"Alphabet Inc. shares closed out their biggest quarterly gain in 20 years, the latest reflection of how investors are turning more positive on the Google parent as it strengthens its foothold in artificial intelligence. The stock gained 38% this quarter, its biggest such gain since mid-2005. The move brings Alphabet's year-to-date gain to nearly 30%, compared with a 17% rise in the Nasdaq 100 Index."
"Recent gains followed a long-awaited antitrust ruling that avoided the most punitive measures sought by regulators, including the sale of Alphabet's Chrome browser. The ruling came in the wake of Alphabet's second-quarter earnings, which showed that demand for artificial intelligence products is lifting sales. Investors have grown more confident about Alphabet's position with AI, even as OpenAI's ChatGPT introduces new features."
Alphabet shares rose 38% this quarter, the largest quarterly increase since mid-2005, lifting year-to-date gains to nearly 30% versus a 17% rise in the Nasdaq 100. The stock slipped 0.4% on Tuesday after rallying on a favorable antitrust ruling that avoided the most punitive remedies, including a forced sale of Chrome. Second-quarter results indicated rising sales driven by demand for artificial intelligence products, prompting stronger investor confidence in Alphabet's AI positioning even as competitors introduce new features. Product moves include rolling out visual search in AI mode, and discussions have occurred about other companies using Google’s AI models. Market valuation briefly exceeded $3 trillion and sits around $2.93 trillion.
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