The World, May 2, 2024 (ATB Digital).-Alphabet, the company behind Google, has surpassed $2 trillion in market value thanks to the growth in its stock price.
Alphabet has become the fourth most valuable company in the stock market and financial markets worldwide, behind Nvidia, Apple and Microsoft, with the latter having a market value of more than $3 billion.
The achievement stands out as Alphabet joins a prestigious group of companies valued at over $2 billion.
„We are well advanced in our Gemini era and have tremendous momentum across the company. Our leadership in AI research and infrastructure and our global product footprint position us well for the next wave of AI innovation,” said Alphabet CEO Sundar Pichai.
Google entered the $2 billion club
Shares of Google's parent company, Alphabet, are up more than 23% this year and more than 59% in the past year. Before this event, only Apple, Microsoft and Nvidia had reached a market cap of $2 billion.
Alphabet's latest achievement follows the release of its quarterly financial results, which beat the forecasts of financial experts. Specifically, in the first quarter of this year, the company posted a profit growth of close to 60% compared to the same period in 2023.
An additional boost to its stock value was Alphabet's announcement of its first cash dividend distribution to shareholders this summer, set at 20 cents per share. Cash dividends are payments made by a company to its shareholders, distributing a portion of its profits in cash.
Additionally, Alphabet's revenue grew 15% to $80.5 billion. On Wall Street, after experiencing a brief pause in growth in February and March, Google's stock is likely to maintain its upward trend.
After the solid earnings report, analysts from renowned financial institutions such as Jefferies, JP Morgan Chase, Bank of America and Raymond James set their target price on Google stock at $200 per share, up from previous estimates of $165 to $180.
Google Artificial Intelligence
Google has tagged back and forth in the field of artificial intelligence, integrating it significantly into its products and services. A clear example of how it has changed the search experience for users.
Now, when performing queries on its search engine, Google provides intelligent summaries that provide a concise and accurate view of the information sought, significantly improving efficiency in obtaining results.
Additionally, Google has expanded its use of AI to its apps like YouTube, where recommendations are powered by AI algorithms. It allows users to receive highly personalized recommendations based on their interests and previous behaviors, improving the browsing experience and helping them discover new content.
In its continuous advancement in AI technology, Google has developed its own AI-powered chatbot, called Gemini.
Unlike other free AI chatbots, Gemini is built using an extensive database of text and programming, allowing you to search and analyze real-world data using Google. This approach gives you the ability to provide detailed, informative, real-time answers to a variety of questions, regardless of whether they are complex, unusual, or obvious in nature.
Source: Infobae