WASHINGTON (dpa-AFX) - Alphabet shares surged more than 4% on Monday, propelling the Google parent into the $3 trillion market cap club alongside Nvidia, Microsoft, and Apple.
The milestone comes nearly two decades after Google's IPO and just over a decade since Alphabet's creation as a holding company.
The stock's momentum was fueled by a recent antitrust ruling that eased investor concerns over potential penalties. The Department of Justice had sought sweeping remedies, including forcing Google to divest its Chrome browser, after a district court ruled last year that the company maintained an illegal monopoly in search and search advertising. However, Judge Amit Mehta stopped short of imposing the harshest measures, a decision that sent Alphabet shares to record highs.
President Donald Trump hailed the outcome, calling it 'a very good day' for the company. The ruling comes at a time when Google faces rising competition from AI challengers such as OpenAI and Perplexity, while simultaneously managing scrutiny from U.S. and European regulators.
Alphabet's flagship AI platform, Gemini, remains central to its ambitions in the rapidly evolving sector.
So far in 2024, Alphabet stock has climbed more than 30 percent, far outpacing the Nasdaq's 15 percent gain. Under CEO Sundar Pichai, who took over from co-founder Larry Page in 2019, the company has navigated regulatory headwinds while leaning on AI innovation to sustain growth.
The $3 trillion valuation underscores Alphabet's resilience in the face of regulatory pressure and intensifying industry disruption cementing its status among the most powerful technology giants of the modern era.
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