Alphabet makes largest acquisition ever in bid to crush competitors

Loren Torres brings you the biggest news of the day, including why Forever 21 is closing all U.S. locations.

Transcript

00:00Google parent Alphabet just made its largest acquisition ever.

00:03The company has agreed to buy cybersecurity firm Wiz for $32 billion.

00:08Alphabet will now own Wiz's AI-powered cybersecurity software for cloud computing.

00:13The move bolsters Alphabet's ability to compete with the likes of Microsoft and Amazon in

00:17the cloud computing space.

00:19Alphabet had previously been close to acquiring Wiz for $23 billion in the summer of 2024,

00:24but the deal fell apart over regulatory concerns.

00:27The acquisition is expected to close in 2026.

00:30Of the new deal, Wiz CEO Asaf Rappaport said,

00:33Becoming part of Google Cloud is effectively strapping a rocket to our backs.

00:37It will accelerate our rate of innovation faster than what we could achieve as a standalone

00:41company.

00:42That'll do it for your daily briefing.

00:43From New York City, I'm Lauren Torres with The Street.