Alphabet, Google’s parent company, soared to $1.95 trillion, its highest-ever share price, on Tuesday.
Data from Google’s performance in the stock market showed that its stock surged to an all-time intraday peak of $159.89 per share before settling at a closing price of $158.14, marking a 1.3 per cent gain amid modest broader market losses.
With gain recorded on Tuesday, Google’s stock is edging closer to the $2 trillion mark.
Firms already in the $2 trillion club include only American tech giants such as Microsoft, Apple, and Nvidia, as well as Saudi Aramco, the Saudi Arabia-controlled oil behemoth.
Alphabet’s recent ascent is underpinned by a 13 per cent increase in its share price year-to-date and an impressive 77 per cent leap since the end of 2022.
The company said the gains were fueled by record profits from robust advertising spending and investor optimism surrounding the company’s AI potential.
Analysts anticipate Alphabet’s continued rise, with an average price target of $166 implying a $2.1 trillion market capitalization, Forbes first reported.
Recall that Google faced a $90 billion drop in market valuation two months ago, largely due to its Gemini AI service generating inaccurate racial images of historical people. Its share price fell by 4.5 per cent to $138.75.
