Google (GOOGL.US) may be broken up, according to Wall Street analysts.

We learned that Google's parent company Alphabet (GOOGL.US) fell in value on Wednesday. The tech giant is facing a potential breakup after the US Department of Justice won a landmark antitrust case against the company last week, which involved its search monopoly and contracts that force partners to use Google as their default search engine, the biggest such competition case in two decades. The company is also facing another antitrust case that is set to begin in September, which involves its advertising technology. Analysts, however, said they doubted a breakup would happen soon, if at all.

Wedbush noted that a breakup of Google could be “a long haul”, as the company could easily appeal any rulings, which could take a long time to resolve in court. Dan Ives, an analyst at the firm, wrote: “Over the past few years, with the AI revolution, the power of the large tech companies has grown. While the European Commission has been chasing large tech companies for the past 10 years, it has only achieved some small victories, but the big worry on Wall Street is that the US Department of Justice has finally gained some traction in the power struggle with large tech companies. Last week’s victory was a big win for the US Department of Justice, and Apple (AAPL.US), Amazon (AMZN.US), and Meta (META.US) will now be in the spotlight. We still believe that a breakup of the large tech companies is highly unlikely in the future, although a shift in business models and more scrutiny of mergers will be top and core issues.”

Wedbush said that the antitrust action by the US Department of Justice could take “a few quarters or even years” to resolve, and that it did not expect any near-term impact on Google’s business.

BMO analysts looked at the 1998 Microsoft (MSFT.US) antitrust case, in which the software giant was accused of monopolistic behaviour and the agency noted that it took six years from the filing of the lawsuit to the approval of the settlement. Analyst Brian Pitz wrote: “The outcome is uncertain, but we believe these two events happening at the same time could weigh on Google’s stock price in the near term. We still believe Google is the leader in the mid- to long-term in the AI space, although we acknowledge the recent trial risk is significant.”

BMO has grown increasingly cautious on Google’s stock in recent weeks, but it still maintains a “run rate” rating.