Google parent Alphabet Inc (GOOGL.O) edged closer to joining Apple (AAPL.O) and Microsoft (MSFT.O) in the $2 trillion market valuation club on Wednesday, as the search giant’s stock soared 10% after another record-breaking quarter.
If the gains persist, they will be the stock’s biggest single-day rise since 2015, relieving some of the concerns about Big Tech’s valuation that caused a sector-wide selloff in recent days.
“The technology sector started 2022 with some of the biggest question marks over it since the dot-com crash more than two decades ago,” said Russ Mould, investment director at AJ Bell.
“However, the largest and highest quality U.S. tech names continue to deliver the answers the market wants with big earnings beats.”
In premarket trade, Meta Platforms (FB.O), a subsidiary of Facebook, and Amazon.com Inc both surged nearly 3%.
Advanced Micro Devices Inc. (AMD.O) shares rose 12 percent after the company’s earnings above Wall Street projections. Rivals Nvidia (NVDA.O), Qualcomm (QCOM.O), Xilinx (XLNX.O), and Micron (MU.O) all saw their stock prices rise.