May. 1 at 1:14 AM
Alphabet shares surged to a record high after a strong earnings report fueled renewed optimism around its artificial intelligence and cloud businesses. The company’s stock jumped about 10% in a single session, adding roughly
$421 billion to its market capitalization — its largest one-day gain ever and one of the biggest in U.S. market history.
The rally was driven largely by accelerating growth in Google Cloud, whose backlog nearly doubled in the first quarter to
$462 billion, signaling robust demand for its services. The results reinforced investor confidence in Alphabet’s positioning within the AI boom, helping it rapidly close the valuation gap with other mega-cap tech leaders, including Nvidia.
The move underscores how AI and cloud infrastructure remain the primary drivers of market leadership among large technology firms, with Alphabet increasingly viewed as a direct competitor in the same high-growth AI cycle.
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