Alphabet Joined $3Trillion Market As AI Momentum Grows

Google’s parent company, Alphabet, reached a market capitalisation $3 trillion for the first time on Monday. This milestone came from renewed optimism about AI and a positive antitrust ruling. Class A shares of the company were up 3.8% at $250; on the other hand, Class C shares reached 3.7% to $250.4 – both are trading at record highs. 

The companies’ share, including Monday’s earnings, has improved more than 32%  so far this year, the finest performer among the so-called “Magnificent Seven” stocks and outspending the 12.5% boost for the S&P 500.  

Alphabet has entered into Apple and Microsoft with a $3 trillion valuation, while AI chipmaker Nvidia has a market cap of $4.25 trillion.  

Technology and AI-linked stocks have powered Wall Street’s main indexes to record highs lately amid growing hopes that the US Federal Reserve will cut interest rates later this week. Oracle’s impressive forecast last week was the latest catalyst to boost enthusiasm for the AI market.

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Chief investment officer at Bokeh Capital Partners, Kim Forrest, noted that technology stocks have been the leaders in the recent rally, “there has been no other (sector) in the past 18 months, maybe even two years that has had such excitement from investors.”