It was a bloodbath for U.S. stocks on Thursday, Oct. 4, and among the biggest losers were the markets biggest gainers over the past several years. Facebook (NASDAQ:FB), Amazon (NASDAQ:AMZN), Netflix (NASDAQ:NFLX), Google (NASDAQ:GOOG), Nvidia (NASDAQ:NVDA

), and Apple (NASDAQ:AAPL) were all big losers on Thursday. GOOG stock won’t stay down, though.

Broadly speaking, this is a big tech dip that should be bought. The fundamentals underlying big tech stocks remain strong, and the valuations remain largely reasonable. Therefore, these stocks should remain in up-trends, and big dips should be viewed as buying opportunities. This is particularly true for one stock: GOOG.

GOOG dropped a few percentage points on Thursday after it was reported that the internet search giant once again finds itself in the cross-hairs of potential regulation. Specifically, the New York Post reported that the U.S. Department of Justice’s antitrust chief Makan Delrahim told senators that “the feds could investigate Google’s use of the Android mobile operating system”.

Investors don’t like the threat of regulation. So, in response to the news, they sold Google stock.

This is a dip worth buying. Prior antitrust investigations regarding Google have led to zero action. The same will be true this time around. Meanwhile, the fundamentals supporting Google stock remain strong, while the stock is dropping to a critical support level.

If GOOG drops to that level on this news, this stock will become a must-buy.

Antitrust Concerns Are Overstated

Google dominates the global internet search market. Many estimates put its global share ex China at over 90%.

With such dominance comes large anti-competitive scrutiny. As such, Google has found itself under the regulation microscope for several years now. During this stretch, Google has been fined multiple times. Yet, none of these fines have damaged the company’s long-term fundamentals or changed anything about the fact that Google still dominates internet search.

Importantly, none of them have derailed Google stock. For example, Google was hit with a $2.7 billion EU fine in June 2017. GOOG stock immediately dropped on the news. But, that drop only lasted a few days. Since then, Google stock has gained 30%, versus a 19% gain for the S&P 500.

There are also two other things worth mentioning here. First, a previous 2013 FTC antitrust probe into Google resulted in no action against the company. Second, antitrust laws in the U.S. are famously consumer-friendly, and Google offers a need-to-have service for free, so it is an uphill battle to argue that this company hurts consumers.

Overall, antitrust concerns are overstated. Thus, any big dips in GOOG related to antitrust issues should be viewed as buying opportunities.

Watch Out For $1,130

Antitrust concerns aside, the fundamentals supporting GOOG stock remain exceptionally favorable.

This company continues to operate as the backbone of the internet, a position which allows Google to maintain majority share in the big growth digital advertising space. Outside of digital ads, Google is continuing to gain significant traction in both the smart home and cloud services markets.

On the self-driving front, Google’s Waymo division is already deploying self-driving taxis. And, on the AI front, Google continues to turn big data into world-leading AI solutions.

Overall, Google remains a big growth leader. As such, big dips in GOOG stock are simply natural pullbacks in a long-term uptrend, and such pullbacks should be considering buying opportunities.

It looks like investors will get a really great buying opportunity soon. If GOOG stock continues to drop on antitrust concerns, it will get awfully close to the stock’s 200-day moving average, which is at $1,130.

The 200-day moving average has served as a very strong support level for this stock over the past three years. Each and every drop to the 200-day has proven to be the ending of a near-term sell-off, and the beginning of a new uptrend.

The same thing should happen this time around. As such, investors should watch out $1,130, and buy GOOG stock as it closes in on that critical level.

Bottom Line on GOOG Stock

Google stock is a long-term winner being dinged right now by largely inconsequential antitrust fears. As such, this dip is a buying opportunity. But, investors should wait until the stock finds some support around the 200-day before buying the dip in the bulk.

As of this writing, Luke Lango was long FB, AMZN, NFLX, GOOG, NVDA, and AAPL.