(Reuters) – Google-parent Alphabet hit a market capitalization of $3 trillion for the first time on Monday, riding on renewed optimism around artificial intelligence and a favorable antitrust ruling.
Class A shares of the company were up 4.6% at $251.88, while Class C shares climbed 4.5% to $252.3 – both trading at record highs. Alphabet joined companies including iPhone maker Apple and Microsoft that have also clinched valuations of $3 trillion. AI-leader Nvidia has crossed the $4 trillion mark.
The latest boost for the Google-parent was a ruling by a U.S. federal judge that allowed the company to retain control of its Chrome browser and Android mobile operating system, marking a pivotal moment for the tech giant whose dominance in search and mobile ecosystems has long drawn scrutiny.
Investor sentiment also got a lift after the company’s cloud-computing unit delivered an almost 32% jump in second- quarter revenue, surpassing expectations as investments in in-house chips and the Gemini AI model began to pay off.
(Reporting by Shashwat Chauhan in Bengaluru; Editing by Tasim Zahid and Sriraj Kalluvila)