GOOGL Stock Surge Boosts Alphabet's Market Cap To $3 Trillion For The First Time, Becomes The Fourth Company To Hit The Milestone

Alphabet Inc. (GOOG) (GOOGL) on Monday hit the $3 trillion market capitalization mark for the first time, as its shares surged more than 4.5% in the opening trade.

At the time of writing, Alphabet’s market capitalization stood at $3.05 trillion, making the Google parent the fourth company in the world to cross this milestone. Alphabet trails behind Nvidia Corp. (NVDA), Microsoft Corp. (MSFT), and Apple Inc. (AAPL).

GOOGL stock is up 32% year-to-date and 59% over the past 12 months. Retail sentiment on Stocktwits around the company trended in the ‘extremely bullish’ territory.

Alphabet shares have been on an uptrend following a highly anticipated antitrust ruling that let the search giant escape some of the most punitive damages being sought by the U.S. Department of Justice, including the sale of the Google Chrome web browser. A District Court judge ruled that Alphabet’s Google wouldn’t have to sell its Chrome web browser, but added that the company would have to share search data with its competitors.

The judge also ordered Alphabet to set up a technological oversight committee to ensure compliance with the ordered measures for a period of six years. He also forbade Google from entering into exclusive contracts with companies to make it the default search engine. The company, however, can continue to pay other companies for placement and preloading Google apps.

Wedbush’s Managing Director Dan Ives hailed the ruling as a “monster” win for Alphabet. According to a Reuters report, the ruling allows Google to keep its $20 billion search deal with Apple.

However, last week, Google was hit with another antitrust lawsuit alleging monopoly violations in the advertising technology sector.

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