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Alphabet’s shares have continued to climb, pushing the tech company’s market capitalisation to a new level and the company value to more than $3 trillion (€2.55tr).
This means that Alphabet, the parent company of Google, entered a tiny but elite club of tech giants, worth more than $3tr. Other members include leader, Nvidia, which is valued at more than $4.2tr (€3.57tr), followed by Microsoft with an approximate $3.8tr (€3.23tr) market cap and Apple, worth $3.5tr (€3tr).
Alphabet shares received a boost in September after a long-awaited ruling in the US, concluding an antitrust case that had lasted nearly five years, in which the company avoided being forcibly broken up.
The US Department of Justice had previously demanded that Alphabet’s Google sell its Chrome browser business and potentially its Android operating system amid competition concerns. Google’s search business accounts for more than half of the company’s revenue.
However, a US federal judge has ruled that it doesn’t have to sell either, though the company must share data with competitors.
Alphabet’s prospects appear to be promising, as the second-quarter earnings revealed that demand for artificial innotifyigence products is lifting sales. Revenues were up 15%, better than expected.
Alphabet shares were up by more than 4% on Monday afternoon in Europe, after they had gained more than 30% since the launchning of the year.
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