Alphabet, Google’s parent company finally joins the trillion club that was pre-dominated by its rivals Apple and Microsoft. As per the report, the tech giant’s parent company breached $2 trillion in market value for the ‘first time’, driven by a ‘rebound in spending on digital ads and growth surge in its cloud business.
Sundar Pichai-run Alphabet’s market cap briefly crossed the $2 trillion mark late on Monday, closing at $2,987.03 per share.
Alphabet’s market cap has doubled from $1 trillion since January 2020. Alphabet now joins Apple and Microsoft who are already part of the $2 trillion club in the US.
Alphabet, the parent company of Google, posted all-time record revenue of $61.9 billion for the July-September quarter, along with record profits at $18.9 billion. It said late last month that with respect to foreign exchange impact on reported revenues, it expects virtually no impact in Q4 in contrast to a 1.5 percent tailwind in Q3 and 4 percent in its Q2.
Apple hit the mark in April last year, while Microsoft reached the $2 trillion mark in June this year. Amazon is also nearing the $2 trillion mark. Microsoft is now worth a smidge more than Apple, making the Satya Nadella-led cloud software giant the world’s most valuable company. Both companies are worth about $2.5 trillion.
Tesla, Elon Musk’s electric car giant, recently passed the $1 trillion mark and has since surged to a market cap of about $1.25 trillion.
These five companies are now collectively worth almost $10 trillion. As per CNN, that’s nearly a quarter of the combined $41.8 trillion market cap of the entire S&P 500.
(With IANS inputs)
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