Overview
- Alphabet’s A-shares jumped about 4% to a record intraday range near $250 to $252, lifting the company’s market capitalization above $3 trillion for the first time.
- The surge followed Citigroup raising its price target on the A-shares from $225 to $280, with analyst Ron Josey pointing to faster product cycles and growing Gemini adoption benefiting advertising and cloud.
- At this valuation Alphabet ranks fourth among U.S. companies, trailing Apple, Microsoft and Nvidia.
- The milestone caps a powerful run that has driven the A-shares up nearly 60% over the past year after momentum accelerated since early April.
- The move came as U.S. indexes notched modest gains ahead of a widely anticipated Federal Reserve rate decision, while observers note concentration risks given the heavy index weight of mega-cap tech.