原文标题： Google stock jumps 8% after search giant avoids worst-case penalties in antitrust case 原文连结：https://tinyurl.com/3zkfjtee 发布时间：Published Tue, Sep 2 2025 4:23 PM EDT 记者署名：Jennifer Elias 原文内容： Alphabet shares popped 8% in extended trading as investors celebrated what they viewed as minimal consequences from a historic defeat last year in the landmark antitrust case. Alphabet 股价在盘後交易中大涨 8%，投资人认为去年具有历史意义的反垄断败诉案，如 今带来的後果相对有限，因此庆祝。 Last year, Google was found to hold an illegal monopoly in its core market of internet search. 去年，法院认定 Google 在其核心业务——网路搜寻市场中，持有非法垄断地位。 U.S. District Judge Amit Mehta ruled against the most severe consequences that were proposed by the Department of Justice, including the forced sale of Google’s Chrome browser, which provides data that helps its advertising business deliver targeted ads. 美国地方法院法官 Amit Mehta 驳回了司法部所提出的最严厉惩罚，包括强制出售 Google 的 Chrome 浏览器（该浏览器提供资料，帮助其广告业务投放精准广告）。 “Google will not be required to divest Chrome; nor will the court include a contingent divestiture of the Android operating system in the final judgment, ” the decision stated. “Plaintiffs overreached in seeking forced divestiture of these key assets, which Google did not use to effect any illegal restraints.” 裁决中写道：「Google 无需剥离 Chrome；法院也不会在最终判决中纳入 Android 作业 系统的有条件剥离。原告要求强制剥离这些关键资产，属於过度主张，因为 Google 并未 用这些资产进行任何非法限制。」 Mehta, who oversaw the remedies trial in May, ordered the parties to meet by Sept. 10 for the final judgment. Mehta 法官在 5 月主持了补救措施审理，他命令各方在 9 月 10 日前会面，以确定最终 判决。 In August 2024, the U.S. District Court for the District of Columbia ruled that Google violated Section 2 of the Sherman Act and held a monopoly in search and related advertising. 2024 年 8 月，美国哥伦比亚特区地方法院裁定 Google 违反《谢尔曼法》第 2 条，并 在搜寻及相关广告市场中持有垄断地位。 The antitrust trial started in September 2023. 这起反垄断审判始於 2023 年 9 月。 “Now the Court has imposed limits on how we distribute Google services, and will require us to share Search data with rivals,” Google said in a blog post . “We have concerns about how these requirements will impact our users and their privacy, and we’re reviewing the decision closely. The Court did recognize that divesting Chrome and Android would have gone beyond the case’s focus on search distribution, and would have harmed consumers and our partners.” Google 在一篇部落格文章中表示：「现在法院对我们如何分发 Google 服务设定了限制 ，并要求我们与竞争对手共享搜寻数据。我们担心这些要求会影响用户及其隐私，我们正 在仔细审查这一决定。法院也认识到，强制剥离 Chrome 和 Android 超出了案件本身对 搜寻分发的焦点，并且会伤害消费者与我们的合作夥伴。」 One of the key areas of focus was the exclusive contracts Google held for distribution. 案件的关键之一是 Google 用於分发服务的「独家合约」。 In his decision Tuesday, Mehta said the company can make payments to preload products, but it cannot have exclusive contracts that condition payments or licensing. Mehta 在周二的裁决中指出，公司可以支付费用以预载产品，但不能签订附带付款或授权 条件的独家合约。 The DOJ had asked Google to stop the practice of “compelled syndication,” which refers to the practice of making certain deals with companies to ensure its search engine remains the default choice in browsers and smartphones. 