Result makes company the fourth most valuable company on the US stock market
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Image: Google
Alphabet, the parent company of Google, reached a historic milestone on Monday by hitting a market capitalisation of $3 trillion (€2.5 trillion) for the first time. This remarkable achievement follows a rise in the company’s share price, fuelled by positive analyst commentary.
Alphabet’s class A and class C shares have both surged since early April, peaking with a 4.5% increase to $252 (€213) per class A share. Citigroup analyst Ron Josey said AI played a key role in the stock’s upward trajectory. He pointed to accelerated product development thanks to the widespread adoption of Gemini, Alphabet’s chatbot, in its advertising and cloud businesses.
With these results, Alphabet consolidates its position as the fourth most valuable company on the US stock market, behind tech giants Apple, Microsoft, and Nvidia, which holds the top spot.
Business AM