Peloton Stock Drops Despite Partnering With Google on Fitness

Peloton Interactive and Google announced a partnership for Fitbit, a fitness smartwatch—but the agreement has helped Peloton stock, which was falling on Wednesday. Alphabet’s Google unit hosted its Made by Google event on Tuesday, where it shared a handful of announcements on product updates, like the addition of a Gemini assistant—a generative-artificial-intelligence chatbot—to smartphones, and the coming launch of the Pixel Watch 3. During the event, Google said that Fitbit Premium users will have access to a library of video workout classes from Peloton.