Tech giant, Alphabet, parent company to popular search engine Google, has become the latest Silicon Valley giant to reach a valuation above $1 trillion on Thursday. The company’s shares rallied in the last half hour of trading to close at $1,450.16, up 0.8% on the day.
Alphabet joins the only two other U.S. companies with the valuation, Apple Inc., valued at about $1.38 trillion, and Microsoft Corp., at $1.27 trillion. Amazon.com Inc. reached the valuation last year but the e-commerce company would have to rise more than 7% for its current valuation of $931.1 billion to return above $1 trillion, according to Bloomberg.
Alphabet’s ascent has been fueled by strong expectations for its advertising sales, a series of acquisitions highlighted by YouTube, and expansion into fledgling markets such as cloud computing and self-driving cars, Yahoo Times Reports.
