https://qz.com/google-alphabet-stock-market-cap-ai-earnings-1851439308

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Generation A.I.
Milestone

AI just powered Google to a $2 trillion market cap

Google parent Alphabet stock is up more than 23% so far this year,
and more than 59% over the last 12 months

By
Vinamrata Chaturvedi
PublishedFriday 3:31PM
We may earn a commission from links on this page.
     
Image for article titled AI just powered Google to a $2 trillion
market cap
Photo: Beck Diefenbach (Reuters)

Google parent Alphabet crossed the $2-trillion threshold for market
capitalization on Friday, thanks to a stock surge powered partly by 
its work with generative artificial intelligence.

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The tech giant's stock was one the market's star performers on
Friday, as Alphabet Class A shares and Alphabet Class C shares each
hit new 52-week highs. Both stocks were up about 10% shortly before
markets closed, making Google the top performer in the Nasdaq on
Friday and one of the top stocks in the S&P 500. That pushed Google's
market cap to about $2.14 trillion on Friday afternoon.

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Related Content

The Nasdaq and S&P 500 had their best week since November as Google
joined the $2 trillion club
The DOJ is hitting Apple with a bigger bat than regulators are
swinging at other tech giants
Are self-driving cars safe enough yet?
CC
Share
Subtitles

  * Off
  * English

Share this Video
FacebookTwitterEmail
RedditLink
Are self-driving cars safe enough yet?

Alphabet stock is up more than 23% so far this year and more than 59%
over the last 12 months.

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Prior to Alphabet, only Apple, Microsoft, and Nvidia had joined the
$2-trillion club. Google's latest milestone comes following the 
release of its quarterly results Thursday, which beat analysts'
expectations. The company reported a surge in profits of nearly 60%
in the first quarter of this year versus the same period a prior
year.

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"Our results in the first quarter reflect strong performance from
search, YouTube, and cloud," CEO Sundar Pichai said in a statement
Thursday. "We are well underway with our Gemini era and there's great
momentum across the company. Our leadership in AI research and
infrastructure, and our global product footprint, position us well
for the next wave of AI innovation."

Another factor boosting Alphabet stock: its announcement of a
first-ever cash dividend of 20 cents per share, to be paid to
investors this summer. Alphabet's sales shot up, too, by 15% to $80.5
billion.

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Wall Street thinks Google stock will keep surging after a brief stall
in February and March. Analysts from Jefferies, JPMorgan Chase, Bank
of America, and Raymond James on Friday all raised their price
targets for Google to $200 per share -- from previous price targets
between $165 and $180 -- after Google's strong earnings report a day
earlier.

- Laura Bratton contributed to the article

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