Alphabet's stock price fell even after Google's $32 billion acquisition deal of Wiz. It's now down 16% this year.

The all-cash deal is set to boost Alphabet’s profile in the cloud computing market, a space currently led by Amazon and Microsoft.

Google has agreed to buy Wiz, a fast-growing cybersecurity startup, for $32 billion in the company’s biggest push to strengthen its cloud-computing business and expand beyond the search engine and consumer internet services that made it a household name.