual shareholders meeting on Wednesday.The stock surge has also helped Ambani, Asia’s richest man, to break into the exclusive club of the world’s 10 wealthiest people. With a net worth of $72.4 billion, according to the Bloomberg Billionaires Index, the titan has rocketed past Elon Musk, Google co-founders Larry Page and Sergey Brin, as well as legendary investor Warren Buffett in the past few days to become sixth on the list.Just like Facebook, Google is expanding its presence in the Indian market. On Monday, the company said it plans to spend $10 billion over the next five to seven years to help accelerate the adoption of digital technologies in the country. The amount could be put into partnerships and equity investments among others, it said.Sundar Pichai, who was born in the country and is now chief executive officer of Google parent Alphabet Inc., said the coronavirus outbreak has made clear the importance of technology for conducting business and connecting with friends and family.Founded in 1998 in Silicon Valley, Google entered India six years later with offices in Bangalore and Hyderabad. The India business has since grown into one of the company’s most important. The country now has more than 500 million internet users, second only to China, with growth that has proved a lure to a raft of American technology giants.In the last decade, Google has successfully launched several products in India, including an Internet Saathi service to bring women in rural areas online and its Google Pay service.(Updates with Google strategy in sixth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Potentially softening the ground for Google’s pending acquisition of Fitbit, Alphabet pledged late Monday not to use health data from the fitness tracking company to target ads.
Alphabet Inc's <GOOGL.O> Google records what people are doing on hundreds of thousands of mobile apps even when they follow the company's recommended settings for stopping such monitoring, a lawsuit seeking class action status alleged on Tuesday. The data privacy lawsuit is the second filed in as many months against Google by the law firm Boies Schiller Flexner on behalf a handful of individual consumers. The firm's clients also have included Google competitors such as Facebook Inc <FB.O> and Oracle Corp <ORCL.N>.
Google has received a record fine from Belgium's data protection authority (APD) of 600,000 euros for not complying with European rules on a person's "right to be forgotten" online. Google failed to remove links from its search results to articles which APD said were "obsolete" and damaging to the reputation of a person with a public profile in Belgium. Google was "negligent" in deciding not to remove the links, given that the company had evidence that the facts were irrelevant and out of date, APD said.
Microsoft Corp. , Google parent Alphabet Inc. , and Facebook Inc. have joined a lawsuit against the Trump administration over a new rule that would force foreign students to leave the country this fall if their colleges teach through online-only classes. In joining a July 13 lawsuit filed by Harvard University and M.I.T. against the Department of Homeland Security, the tech trio contends the new policy would impact hundreds of thousands of foreign students throughout the U.S. Under the ruling, announced by the U.S. Immigration and Customs Enforcement last week, in-person classes-only would result in many international student visas being revoked.
(Bloomberg Opinion) -- Legendary investor Bill Miller, this week's guest on Masters in Business, is anything but your standard-issue value-stock money manager. He has owned high-flying stocks such as (Google parent) Alphabet and Amazon since their initial public offerings. At one time, he was one of the 100 biggest holders in Bitcoin, personally, buying the cryptocurrency between $200 and $400 (it recently traded at about $9,200). He has not yet sold any.Miller says that “value has led markets out of every recession as far back as the data goes.” That is because value stocks tend to be more cyclical and their returns on capital decline when the economy peaks. Whatever advantage value may have had will be short -ived, as growth will reassert itself. Low nominal growth rates and low inflation are much more challenging for value stocks and make growth stocks look cheap.Miller rebooted his investing philosophy after the 1987 stock-market crash and his fund’s terrible market returns in 1989 and 1990. He began integrating academic research that had showed a benefit of focusing on return on capital through a market cycle. Instead of the using traditional measures embodied in generally accepted account principles, he focused on free cash flow yield, return on invested capital and full-cycle earnings.The result of these changes was the fund he was managing, Legg Mason’s Capital Management Value Trust, soon went on an unprecedented winning streak: after-fees returns beat the S&P 500 Index for 15 consecutive years from 1991 through 2005.Today, his firm, Miller Value Partners, manages more than $2 billion in client assets.A list of his favorite books are here; a transcript of our conversation is here.You can stream and download our full conversation, including the podcast extras on iTunes, Spotify, Overcast, Google, Bloomberg and Stitcher. All of our earlier podcasts on your favorite pod hosts can be found here.Be sure to check out our Masters in Business next week with Martin Franklin of Mariposa Capital. Franklin is credited with successfully reviving the use of special purpose acquisition companies, or so-called blank-check companies, as public vehicles for mergers and acquisitions with closely held companies.