Alphabet hits $3T in market capitalisation for first time

Google parent Alphabet hit a market capitalization of $3 trillion for the first time on Monday, riding on renewed optimism around artificial intelligence and a favorable antitrust ruling.

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Class A shares of the company were up 3.6 per cent at $249.1, while Class C shares climbed 3.4 per cent to $249.5 - both trading at record highs.

Including Monday’s moves, shares have rallied more than 32 per cent so far this year, the best performer among the so-called “Magnificent 7” stocks and outpacing the 12.5 per cent gain for the S&P 500.