Ray Wang, analyst and CEO of Constellation Research, recently shared his thoughts on the ongoing antitrust case against Google's parent Alphabet Inc. (NASDAQ:GOOGL) (NASDAQ:GOOG).

What Happened: On Wednesday, Wang discussed the market's anticipation of Alphabet's appeal against the Department of Justice's (DOJ) antitrust ruling during CNBC's "Squawk Box."

He said, "I think the market is waiting to see if they are going to win on this appeal...but the conversations about remedies, about breakups, about proposals as to what type of deals are in place, I think that's what people are going to spend time on."

Wang further commented on the potential implications of the case, particularly regarding Alphabet's exclusive deals with companies like Apple. He suggested that the market is curious to see if Alphabet has indeed violated Section 2 of the Sherman Antitrust Act.

"But the reality is, consumers aren't going to search on Bing over Apple. So there may be a mechanism that says, 'hey if you decide to choose Bing or DuckDuckGo, here's what you pay out and create a menu of options instead of an exclusive arrangement,'" Wang added.

Why It Matters: The DOJ's recent antitrust victory over Alphabet has sparked discussions about the potential breakup of major tech companies. However, Wedbush's Dan Ives believes that such a breakup is "highly unlikely."

Despite this, the possibility of Alphabet's breakup or restructuring has been a topic of interest among analysts, investors, and experts. Some, like Deepwater Asset Management's managing partner Gene Munster, argue that a breakup could unlock substantial value for the company.

Price Action: Alphabet's stock closed at $160.42, a slight increase from the previous close of $160.37.

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This story was generated using Benzinga Neuro and edited by Pooja Rajkumari