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Barry Ritholtz is a Bloomberg Opinion columnist. He is chairman and chief investment officer of Ritholtz Wealth Management, and was previously chief market strategist at Maxim Group. He is the author of “Bailout Nation.”For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Alphabet Inc (NASDAQ: GOOGL) (NASDAQ: GOOG)-owned Google has pledged not to use health data garnered from devices made by Fitbit Inc (NYSE: FIT) for the purposes of serving targeted advertisements in order to secure approval of its acquisition of the fitness tracker company from the European Union.What Happened: Google's purchase of Fitbit for $2.1 billion, announced in November last year, would allow it to compete against rivals Apple Inc (NASDAQ: AAPL) and Samsung Electronics Co Ltd (OTC: SSNLF), as well as Huawei and Xiaomi Corp (OTC: XIACF), according to Reuters."This deal is about devices, not data. We appreciate the opportunity to work with the European Commission on an approach that safeguards consumers' expectations that Fitbit device data won't be used for advertising," Google said in a statement to Reuters. Why It Matters: The EU is scheduled to hold a hearing on the Google-Fitbit deal by July 20. The acquisition has drawn the ire of both competitors and privacy activists concerned about Google's potential to use Fitbit health data to run targeted advertisements.The EU will invite feedback from Google's rivals and users before giving its approval to the deal or demanding more concessions, Reuters reported. The multilateral bloc could open a four-month-long investigation if its concerns persist. GOOG, FIT Price Action: Class A Alphabet shares were down 0.78% at $1,500.41 at last check, while Fitbit shares were trading 2.87% higher at $6.82. Photo courtesy of Fitbit. See more from Benzinga * Google Abandons Plans To Offer Its Cloud Initiative In China * Verizon's Decision To Halt Facebook Advertising Was Not Political, Says CEO(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
It's the latest in a wave of investments by U.S. companies in the telecom and internet provider.
Alphabet's (GOOGL) Google plans to invest $10 billion in India over the next five-seven years.
Axon Capital co-founder Dinakar Singh gave a nod to the president and his handling of the coronavirus pandemic.
The Zacks Analyst Blog Highlights: Alphabet, Merck, Medtronic, Netflix and Anheuser-Busch InBev
Alphabet Inc’s Google (GOOGL) is reportedly in advanced talks to buy a $4 billion stake in Reliance Industries’ digital unit Jio Platforms Ltd. seeking to join rival Facebook Inc. (FB) in the chase for growth in India’s promising internet market.The California-based search giant has been discussing the investment and an announcement could come as soon as the next few weeks, Bloomberg reported. Should the talks with Google succeed and result in a deal, that would further shore up Jio’s credentials in its push to upend online retail, content streaming, digital payments, education and health care in a market of more than a billion people.Jio Platforms, a majority-owned subsidiary of Reliance Industries, is a next-generation technology platform focused on providing affordable digital services across India, and has more than 388 million subscribers.The report comes a day after Google said that it will commit $10 billion for investments into India over the next 5-7 years through a mix of equity investments, partnerships, and operational, infrastructure investments.Google CEO Sundar Pichai said that “low-cost smartphones combined with affordable data, and a world-class telecom infrastructure, have paved the way for new opportunities” in India. In 2004, Google opened its first offices in India in Hyderabad and Bangalore.India’s Jio has in recent months attracted investments from a string of large corporates, including Silverlake and Facebook, who have poured over $15 billion into the tech platform. An investment arm of Qualcomm Inc. (QCOM), the world’s largest mobile chipmaker, this week announced the acquisition of a 0.15% stake in Reliance’s Jio for 7.3 billion rupees ($97.1 million).Shares in Google have fully recovered since dropping to a low in March and are now trading 13% higher than at the start of the year. Indeed following the rally, the stock’s upside potential now looks more limited. The average analyst price target of $1,566.04 indicates shares will advance a modest 3.6% over the coming year. (See Alphabet’s stock analysis on TipRanks)Meanwhile, five-star analyst Brian White at Monness projects some downside potential in the shares amid expectations that Alphabet’s earnings will be depressed in the coming quarters and revenue growth will be well below historical trends due to the impact of the coronavirus pandemic.