Google’s parent company, Alphabet, has become the fourth company after Apple, Microsoft and Nvidia to cross a $3 trillion market capitalisation, reported a leading US-based media company.
On Monday, Alphabet closed at $3.05 trillion after its shares rose 4.5 per cent following a US district court rejecting the most severe measures in an antitrust ruling. The court had earlier found that Google held an illegal monopoly in search and related advertising after the US Department of Justice sought penalties and divestment of Google’s Chrome browser.
But, Judge Amit Mehta allowed Alphabet to retain control of its Chrome browser and Android mobile operating system, although the company will have to share its data.
While the $3 trillion milestone comes just a decade since the creation of the firm as Google’s holding company, Alphabet’s stocks have surged more than 30 per cent this year, outperforming even Nasdaq’s 15 per cent rise.
Also Read: ‘Google Play, Android generate ₹4 lakh crore app revenue'
Since 2019, the company has been led by CEO Sundar Pichai, who succeeded co-founder Larry Page. It faces mounting challenges, however, including increased regulatory scrutiny in the US and Europe and stiffer competition amid artificial intelligence boom.
In July, the company's cloud-computing unit delivered an almost 32 per cent jump in Q2 revenue as investments in in-house chips and the Gemini AI model began to pay off. Google is betting on Gemini as rivals such as OpenAI and Perplexity gain grounds.
Alphabet trades at around 23 times its forward earnings – the lowest among the "Magnificent 7" – compared to its five-year average 22, according to data compiled by LSEG.
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