Wall Street Breakfast Podcast: Google to Buy Wiz for $23 Billion

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Google’s (GOOG) (GOOGL) Biggest Acquisition: Plans to Buy Cybersecurity Startup Wiz for $23 Billion – Report. (00:29) Trump Media (DJT) Soars 70% as Markets Reopen After Assassination Attempt. (01:39) Smithfield Foods (OTCPK:WHGLY) to List in U.S., Chinese Parent Says. (02:33)

This is an abridged transcript of the podcast.

Alphabet (NASDAQ:GOOG) (NASDAQ:GOOGL) is in advanced talks to buy cybersecurity startup Wiz for about $23 billion.

The Wall Street Journal, citing sources familiar with the matter, reported that a deal could be reached soon, provided negotiations do not fail.

It would be Google’s (GOOG) largest acquisition to date.

Founded in Israel in 2020, Wiz is now based in New York and led by CEO Assaf Rappaport. The cybersecurity startup provides cloud security services with real-time threat detection and response, powered by artificial intelligence.

According to the report, Wiz raised $1 billion earlier this year at a $12 billion valuation and was considering going public. The company has generated $350 million in annual recurring revenue in 2023 and is backed by prominent Silicon Valley venture capitalists.

The Wiz acquisition could boost Google’s (GOOG) cloud computing business, which currently lags behind Amazon (AMZN) Web Services and Microsoft (MSFT).

In March 2022, Google (GOOG) bought cybersecurity company Mandiant for $5.4 billion in an all-cash deal.

Financial markets are reopening after an assassination attempt on Donald Trump at a campaign rally in Pennsylvania on Saturday.

Trump Media & Technology (NASDAQ:DJT), known for its meme-making qualities and ability to keep up with Trump-related developments, is up 63% in premarket trading.

A bullet that grazed the former president’s ear, and which could have had a very different outcome, continues to make headlines, amid calls for unity to bring the country together.

The shooting also came ahead of the Republican National Convention, which runs from today through Thursday. The convention kicks off in Milwaukee, and many analysts are wondering what the latest spate of events might mean for investors.

WH Group (OTCPK:WHGRF) (OTCPK:WHGLY), the Chinese parent company of Smithfield Foods, announced Sunday that it plans to list the pork producer’s U.S. and Mexican operations on the New York Stock Exchange or Nasdaq.

The proposed public offering has been submitted to the Hong Kong Stock Exchange, where WH Group (OTCPK:WHGRF) (OTCPK:WHGLY) is listed.

Smithfield is the largest pork producer in the United States, slaughtering approximately 30 million hogs annually.

In 2013, WH Group (OTCPK:WHGRF) (OTCPK:WHGLY) acquired Smithfield for $4.7 billion, one of the largest acquisitions of a U.S. company by a Chinese company at the time. As a result, Smithfield was delisted from the NYSE.

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Catalyst Watch:

• Broadcom (AVGO) will begin trading on a split-adjusted basis following the company’s 10-for-1 stock split.

• HashiCorp (HCP) shareholders will vote on its pending merger with IBM (IBM). HashiCorp shares were trading about 4.2% below the deal price at press time amid concerns about the regulatory process.

• Robinhood Markets (HOOD) CEO Vlad Tenev will speak at the Fortune Live Media Conference in Park City, Utah, at noon.

Now let’s look at the markets at 6 a.m. Ahead of the opening of trading today, the Dow, S&P and Nasdaq futures are in the green. Crude oil is up 0.3% at $82 a barrel. Bitcoin is up 4% at $62,000.

In global markets, the FTSE 100 fell by 0.08% and the DAX by 0.04%. The Japanese market was closed today for a public holiday.

Top gainers of the day before markets open: Crypto stocks surged Monday after the assassination attempt on U.S. presidential candidate Donald Trump boosted the former president, a self-proclaimed cryptocurrency advocate,’s chances of winning the upcoming election. Bit Digital (NASDAQ:BTBT) jumped 10%, MicroStrategy (NASDAQ:MSTR) climbed 9.4%.

Today’s economic agenda:

• 10:00 a.m. Federal Reserve Chairman Jerome Powell will participate in an interview hosted by the Economic Club of Washington.

• 3:35 p.m. San Francisco Federal Reserve President Mary Daly to Participate in Session “The Bull, the Bear, and the Banker” Ahead of Fortune Brainstorm Tech 2024

Editor’s Note: This article discusses one or more securities that are not traded on a major U.S. exchange. Be aware of the risks associated with these securities.