Platform And Regulatory Fallout

13%its chance, of the story’s futures

−0.2%on the S&P 500, if it happens

The earnings miss reopens questions about Google’s search distribution deals, advertiser transparency, and regulatory remedies. The most important risk is not immediate macro contagion, but whether Apple, regulators, or large advertisers use Alphabet’s weakness to renegotiate terms.

What it moves

Technology−0.3%

Sectors in percent; other series by direction only.

Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.

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