Alphabet is nearing Nvidia to become the world's most valuable company, a position it last held over a decade ago. A Reuters report attributes the surge to record stock gains driven by artificial intelligence and cloud business growth.
Alphabet shares have rallied approximately 24% this year. The company's total market valuation now reaches roughly $4.5 trillion.
Market sentiment improved following Alphabet's decision to sell custom Tensor Processing Unit (TPU) AI chips directly to customers. This strategy expands Alphabet's market opportunity and creates direct competition with Nvidia.
President Capital raised its price target for the stock to $465. Several other financial firms reiterated buy ratings.