BREAKING: AI Refocus Lifts Sentiment As Google’s Parent Company Alphabet Hits $4Trillion Valuation
Google’s parent company Alphabet has become the fourth Big Tech group to hit a $4tn market value, fuelled by investor optimism that its artificial intelligence models can compete with rivals such as OpenAI.
Alphabet shares rose 0.2 per cent in early trading in New York on Monday, capping a more than 6 per cent rise in the past month and catapulting the company over a threshold already surpassed by Nvidia, Apple and Microsoft.
At the start of last year, Alphabet’s shares had been lagging behind the broader AI-driven rally in Big Tech stocks, amid fears that its cash-cow search engine would be overshadowed by new apps such as ChatGPT and Perplexity.
The stock has more than doubled since April, as Demis Hassabis, co-founder of DeepMind, Google’s AI arm, led the group’s effort to make inroads on ChatGPT.
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Credit: arbiterz.com
