CNBC’s Jim Cramer on Thursday shared his opinions on two antitrust lawsuits involving tech giants Amazon and Alphabet-owned Google, contending that neither company is a true monopoly.
The Department of Justice filed a suit against Google alleging the company violated anti-monopoly law through agreements with mobile phone and browser manufacturers — namely a multibillion-dollar contract with Apple — so that its search engine would be the default for consumers.
“I’m sure Google and Amazon would love to be actual monopolies, and they may have been real tough competitors, but neither of them has that kind of scale,” Cramer said.
Cramer argued that Google has a powerful contender in Microsoft and its search engine Bing. He added that Apple agreed to the deal with Google because consumers prefer its search engine. Apple executive Eddy Cue made a similar case in his Tuesday testimony.
The Federal Trade Commission filed another antitrust lawsuit against Amazon, alleging the company used “monopoly power” to inflate prices, degrade product quality for consumers and stamp out competition. Again, Cramer emphasized the consumer’s preference for the company.
“Once again, the consumer loves Amazon. That’s why the company has tens of millions of Amazon prime subscribers,” he said. “There are so many other sites and so much commerce done away from Amazon, that it, like Alphabet, may have set out to try to monopolize, but it, too, can’t honestly be called a monopoly.”
Despite the ongoing litigation, Cramer said he thinks both stocks will perform well.
“So, let me be like Deputy U.S. Marshall Sam Girard, when Dr. Richard Kimball says he didn’t kill his wife: ‘I don’t care,’” Cramer said, referencing 1993’s thriller ‘The Fugitive.’ “Forget the motivations; both stocks are buys.”
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