Shares of Google parent Alphabet (GOOG) (GOOGL) hit a new record high on Thursday, continuing its winning streak for a second consecutive day.
Class A shares of the company rose as much as 4.4% to $305.65 in early open market trading.
The current rally, among other things, is being fueled by the ongoing optimism of its latest AI LLM, Gemini 3, which is being highly praised by Wall Street analysts, along with several new announcements.
The tech giant on Thursday said it is opening a new Taipei office, which will be its largest AI infrastructure hardware engineering hub outside the U.S., and separately also announced plans for a Google Cloud operation in Türkiye as part of a 10-year, $2B investment in the country.
On Monday, the company announced a new subsea cable system, “Dhivaru,” that will connect the Maldives, Christmas Island, and Oman. The investment will build on the company’s “Australia Connect” initiative, further improving digital connectivity across the Indian Ocean.
Additionally, Nvidia’s (NVDA) blockbuster third-quarter results, which are pushing U.S. markets higher and lifting up AI infrastructure-related stocks, is adding to the GOOGL stock momentum
Over 22.42M Class A shares changed hands by 11:04 am ET on the Nasdaq, currently below the three-month average trading volume of 34.79M.
GOOGL is up 72.5% so far this year, outclassing the benchmark S&P index’s (SP500) 12.3% gain and the tech ETF’s (XLK) 21.5% climb for the same period.