司法部曾要求 Google 停止所谓的「强制联合分销」做法，这指的是透过某些协议来确保 Google 搜寻引擎在浏览器和智慧手机中保持预设选项。 “The court’s ruling today recognizes the need for remedies that will pry open the market for general search services, which has been frozen in place for over a decade,” the DOJ said in a press release. “The ruling also recognizes the need to prevent Google from using the same anticompetitive tactics for its GenAI products as it used to monopolize the search market, and the remedies will reach GenAI technologies and companies.” 司法部在新闻稿中表示：「今天的裁决认识到需要采取补救措施来打开已被冻结十多年的 通用搜寻服务市场。裁决还认识到需要防止 Google 将过去用来垄断搜寻市场的反竞争手 法，套用到其生成式 AI（GenAI）产品中，因此补救措施也将涵盖 GenAI 技术和公司。 」 Google pays Apple billions of dollars per year to be the default search engine on iPhones. It’s lucrative for Apple and a valuable way for Google to get more search volume and users. Google 每年支付 Apple 数十亿美元，以成为 iPhone 的预设搜寻引擎。这对 Apple 非 常有利，同时也是 Google 获取更多搜寻量和用户的宝贵方式。 Apple stock rose 4% on Tuesday after hours. Apple 股价在周二盘後上涨 4%。 “Google will not be barred from making payments or offering other consideration to distribution partners for preloading or placement of Google Search, Chrome, or its GenAI products. Cutting off payments from Google almost certainly will impose substantial—in some cases, crippling—downstream harms to distribution partners, related markets, and consumers, which counsels against a broad payment ban.” 「Google 不会被禁止向分销合作夥伴支付费用或提供其他补偿，以便预载或放置 Google 搜寻、Chrome 或其 GenAI 产品。若切断 Google 的付款，几乎肯定会对分销合作夥伴 、相关市场和消费者造成严重——甚至是致命——的下游伤害，因此不宜全面禁止付款。 」 Google was also ordered to loosen its hold on search data. Google 也被要求放松对搜寻数据的控制。 During the remedies trial in May, the DOJ asked the judge to force Google to share the data it uses for generating search results, such as data about what users click on. 在 5 月的补救措施审理中，司法部要求法官强制 Google 分享其用於生成搜寻结果的数 据，例如用户点击纪录。 Mehta ruled Tuesday that Google will have to make available certain search index data and user interaction data, though “not ads data.” Mehta 在周二裁定，Google 必须提供部分搜寻索引数据和用户互动数据，但「不包括广 告数据」。 Google does not have to share or provide access to granular data with advertisers. Google 不必与广告商分享或提供细化数据的存取权限。 The court narrowed the datasets Google will be required to share and said they must occur on “ordinary commercial terms that are consistent with Google’s current syndication services.” 法院缩小了 Google 必须共享的数据范围，并要求其以「符合 Google 现行联合分销服务 的正常商业条款」进行。 心得/评论： 避免最严重的资产剥离 司法部原本希望强制 Google 出售 Chrome 浏览器与 Android 系统，这会动摇 Google 的整个生态基础。 法院最终认为这超出案件范围，因此没有采纳，这让 Alphabet 避免了「生态系核心被拆 解」的最坏情境。 法院考量消费者与产业影响 法院指出，若禁止 Google 付钱给 Apple 或其他合作夥伴，将对下游造成严重冲击（ Apple 收益、手机厂商、浏览器厂商、甚至消费者都会受害）。 这意味着 Google 的商业模式（付费换流量）基本保留，仅需修正「独家」的部分。 限制范围缩小 Google 虽然必须分享部分搜寻数据，但 不包含广告数据（Google 的核心获利来源）。 而且法院要求分享数据要依照「正常商业条款」，这给了 Google 谈判空间，避免了被迫 无偿输出关键资源。 裁决兼顾 GenAI，但力度有限 DOJ 希望避免 Google 在 生成式 AI 领域复制垄断手法，法院同意将补救措施延伸至 GenAI。 不过裁决没有阻止 Google 投资或发展 GenAI，只是限制它利用「独家合约」与「搜寻数 据优势」继续锁死市场。 市场信心恢复 投资人原本担心 Google 会面临结构性拆分，但结果只是「有限度的监管与开放」，属於 可承受的成本。 这就是为什麽 Alphabet 股价大涨 8%，Apple 也跟着受益上涨 4%。 --

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