Alphabet's market capitalization surged to $3.864 trillion during intraday trading on Wednesday. This valuation eclipsed Apple’s $3.861 trillion cap, marking the first time Alphabet has surpassed Apple since 2019. The Google parent company now ranks as the second-most valuable U.S. firm, trailing only Nvidia.
The company’s stock has climbed approximately 66% over the past year. This performance is fueled by the successful adoption of the Gemini AI model and the expansion of its AI footprint across the entire tech ecosystem.
The valuation shift reflects investor confidence in Alphabet's strategic positioning within the artificial intelligence sector. This performance effectively dispelled earlier market fears that generative AI platforms, such as ChatGPT, could undermine Google’s core search business.