Alphabet nearing $2tr valuation
Letters spell the word "Alphabet" as they are seen on a computer screen with a Google search page in this photo illustration taken in Paris, France, August 11, 2015. PHOTO: REUTERS
Google-parent Alphabet Inc moved closer to joining peers Apple and Microsoft in the elite $2 trillion market valuation club as the search giant’s shares surged 8% on Wednesday after another blowout quarter. The gains, if they hold, could be the biggest single-day surge for the stock in nearly two years, easing some of the concerns around ‘big tech’ valuation that triggered a sector-wide selloff in the past few weeks. “The technology sector started 2022 with some of the biggest question marks over it since the dotcom crash more than two decades ago,” said Russ Mould, investment director at AJ Bell. “However, the largest and highest quality US tech names continue to deliver the answers the market wants with big earnings beats.” Big tech has seen its valuations skyrocket in the past two years, driven by pandemic-led shifts in how people work and learn, even as regulators around the world scrutinise the companies for allegations of breaches of privacy and antitrust concerns.
Published in The Express Tribune, February 3rd, 2022.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.