Alphabet's Class A and Class C shares reached all-time highs on May 13. Class A stock (GOOGL) hit $402.01. Class C shares (GOOG) reached $398.37.
The rally follows first-quarter 2026 financial results. The company released these results in late April. The report showcased growth in both revenue and earnings. Google Cloud revenue increased by over 63% year-over-year. The division generated $20.03 billion in quarterly revenue. Google Cloud's committed backlog now exceeds $460 billion.
Analysts raised price targets citing AI leadership and upcoming Google I/O announcements. Positive operational metrics from the Waymo autonomous vehicle unit also boosted bullish sentiment.