Apple, Google owe whopping tax bills due to EU's crackdown on Big Tech

The large tax bill and ongoing regulatory scrutiny could weigh on Apple's earnings as they need to set aside capital for this payment. This may impact their stock performance in the short term, particularly if investor sentiment shifts due to concerns over regulation.

Google's substantial fine may also lead to increased operational costs and affect profitability in the near term. The competitive landscape in Europe is becoming more stringent, which can have longer-term implications for growth depending on how they adapt to this environment.