Alphabet, the parent company of internet giant Google and its subsidiaries, on Thursday became the fourth US company to hit a market cap of $1 trillion. Alphabet joins Amazon, Apple and Microsoft in the list of companies that have reached public market capitalisation of $1 trillion.
Alphabet shares on the S&P 500 index closed at an all-time high of $1,450.16 on Thursday, up 0.76 per cent.
Alphabet is expected to report its fourth-quarter earnings on February 3 and analysts believe revenue will reach $46.9 billion, an year-over-year increase of almost 20 per cent.
Alphabet shares have surged 8 per cent since start of 2020, according to CNN Business.
Apple, which in August 2018 became the first company ever to reach the $1 trillion mark, remains the most valuable company in the US, with a market value of $1.4 trillion. Microsoft is worth $1.3 trillion. Amazon reached the $1 trillion mark shortly after Apple, but its market value has fallen since then and is around $930 billion now.
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The US stock market and tech shares have been buoyant, thanks to the winding down of the trade war with China and solid earnings by banks in the quarter.
PetroChina, the Chinese petroleum behemoth, was the first company ever to reach the $1 trillion mark, when it was listed on the Shanghai stock exchange in 2007; however, its value has fallen below the mark since.
Saudi oil giant Saudi Aramco remains the most valuable company in the world; its shares went public in December with a valuation of $2 trillion. Saudi Aramco has a market value of $1.8 trillion.