Core Viewpoint - The article discusses the ongoing antitrust case against Google in the digital advertising market, highlighting the potential for a landmark ruling that could lead to the forced breakup of the tech giant's advertising business [1][2]. Group 1: Antitrust Case Developments - The U.S. Department of Justice (DOJ) and Google recently concluded a three-hour hearing regarding remedies for Google's alleged monopoly in the digital advertising market [1]. - Federal Judge Leonie Brinkema is expected to make a final ruling next year on whether Google should be split up, which could set a precedent for breaking up tech giants in the internet era [1][2]. - The DOJ is advocating for the divestiture of Google's core advertising trading platform and the public disclosure of certain advertising tool source codes [1]. Group 2: Google's Response and Legal Arguments - Google is willing to open more auction data and make some business model adjustments to facilitate competition but firmly opposes asset divestiture, arguing that the government's demands are extreme and lack sufficient legal precedent [1][2]. - Judge Brinkema raised concerns about the potential delays in the divestiture process, noting that Google would likely appeal any breakup decision, which could prolong the timeline and alter the competitive landscape [2]. Group 3: Timeline and Industry Implications - DOJ attorney Matthew Hooper stated that the sale of Google's advertising trading platform could be completed within two years, which he believes would not hinder the restoration of competition [2]. - In contrast, Google's chief litigation attorney, Karen Dunn, argued that the timeline proposed by the DOJ is overly optimistic, citing the complexities of data and technology migration [2]. - The article notes that Google recently avoided divestiture in a separate antitrust case related to online search, where only limited data sharing and business adjustments were mandated [2].

裁决公布后，资本市场的反应看似波澜不惊，谷歌股价仅微跌 1.4%，部分法律专家据此判断，此次裁 决短期内不会对谷歌财务状况造成实质性冲击。然而，若将视角拉长，谷歌正被日益沉重的业务分拆压 力所笼罩。目前，谷歌已深陷两项严苛诉求之中：美国司法部门此前就曾要求其剥离 Chrome 浏览器， 试图打破其在在线搜索领域的长期垄断地位；此次裁决后，司法部更是直指核心，要求谷歌至少出售谷 歌广告管理业务。回溯至去年 9 月，市场便曾传出消息，面对欧洲反垄断监管的高压态势，谷歌一度考 虑出售广告交易平台，如今，这一设想正从 "可能" 逐渐走向 "必然"。 这场裁决的冲击波，早已超越谷歌个体的范畴，在美国科技行业掀起强烈震动。Running Point Capital 首席投资官迈克尔?阿什利?舒尔曼（Michael Ashley Schulman）敏锐指出，该裁决堪称谷歌乃至整个美 国科技行业发展历程中的 "重大转折点"，充分展现出美国法院在反垄断案件中，坚决采取 "积极的结构 性补救措施" 的决心。这一监管风向的转变，无疑将大幅推高主要科技股的监管风险溢价。首当其冲的 便是亚马逊和 Meta 这类构建起集成生态系统的公司 ...