Alphabet's stock fell 0.7 % in premarket activity on Wednesday after the European Union's top court rejected its appeal of a $2.8 billion antitrust penalties imposed by the European Commission.

The European Court of Justice upheld the European Commission's 2017 finding that Alphabet's Google business discriminated against third-party advertisers in the way it displayed retail search results. It is one of three EU antitrust judgments that have resulted in fines totaling more than 8 billion euros ($9.2 billion) so far. The other two verdicts impacted its Adsense business and its domination of the Android mobile operating system.

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In reaction to the verdict, Alphabet has already operationally separated its Google Shopping division from its primary search company.

Alphabet became the third firm in history, behind Apple and Microsoft, to attain a market value of $2 trillion earlier this week, having increased 67 % since the beginning of the year thanks to a thriving advertising industry.

It was the only one of the Big Tech megacaps whose third-quarter earnings were received positively, with revenue and earnings exceeding expectations by a wide margin, as its core advertising business proved relatively immune to the privacy changes on Apple's operating system that hurt other ad-based platforms.