Google’s $32B Wiz acquisition raises questions on strategy, AI competition, and cloud dominance as investors react skeptically to the record deal.

On Tuesday, the search giant announced that it acquired the cloud security startup Wiz for $32 billion. It’s a major bet that Wiz can help beef up Google’s cloud business, which makes far less money than the offerings built by its biggest rivals.

The fact a $32 billion acquisition agreement between Google and Wiz was reached speaks to major changes that have occurred in the market around the competitive landscape, the regulatory environment, the macroeconomic environment,