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The European Union’s record $5 billion fine against Google, levied Wednesday morning, marks the biggest regulatory attack yet on technology giants. But investors and analysts largely shrugged off the ruling’s potential to immediately dent Google’s business.

The real damage will hinge on how aggressively the EU cracks down on Google’s lucrative agreements with smartphone-makers and carriers going forward — and how quickly Google rivals like Amazon and Microsoft pounce. Amazon and Samsung Electronics, a Google partner, have already started pushing into web search with their voice-activated products.

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