Alphabet and Apple Shares Surge on Google Antitrust Case Ruling 9/3/25

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Carl Quintanilla (1:01)

Market Moving Insight and Analysis join Jim Cramer, David Faber, and me, Carl Quintanilla on the opening bell hour of CNBC Squawk on the Street.

Good Wednesday morning, welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer at Post 9 of the New York Stock Exchange. David Faber has the morning off. After that rough start to September, stocks gonna get supported today by MegaCap Tech as Alphabet's up 7% on that antitrust decision. Waller's on the tape, 10-year 428 Our roadmap begins with Alphabet. Shares rallying in some early trade after Google avoids a breakup in that antitrust case. Apple also getting a pop. The Treasury Secretary reportedly set to begin interviewing candidates for the next Fed Chair. As soon as this week, and lots of retail and consumer related earnings out today. Macy's shares up sharply right now. Let's begin though with Alphabet. Up sharply in the pre-market, a federal judge ruled that Google does not have to sell Chrome or its Android operating system. He also says the company's barred from making exclusive deals, but can continue making payments to Apple and others for default browser placement. Judge adds Google must share data with rivals to remedy the company's online search monopoly. And Jim, a lot of takes this morning on what this means after being found guilty of monopolistic behavior.

Jim Cramer (2:21)

Well, look, I have to appreciate the judge. He does a very, very good job, but the key pages are 36, 37, 38, which he says, okay, I made my decision, and then suddenly there's Anthropic, DeepSeek, Meta, Microsoft, OpenAI, and Perplexity. And they didn't really exist when this thing, oh, XAI, but it didn't really exist. And suddenly, like, it was overrun by events. Now, that is a judge who had to be flexible because the case was brought before these companies meant anything. While he was looking at it, he thought they were monopolists, and then this stuff all comes out. So the case just, the actual events happened so quickly. It's something Jensen Wong, the CEO of NVIDIA, predicted, which is that this thing is going to take over. And that's what happened. So why break up Alphabet? That would be ridiculous, given the fact that Alphabet is no longer going to do as well. That was their point. Now, he said, look, we're looking at what's going to happen, and what's going to happen is very different. As far as what I've been saying when it comes to letter X or Twitter, there's just great, on page 122, there's this great thing. It says, why is Google still allowed to pay? It says, it is really, it's like Karen Dunn, who was the lawyer for Google once. She's no longer at Paul Weiss, that's a shame, but she was so smart. I have one point I had to tell. Will you stop being so fast? Like I went to law school, I don't know anything you're saying. Said that Google would continue to receive a disproportionate volume of search queries for a fraction of the cost if they didn't have to pay so they would be even a bigger monopolist. That's something that the judge came up with. I did not read this in the briefs, so Google's profits would increase. Not paying Apple alone would result in a windfall worth tens of billions of dollars. So he was more pro Apple than Apple was.

So I just think this is just, you got a judge who frankly is so far ahead of his time that this reminds me, it's a little bit, Microsoft when Joel Klein was going after them in 2000, had a vision of what could happen, but he kind of stuck with the vision. Where is here, because he felt, you didn't see, it kind of felt, listen, Microsoft is monopolist no matter what, and the judge disagreed. Here, the judge thought they were monopolist no matter what, and then they changed their mind. So I really have to hand it to the judge that I think that Apple's up 3.5, but Apple was down badly yesterday. I think Apple should be up 5, and I think that Alphabet should be up 6