Google parent Alphabet Inc surged Monday to top $2 trillion in market value for the first time, driven by a rebound in spending on digital ads and expansion in its cloud business.
- Its Class A shares rose nearly 1.2% to reach an all-time high before slowing down to close up 0.1% and slightly below the market.
- Alphabet is the top performer this year among the five biggest U.S. tech stocks by sales, with a 70% surge driven largely by the growth in Google’s advertising business.
- The share-price gain places the company in an exclusive club together with Apple Inc. and Microsoft Corp. The Google parent increased to reach $1 trillion in value for the first time in January 2020.
Bullish investors projects the stocks rising further because of its cheaper valuation and elevated growth rate than its megacap peers.
GOOGL slightly down -0.081%, on pre-market tradingSource: Bloomberg.