- Google parent company Alphabet is edging closer to a historic milestone, with expectations mounting for its market capitalization to hit $2 trillion, propelled by its pioneering work in generative artificial intelligence. On Thursday, Alphabet's Class A and Class C shares surged to new 52-week highs, each gaining 1.8% and 1.7%, respectively, cementing the tech giant's position as a standout performer in the market.
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Alphabet's stock has enjoyed a remarkable ascent, soaring more than 15% since the beginning of the year and over 51% in the last 12 months, reflecting investors' confidence in the company's innovative prowess. With a market capitalization hovering around $1.99 trillion, Alphabet continues to captivate the market with its forward-thinking initiatives. The unveiling of Google's latest advancements in cloud computing and artificial intelligence further solidifies its leading position in the tech landscape. Google recently introduced its Cloud TPU v5p, a next-generation AI chip designed to accelerate the training of large language models, such as the AI chatbot Gemini.
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Sundar Pichai, Google's CEO, highlighted the transformative impact of these innovations during the company's annual Google Cloud Next conference, signaling Alphabet's commitment to pushing the boundaries of AI technology.