“For the foreseeable future, we anticipate Alphabet will struggle with weak digital ad spending trends and other headwinds…including uncertainty over the impact of recent ad boycotts and anti-trust investigations,” White wrote in a note to investors. “However, we believe the stock remains inexpensive and represents a core holding as this crisis accelerates the digital transformation trend.”White has a Buy rating on the stock with a $1,420 price target (6.1% downside potential)Overall, the Wall Street rating outlook for Google remains bullish. The Strong Buy analyst consensus boasts 28 Buys versus 1 Hold.Related News: Google To Invest $10 Billion For Digital Push In India Qualcomm Buys Stake In Reliance’s Jio For $97.1M To Support 5G Rollout In India Apple’s Integrated Ecosystem Takes the Cake, Says Top Analyst More recent articles from Smarter Analyst: * Tesla Climbs 6% In Pre-Market, Boosted By ‘Accelerating’ China Projects * Biogen, Eisai Start New Phase 3 Trial For Pre-clinical Alzheimer’s Disease * AMC To Cut Debt By Up To $630M Lifting Shares By 7% In Pre-Market * Microsoft, Samsung To Develop Online Portal For Smart Building Management
(Bloomberg) -- Google released a slate of new cloud-computing products on Tuesday, including an unorthodox approach to securing lucrative public sector deals.That particular service, called Assured Workloads for Governments, is designed to meet government security and compliance requirements with mostly software rather than a specialized data center.U.S. agencies, such as the Defense Department, are shifting billions of dollars in information technology spending to the cloud. But Alphabet Inc.’s Google has largely sat those deals out, as the company lacked key credentials and sales operations, and faced resistance from some of its employees.Yet Google is now intent on competing. The company’s cloud division improved its government security clearance last year and has hired several executives with experience selling to the public sector. The latest feature is the first from the company's cloud service tailored specifically for government buyers.To date, many major government cloud deals involve setting up special data centers to keep sensitive information physically separate from other clients’ data. Google deemed that model unnecessary, said Jeanette Manfra, who joined Google recently from the Department of Homeland Security.“Our approach is to make the entire commercial cloud a secure and protected one that works for the public sector,” Manfra, director of global security and compliance for Google Cloud, said.With Assured Workloads, customers can pick the region of the country where their data is stored and can limit which Google customer support staff they work with, through background checks or based on citizenship, Google said. It is releasing the new service this fall in the U.S. and expects to expand to other markets.Google failed to renew a contract with the Pentagon in 2018 after employee protests. That prompted criticism from U.S. politicians and military officials. Since then, Google has tried to mend ties. The company pursued one option to meet growing public sector security demands with a solution involving physically isolated data centers. The company closed that effort earlier this year, Bloomberg News reported.It’s new solution was announced along with a handful of other security-focused products as part of Google’s Next cloud conference. A continued focus for the third-placed cloud provider is its “multi-cloud” offering that lets customers more easily store data and run applications through a variety of providers.That approach could help it in the public sector, where it’s becoming a more attractive strategy. The Central Intelligence Agency is planning to hire multiple cloud providers in a new program that will give rivals a chance to take on market leader Amazon.com Inc.. In 2018, President Donald Trump’s administration released guidance that urged federal agencies to adopt cloud technology and consider hybrid and multi-cloud models because they “can be effective and efficient.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Shares of 1Life Healthcare (NASDAQ: ONEM) rose more than 14% last week, and the stock is up more than 124% over the past three months after closing at $41.60 on Friday. The membership-based healthcare company, which emphasizes its telemedicine options, is obviously well-positioned to grow in the middle of the COVID-19 pandemic, but is there more behind the stock's rise? San Francisco-based 1Life, which also goes by One Medical, went public Jan. 31 with its shares initially priced at $14, so it has already made a lot of its early investors happy.
