Alphabet Inc (NASDAQ:GOOGL)’s Class A shares gained more than 3% to $248.27 in late-morning trading on Monday as the parent company of Google became the fourth company to achieve a market capitalization of at least $3 trillion.
Apple and Microsoft have already hit a market valuation of $3 trillion, while Nvidia has surpassed the $4 trillion mark.
Alphabet shares have surged more than 20% over the past month after a US District Court in early September rejected the US Department of Justice (DOJ)’s most severe antitrust proposals, sparing Google from having to spin off Chrome or Android, introduce mandatory choice screens, or share advertising data.
Investors have also been bidding up the stock after the company’s cloud-computing unit saw its second quarter revenue rise nearly 32% year over year, exceeding expectations as investments in in-house chips and the Gemini AI model began to pay off, Reuters reported.
Last week, Gemini became the #1 free app in the US Apple Store, overtaking OpenAI's ChatGPT and Perplexity.