- Google's parent company Alphabet has reached the $2 trillion market capitalization milestone.
- The company previously reached the threshold briefly, but did not continue trading for a full day.
- Despite recent successes, Alphabet didn't have an easy time reaching its $2 trillion goal.
Google's parent company Alphabet reached a new milestone on Friday with a market capitalization of $2 trillion.
Google is currently the fourth most valuable publicly traded company in the world after Nvidia, Apple, and Microsoft, with a market capitalization of just over $3 trillion. It overtook Apple earlier this year. In 1st place.
This is not Alphabet's first negotiation with the $2 trillion club. The company briefly reached the threshold in November 2021 and earlier this month, but closed above the threshold for the first time on Friday. According to Bloomberg.
The news continued Alphabet's first quarter financial report On Thursday, revenue beat analysts' expectations, driven by the success of Google's search engine. Alphabet CEO Sander Pichard also highlighted the contribution of Google Cloud with its generative AI services through Google's AI model Gemini.
“In the cloud, we have announced more than 1,000 new products and features in the past eight months. At Google Cloud Next, more than 300 customers and partners, including global brands such as Bayer, Cintas, and Mercedes, are excited about the AI generated by Google Cloud. Benz, Walmart, and many others,'' Pichai told investors on a conference call.
Pichai also said that Google is “well positioned for the next wave of AI innovation and the opportunities ahead,” reminding investors that the company has been “AI first” since 2016.
The company also announced a $70 billion expansion of its stock repurchase program, to the delight of investors.
Despite last week's success, Alphabet has been through some difficult times over the past year. The company has claimed growing pains with its AI products, including suspending image generation capabilities in the face of criticism that they are too woke.
Still, Alphabet is betting on AI as the key to business growth and is prepared to spend big to compete. Earlier this month, the company announced it would be developing its own product. Central processing unit called Axion Facilitate training of complex AI models.
Alphabet did not immediately respond to Business Insider's request for comment.
On February 28, Axel Springer, the parent company of Business Insider, joined 31 other media groups in filing a $2.3 billion lawsuit against Google in Dutch court, alleging losses caused by the company's advertising practices. I woke you up.