As concerns continue over a growing surge of Covid-19 cases, and states tighten lockdown orders, one analyst wrote Monday that Roku is in a strong position to benefit.
Here is what fundamental and technical analysis says about buying Google stock. Digital advertising growth has slowed amid Covid-19. But, Google stock has cloud computing, YouTube going for it.
Yahoo Finance’s Alexis Keenan joins The First Trade with Alexis Christoforous and Brian Sozzi to discuss tech giants including Google, Facebook siding with colleges after the Trump administration ruled international students would have to leave if their colleges go “online only" due to COVID-19.
Alphabet Inc.’s (GOOGL) Google is seeking approval from the European Union (EU) Commission to complete its acquisition of Fitbit by offering to not use the acquired data for ad targeting.In a report by Reuters on July 14, the tech giant has tried to ease concerns from the EU Commission that it will employ data for advertising through its search engine and its other divisions. The EU Commission is planning to gather feedback from Google’s competitors and users before making a decision.In an emailed statement to Reuters, Google assured that the “deal is about devices, not data.” The company added, “We appreciate the opportunity to work with the European Commission on an approach that safeguards consumers’ expectations that Fitbit device data won’t be used for advertising.”In November of last year, Google announced that it was acquiring the popular wearable and device tracking company, Fitbit for an estimated $2.1 billion. The announcement was followed by criticism from privacy-right groups expressing concerns about privacy because the devices house users’ health data.The Center for Digital Democracy, Public Citizen and Consumer Action wrote to the Federal Trade Commission (FTC) on November 19, saying that with the acquisition, “Google already holds a dominant position in the digital marketplace, health data is critical to the future of that marketplace, and the data protection concerns stemming from the acquisition will have far-reaching consequences including a dramatic erosion of consumer privacy.”One month later, the US Department of Justice and the FTC announced that they would be investigating the acquisition.While the merger would add to Google’s portfolio of user information, the amount of health data is comparably small. Fitbit trails behind Apple (AAPL), Xiaomi, Samsung, and Huawei with only 3% of global wearables as of Q1 2020, according to market research firm International Data Corp. Google currently lacks a wearable brand that has reached mainstream recognition and they have not made significant inroads in the consumer health market.On November 1, 2019, Google Senior Vice President of Devices and Services Rick Osterloh said, "Fitbit has been a true pioneer in the industry and has created terrific products, experiences, and a vibrant community of users.” He added, "We're looking forward to working with the incredible talent at Fitbit and bringing together the best hardware, software, and AI, to build wearables to help even more people around the world.”When news of the merger leaked beforehand, Wedbush analyst Michael Pachter said on October 29, that Fitbit made a “fine” acquisition and that it made “imminent sense” to purchase rather than go to the trouble of creating devices and collecting years of data. As of July 14, he maintains a Buy rating and a price target of $1,550 which implies upside potential of 3%. Overall, 28 analysts assign Buy ratings, 1 Hold rating, and no Sell ratings, giving GOOGL a Strong Buy Street consensus. The average analyst price target stands at $1,566.04 suggesting 4% upside potential, with shares already up 13% year-to-date. (See Alphabet Inc.'s stock analysis on TipRanks).Related News: Google Faces Antitrust Investigation From Its Home State, California Google To Invest $10 Billion For Digital Push In India Google Cloud Forges Multi-Year Deal With Renault More recent articles from Smarter Analyst: * Abbott Labs, Edwards Lifesciences Settle Heart Device Patent Disputes * Luckin Coffee Appoints Jinyi Guo As Chairman, CEO After Ousting Founder * Aldeyra Spikes 10% In Pre-Market On New Perceptive Stake * Pepsi Delivers Relatively Strong Q2; RBC Says One Of Top Large-Cap Ideas