Alphabet Hits $2 Trillion Valuation Amid AI Boom and Record Profits
April 30, 2024
Alphabet, the parent of Google, hits a $2 trillion market cap with a 19% share increase in 2024.
The surge attributed to a new dividend, strong earnings, and institutional investor support.
Record revenues in advertising and cloud computing, with Q1 revenue at $80.5 billion and operating profit up 46%.
YouTube ad revenue up by 21% and Google Cloud's operating profit hits a $900 million record.
Aggressive stock buyback program and a modest dividend introduced, sparking renewed interest in AI and tech stocks.
Alphabet's Gemini AI poised to boost growth and drive Nvidia AI server purchases, potentially lifting NVDA stock.
Analysts remain optimistic about Alphabet's long-term prospects, with CEO Sundar Pichai emphasizing Google Cloud and AI potential.
Alphabet's stock maintains a 'top pick' rating, suggesting strong buy pressure and solid fundamentals.
Summary based on 22 sources
Get a daily email with more Tech stories
Sources

Yahoo Finance • Apr 29, 2024
This Popular Stock Is on the Rise But Still Affordable: Why You Should Buy It Now
Yahoo Finance • Apr 29, 2024
1 Wall Street Analyst Thinks Alphabet Stock Is Going to $200. Is It a Buy?
Yahoo Finance • Apr 29, 2024
Alphabet Stock Is Flying Higher After Its Q1 Results. Is It Too Late to Buy?
Yahoo Finance • Apr 30, 2024
3 AI Stocks You'll Wish You'd Bought on the Dip