Alphabet Inc., artificial intelligence It rose above the $2 trillion market cap for the first time at market close on Friday, gaining investors’ confidence with an impressive earnings report that showed it would be a strong player in its space. The stock rose 10 percent to $171.95 per share, the biggest one-day gain since July 2015. This increase added almost $200 billion to the company’s market value, making it one of the largest single-day value increases in stock market history. Shares rose 23 percent for the year, outpacing the Nasdaq 100 Index’s gain of 5.3 percent.
The company reached the $2 trillion milestone after revenues beat expectations, particularly as its cloud computing unit strengthened. Artificial intelligence
While growth in the field increases the demand for cloud
Alphabetdelighted investors by announcing a dividend and a $70 billion buyback program.
“Alphabet’s management is extremely good, its free cash flow is truly staggering, and it has a huge R&D budget,” said Wayne Kaufman, chief market analyst at Phoenix Financial Services. artificial intelligence “Nobody knows if it will have its products, but it’s hard to bet against this company,” he said.
Google broke a historical record, it’s only a matter of time before they catch up with Apple
Alphabet, had previously passed the $2 trillion level on an intraday basis in 2021 and earlier this month, but this was the first time the company closed above this level. So the company just Apple Inc. has entered rare territory surpassed by Microsoft Corp, Saudi Aramco and Nvidia Corp. Nvidia reached $2 trillion in revenue earlier this year, driven by massive demand for AI chips, while Amazon.com Inc. is approaching 2 trillion dollars.
The journey was difficult at times. of the company artificial intelligence The stock has been volatile before the latest report, as it has faced high-profile criticism over its offerings and some investors questioned its ability to compete with firms like OpenAI, despite having invested heavily in the space for years.
Wall Street has a generally positive view on the stock; Almost 85 percent of analysts tracked by Bloomberg recommend buying. Both earnings and revenues are expected to grow at a double-digit rate each year through 2026.
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