Google-parent Alphabet (GOOG) hit a $4tn (£2.96tn) market capitalisation on Monday, becoming the fourth publicly listed company to hit this valuation.
Alphabet shares rose 1% in Monday’s session and are up more than 72% over the past year. The rise in the company’s share price on Monday came after Google and Apple (AAPL) announced that they had entered into a “multi-year collaboration”.
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Under the deal, the companies said Apple Foundation Models would be based on Google’s Gemini models and cloud technology.
“These models will help power future Apple Intelligence features, including a more personalized Siri coming this year,” they said.
In Europe, Swiss investment bank UBS (UBSG.SW) was in the spotlight on Tuesday, after the Financial Times reported that CEO Sergio Ermotti is planning to step down in 2027.
UBS shares edged 1% higher on Tuesday morning, on the back of the news. Ermotti returned as CEO of UBS in 2023, after having previously been in the top job for nine years until 2020, to help navigate its takeover of former rival Credit Suisse.
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UBS had not responded to Yahoo Finance UK’s request for comment at the time of writing.
Victoria Scholar, head of investment at Interactive Investor, said that Ermotti’s “leadership has been a massive success judging by its share price, which has soared over 100% since his reappointment. Aleksandar Ivanovic, UBS’ asset management boss is being touted as Ermotti’s potential successor.”
In Copenhagen, Novo Nordisk (NOVO-B.CO) shares were up 2% on Tuesday morning, amid continued optimism around the pharmaceutical giant’s newly-launched weight-loss pill.
Ludovic Helfgott, Novo Nordisk’s executive vice president for product and portfolio strategy, told Reuters at the JPMorgan (JPM) healthcare conference on Monday that oral weight-loss drugs could account for a third or more of the GLP-1 market by 2030.
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“In our first assumption, injectables dominated the market and pills played a smaller role,” he reportedly said. “We believe that the pill could actually represent up to a third-plus of that market overall as we go.”
Novo announced last week that its Wegovy weight-loss pill was broadly available across the US for self-pay customers. Amazon (AMZN) Pharmacy then said on Friday that was offering Novo’s Wegovy pill through its digital service.
