Earlier today, a U.S. federal court ruled Google can keep making payments to be the default search engine in Apple's Safari browser.

Wall Street

Google's stock experienced an 8.3% increase in after-hours trading, reaching an all-time high following a favorable legal ruling. The decision allows Google to continue its current business practices, particularly regarding its dominance in search and its payments to third parties, such as Apple. 

Analysts highlighted that the outcome removed significant uncertainty for Google's stock, with some suggesting the company now deserves a higher market valuation. The discussion also touched on Google's strong market share in search and advertising, as well as the ongoing impact of artificial intelligence on its business. Apple's stock also benefited from the ruling, reflecting the interconnectedness of their business arrangements.

How to play Google as stock hits all-time high in overtime

All right. So the stock is up 8.3% after hours here. All-time high it would be if we were in regular trade. Guy, what do you think? Can't do the counterfactual, but I will attempt. I mean, you can make an argument, Tim and Karen have said this, that if they had broken up Google, the stock would have probably gone higher. So maybe it's a certainty of some sort of outcome that's getting this relief rally. So you want to play stock market. 214, I think, was a prior high. Maybe it back and fills back to that level. But it deserves at least a market multiple, Google. So you throw $11 at market multiple. This is a stock that should be trading between 240 and 250. Then if you want to give it a premium multiple, you can see where it goes. But I think this allows it to sort of get that valuation it deserves. You know, it's funny. I'm hard-pressed to see how much better it gets from here. They have, what, 90% of search queries. OK, they already have that. It was never going to get better than that. They have 70% of search ad revenue, right? You can see how this company is deemed to be a monopoly. That was the ruling. Now we're at the remedy part. I think Jonathan kind of laid that out. And so when I think about this business and I think about how many platforms this company has, over a billion users, I mean, think about it. They have, like, between 1 and 1.5 billion iOS users that they basically have a lock on that search, at least on the iPhone devices. They also have 3 billion on Android, which they own. So think about that. They have half the population of this planet already on devices that they control search for. So when you look at the stock opening up like this or trading up where it is right now, you have to say to yourself, how is this going to meaningfully add to their earnings? Now, you're going to say to me, Karen, well, it trades at 20 times next year expected earnings growth of, let's say, 7% or 8%. I say to myself, I mean, I'm not like, this is amazing for them. There was so many worst case scenarios that could have happened. But I think 8%, 10% on the stock seems kind of odd to me. So there were two things really weighing on the stock. One was this. What would be the outcome? What are the remedies? So this appears to be a pretty good outcome for them. The other was, has AI and all the changes that you talked about, has that made the search business less of a lock for Google? How much will they seed share? We don't know yet the answer to that. The answer to the first part, I think, to get to 220, I don't know, 8, 7, wherever it is right now, isn't a giant stretch as Guy talked about. It's only another point-ish and a half of multiple. So I think there's probably still room there. It's interesting to me that does, so what does this Apple payment part do now? Good for them. Good for Apple. Great for Apple. Apple's up a lot. What does that do to their discussions with perplexity, which I don't know if they've done or not. Is it less relevant? The push for them to acquire anything. Would seem less relevant, right? So that's sort of interesting. I don't, at 228, if I owned none, I probably would buy some. Okay. I think, you know, could it trade down? Phil, yes, it could. But I think that this is significant. Well, again, Apple's trading 238, 239 in the after hours after closing at 229. This is also being imputed upon Apple and their legacy business. But again, at least the ruling was very clear that these legacy payments to third party at least are allowed to continue. I just think it's fascinating. If we went back over time over the last six months and, you know, all of the headwinds against Google seemingly were all about their inability to win in the new age of AI. It was less about, was anybody really talking about this case? I mean, they were and they weren't. Now we're up 8% in the after hours because they're allowed to continue in the same business that we all were saying was not a great business and was going to lose out to AI. I think you've got your answer here and I think it's undervalued and I think it's going higher. Thank you.

The U.S. military struck a drug-carrying boat hailing from Venezuela, Secretary of State Marco Rubio said, as tensions spike between the Trump administration and the Venezuelan government. Charlie D'Agata has more.

Caracas

U.S. military strikes drug-carrying boat from Venezuela, Rubio says

Tens of thousands of reservists began to report for duty on Tuesday for a new Israeli offensive to seize Gaza City, which Prime Minister Benjamin Netanyahu wants to accelerate despite warnings from senior ranks.

Tel Aviv-Yafo

Middle East Conflict

Israel calls up reservists as military chief clashes with ministers

The House Oversight Committee on Tuesday released over 33,000 pages of documents related to sex offender Jeffrey Epstein.

Washington

33,000 pages of Jeffrey Epstein documents released by House panel

Belgium joins the ranks of Australia, France, Canada and the UK, all who have pledged to recognize a Palestinian state at the UNGA next week in a bid to ramp up pressure on the Israeli government to end the war in Gaza.

Brussels

Belgium to recognize Palestine at the UN General Assembly

A powerful 6.0 magnitude earthquake in eastern Afghanistan killed at least 1,400 people, according to the Afghan Red Crescent Society. Thousands more were  injured.

Kunar

At least 1,400 killed in powerful Afghanistan earthquake

The death toll from Afghanistan's worst earthquake in years jumped to over 1,100 with thousands more injured, as difficult terrain hindered rescue efforts in isolated villages of the country's mountainous eastern region.

Taliban appeals for aid after quake kills over 1100 in Afghanistan

The leaders of Russia, China and India showcased a renewed commitment to co-operation on the second day of the Shanghai Cooperation Organization summit. Analysts says the friendliness is designed to project an unified alternative to the West.

