Alphabet Inc. shares jumped 10% to $384.80, adding about $421 billion in market
value in a single day, the second-largest one-day gain ever recorded. The rally
followed stronger-than-expected quarterly results driven by demand for cloud and
artificial intelligence services, reinforcing investor confidence in its AI
spending strategy. The company’s market capitalization rose to $4.65 trillion,
putting it close to overtaking Nvidia Corporation as the world’s largest firm.
The broader megacap tech earnings cycle showed mixed reactions, with Microsoft
and Meta declining while Amazon posted modest gains.