Google’s parent company, Alphabet Inc., has surpassed USD 3 trillion for the first time ever amid the recent progress. After the rise in the market capitalisation, Alphabet’s shares increased by 4.3% to USD 251.22. After its April low, the stock rose by over 70%, including an additional USD 1.2 trillion over the period till now.
Its class A shares were up 4.6% at USD 251.88, while class C shares rose 4.5% to USD 252.3 – with both trading at record highs. With this growth, Alphabet came at par with iPhone maker Apple and Microsoft as their market capitalisation of USD 3 trillion, while AI-leader Nvidia has surpassed the USD 4 trillion mark.
Amid scrutiny over its dominance, the recent growth in Alphabet’s shares became possible after a US federal judge ruled in favour of the company, which enabled it to regain power over its Chrome browser and Android mobile operating system, marking a milestone for the tech giant after a long period of criticism.
Investors also showed huge trust after Alphabet’s cloud-computing unit showed output close to 32% jump in second-quarter revenue, crossing expectations due to investments in their own chips and the massive results of the Gemini AI model.
The second quarter revenue showed that demand for AI products has been rising.