BUSINESS

Google parent company Alphabet is now a $1 trillion company

Paul R. La Monica CNN
Published Friday, January 17, 2020 7:35AM EST

Electronic screens post prices of Alphabet stock, Monday, Feb. 1, 2016, at the Nasdaq MarketSite in New York. Alphabet, the parent company of Google, reports quarterly earnings Monday. (AP / Mark Lennihan)

Text:

The exclusive $1 trillion club on Wall Street just got a new member.

Shares of Google parent company Alphabet hit a new all-time high Thursday, pushing the company's market value to $1 trillion in the process.

Alphabet joins Apple and Microsoft as companies worth at least $1 trillion. Apple is the most valuable company in the United States, with a market value of nearly $1.4 trillion. Microsoft is worth almost $1.3 trillion.

This is the first time that three American companies are worth at least $1 trillion at the same time.

The most valuable company on the planet, oil giant Saudi Aramco, went public last month at a valuation of $2 trillion and is currently worth around $1.8 trillion.

Amazon, which is now valued at about $930 billion, was the second US firm to ever hit the $1 trillion level back in September 2018. But at that time, Apple was the only other company with a market valuation in excess of $1 trillion.

Shares of Alphabet are off to a red hot start this year, surging more than 8% already in 2020.

The rest of the tech sector -- as well as the broader market -- is soaring too thanks to optimism about the phase one trade deal between the United States and China and solid fourth quarter earnings from many big banks.

The Dow, S&P 500 and Nasdaq all closed at record highs on Thursday.

The-CNN-Wire