Alphabet (NASDAQ:GOOG) (NASDAQ:GOOGL) became the fourth U.S. company to hit a $3T market cap on Monday amid continued positive news flow for the Sundar Pichai-led search giant.
Shares rose more than 4% in late morning trading, giving it a valuation of $3.05T. With that, Alphabet joined Apple (AAPL), Nvidia (NVDA) and Microsoft (MSFT) in hitting the milestone.
Investors have had renewed enthusiasm in Alphabet since the company received favorable rulings in an antitrust lawsuit earlier this month. Judge Amit Mehta ruled Google must open up competition in online search by sharing more data with competitors. However, he said Alphabet — the parent company of Google — did not need to sell its Chrome browser and that it could still pay for search engine inclusion, a key deal for both it and Apple. Analysts lauded the ruling as a “massive win” for Alphabet and Apple.
Google’s cloud chief, Thomas Kurian, also recently said that Google Cloud had recently surpassed $106B in remaining performance obligations, amid continued demand for its services,
In addition, Google’s Gemini generative artificial intelligence chatbot, which it has infused into seemingly everything, also overtook OpenAI’s ChatGPT as the most downloaded free app on the App Store over the weekend. Investors had been concerned that the rise of generative AI could lead to a decline in search revenue for Alphabet.