Alphabet becomes fourth firm to hit US$3 trillion in market value

Alphabet on Sept 15 joined an elite group of companies valued at more than US$3 trillion (S$3.8 trillion), riding renewed optimism around artificial intelligence (Al) and a favourable antitrust ruling.

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Its shares rose 4.3 per cent to US$25176, resulting in a market capitalisation of US$3.05 trillion. The stock has soared more than 70 per cent from its April low, adding roughly US$1.2 trillion in value over that span.

Alphabet joined other tech giants Apple and Microsoft in hitting a US$3 trillion valuation, while AI chipmaker Nvidia — the world’s most valuable company — boasts a market cap of US$4.25 trillion.

Technology and Al-linked stocks have powered Wall Street’s main indexes to record highs amid growing hopes that the US Federal Reserve will cut interest rates later this week.

Oracle’s blowout forecast last week was the latest to fire up the Al trade.