Alphabet Leaps Into $2 Trillion Club as Results Show AI Strength
Apr 27, 2024 - bloomberg.com
Alphabet Inc., Google's parent company, closed above a $2 trillion market capitalization for the first time on Friday, following a strong earnings report. The company's stock rose by 10% to $171.95, marking its largest one-day jump since July 2015 and resulting in a valuation of $2.15 trillion. This increase added nearly $200 billion to Alphabet's market capitalization, making it one of the largest single-day value increases in stock market history.
The company's shares have risen by 23% this year, outperforming the Nasdaq 100 Index which has gained 5.3%. The strong performance and significant increase in market capitalization underscore Alphabet's position as a major player in the field of artificial intelligence.
Key takeaways:
Alphabet Inc. closed above a $2 trillion market capitalization for the first time on Friday.
The company's stock rose 10% to $171.95, its biggest one-day jump since July 2015, resulting in a valuation of $2.15 trillion.
The rise added almost $200 billion to the company’s market capitalization, making for one of the largest single-day value adds in stock market history.
Shares of Alphabet Inc. have risen 23% this year, compared with the 5.3% gain of the Nasdaq 100 Index.
