Google parent Alphabet (NASDAQ:GOOG) (NASDAQ:GOOGL) hit a $3 trillion market cap on Monday after its stock jumped over 4%, rubbing shoulders with rival Big Tech giants Nvidia (NASDAQ:NVDA), Microsoft (NASDAQ:MSFT), and Apple (NASDAQ:AAPL). U.S. District Judge Amit Mehta‘s lighter-than-expected antitrust ruling, rejecting the United States Department of Justice’s (DOJ) push to force Google to divest its Chrome browser, triggered a stock price rally earlier in September.
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Mehta had pointed directly to ChatGPT’s rise to 700 million weekly users, along with emerging rivals like Anthropic and Perplexity, as evidence that Google no longer holds an unchallenged monopoly.
The judge concluded that generative AI technologies could be “game changers,” undermining the DOJ’s demand that Google divest core businesses such as YouTube, Chrome, or Android. Ironically, ChatGPT — once considered a serious threat that prompted Google’s internal “Code Red” — became proof in court that competition is intensifying in search, bolstering Google’s defense.
Alphabet shares have climbed more than 30% year-to-date, doubling the Nasdaq Composite’s 15% gain.
Google is driving growth through its Cloud division, which projects at least $58 billion in added revenue over the next two years. Thomas Kurian, Google Cloud’s CEO, told the Goldman Sachs Communacopia + Technology conference that about 55% of the unit’s $106 billion backlog will convert to revenue within that period, excluding new contracts. The division already boasts an annual run rate above $50 billion, highlighting its rising importance for Alphabet.
Kurian noted that new customer sign-ups jumped 28% quarter-over-quarter, with nine of the 10 largest AI labs, including rivals OpenAI and Anthropic, choosing Google Cloud.
Although Google Cloud contributed just 14% of Alphabet’s revenue last quarter, it remains one of the company’s fastest-growing businesses, even outpacing Microsoft’s Azure in recent quarters. Alphabet is also preparing to launch Google Cloud Universal Ledger (GCUL) in 2026, signaling ambitions in blockchain finance that could rival Ripple’s XRP Ledger.
Additionally, Google Cloud is expanding automotive partnerships to power next-generation in-car experiences, further diversifying its growth drivers.
Under CEO Sundar Pichai, the company has faced intense regulatory scrutiny and mounting AI competition from OpenAI and Perplexity.