Alphabet, Google’s parent company, is one of the most profitable and valuable firms globally, and one of the most admired. That admiration, however, does not extend to government regulators. Google is currently facing over 100 investigations worldwide, and in some of its biggest cases this year, it has come out on the losing side. While regulators and Google’s competitors may be celebrating these losses, the real victims will be the consumers and businesses that rely on the services Google provides.

The most recent blow to Alphabet came in Europe, where the EU’s highest court upheld a €2.4 billion fine the European Commission (EC) imposed for Google’s operation of its comparison shopping service, Google Shopping. This is the second-largest fine the EC has ever imposed, trailing only a €4.3 billion fine—also levied on Google.

Read my complete take at AEI.