Tianjin

Russia, China, India tout renewed co-operation

A plane carrying European Commission President Ursula von der Leyen was disrupted by jamming that authorities suspect was the result of Russian interference in Bulgaria.

Plovdiv

Von der Leyen's plane affected by alleged Russian GPS jamming

The world's leading genocide scholars' association has passed a resolution saying that the legal criteria have been met to establish Israel is committing genocide in Gaza, its president said on Monday (September 1).

Jerusalem

Israel committing genocide in Gaza, scholars' association says

Chinese President Xi Jinping and Russian President Vladimir Putin outlined a new global security and economic order at a regional summit on Monday (September 1), as India and Russia continued to express strong ties between their nations.

China's Xi, Russia's Putin share vision for new global order

A devastating 6.0 magnitude earthquake struck eastern Afghanistan late Sunday, killing more than 800 people and injuring hundreds more, officials said. CBS News senior foreign correspondent Holly Williams reports.

Kabul

Powerful earthquake in Afghanistan kills hundreds, destroys villages

Iran-backed Houthis raided offices of the United Nations’ food, health and children's agencies in Yemen’s capital, detaining several UN employees, officials said. The rebels tightened security across Sanaa following the Israeli killing of their prime minister and several Cabinet members.

Sana'a

Houthis raid UN offices in Yemen, detain 11 employees

A large buildup of U.S. naval forces in and around the Southern Caribbean has officials in Caracas and experts in the United States asking: is the move aimed at combating drug cartels, as the Trump administration has suggested, or is it for something else entirely?

U.S. builds up forces in Caribbean as officials, experts concerned

Officials from the Trump administration spent the weekend pushing back against a U.S. appeals court ruling that most tariffs against Canada were illegal. Economic adviser Peter Navarro called the decision politically motivated.

Global Tariffs

Trump officials push back after court rules tariffs illegal

Israel's security cabinet is considering a plan to seize Gaza City with attacks ramping up over the weekend. The Israeli military has now ended a temporary pause of military action around aid delivery locations ahead of an expected 'full-scale assault'.

Israel intensifying attacks ahead of planned seizure of Gaza City

Illinois Gov. JB Pritzker says he's making every effort to stop President Trump from using the military to "invade states." But the White House claims the National Guard is needed to stop violent crime in Chicago.

Chicago

Trump threatens to send military to Chicago over crime

A young boy who had wandered away from his parents ended up on a closed monorail at Hersheypark in Pennsylvania this weekend. A bystander helped rescue the boy as a gathering crowd cheered. It's not clear how he made his way onto the monorail.

Hershey

Boy rescued from monorail track at Pennsylvania amusement park

A flotilla of boats carrying humanitarian aid for Palestinians in Gaza, has set sail from Barcelona. On board are organisers from 44 countries, who say they're trying to break Israel's siege on the Strip.

Barcelona

Greta Thunberg onboard second aid flotilla heading for Gaza Strip

Indian Prime Minister Narendra Modi said New Delhi was committed to improving ties with China in a key meeting with President Xi Jinping, as the two leaders discussed the need to expand trade and investment ties against the backdrop of U.S. tariffs.

Beijing

Modi meets with Xi, vows to improve China ties

Pakistan's eastern Punjab province is facing one of the worst flood emergencies in recent history. Authorities say raging waters have affected the lives of more than 2 million people.

Punjab

Pakistan's Punjab province battered by historic flood

China’s Xi Jinping has welcomed Russia’s Vladimir Putin, India’s Narendra Modi and leaders from around 20 countries to the Shanghai Cooperation Organisation summit, a high-security gathering aimed at boosting Beijing’s influence and promoting "a multipolar world order."

Xi aims to show global south unity with Modi and Putin

Russia's Vladimir Putin is among a dozen leaders attending the regional security summit, which comes at a crunch moment in talks over his war on Ukraine, and for a summit that's demonstrating a strong show of unity among Global South leaders.

Putin arrives in China for key regional security summit

Chicago Mayor Brandon Johnson detailed his plan Saturday to resist President Trump's threatened immigration crackdown in his city. CBS News has learned the Trump administration plans to intensify immigration enforcement in the city as early as next week.

Chicago mayor pushes back on Trump's immigration crackdown

Russian strikes shook the Zaporizhzhia region in southern Ukraine overnight Friday, hitting a five-story apartment building, killing at least one person and injuring dozens more.

Zaporizhzhia

Russia continues assault on Ukrainian cities

For the first time since this week's deadly mass shooting at a Minneapolis church, which killed two young students and wounded more than a dozen people, a devastated community gathered Saturday at the site to attend Mass.

Minneapolis

Mass held at site of Minneapolis church shooting

The United States says it will not allow Palestinian Authority President Mahmoud Abbas to travel to New York next month for a United Nations gathering of world leaders, where several U.S. allies are set to recognise Palestine as a state.

New York

U.S bars Palestinian leadership from attending UN

The Department of Homeland Security is preparing for an immigration crackdown in Chicago as early as next week, sources told CBS News. Illinois Gov. JB Pritzker blasted the Trump administration's plans.

Chicago immigration crackdown could happen next week, sources say

The Israeli military on Friday declared Gaza City a “dangerous combat zone” before a new offensive in the Palestinian enclave's largest city. Israel is moving forward with plans to seize Gaza City despite growing international pressure to end the nearly two-year conflict.

Israel declares Gaza City a 'dangerous combat zone'

Palestinian Authority President Mahmoud Abbas has been blocked from attending the UN General Assembly in New York next month. That's as U.S. Secretary of State Marco Rubio has cancelled visas for the Palestinian delegation.

Breakdown