Nutanix stock falls on report Google muscling in on hyperconvergence market
Nutanix Inc. NTNX, -8.51% shares fell Monday following a report that Alphabet Inc.’s GOOG, -0.77%GOOGL, -0.78% Google Cloud Platform is looking to offer a competing service that would consolidate cloud-storage and computing systems. Nutanix shares dropped 7.8% to $48.44 in recent activity. On Monday, The Information reported that Google is planning to build custom-designed computers for customers that would combine server, storage and networking functions in a private data center. Nutanix, which went public in 2017, is a leader in hyperconvergence, which essentially combines computer storage and servers in a hybrid-cloud product, allowing businesses to access on-site computing power as well as public-cloud assets.
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