16th January, 2020
The market capitalisation of Google parent Alphabet topped the $1 trillion mark shortly before the close of trading on Thursday, making it the fourth S&P 500 component to top the lofty level.
The company joined Microsoft, Amazon.com and Apple in crossing the threshold as its shares closed up 0.76% at $1,450.16 on the session.
Apple hit the milestone in 2018. After Apple, Microsoft and Amazon also touched $1 trillion market values.
Apple and Microsoft are still valued at more than $1 trillion, but Amazon has since fallen below the number, reports Business Insider.
The stock gains and consequent record valuation for Alphabet come amid increased calls for online privacy and antitrust regulation that have proven challenging for the business.
Despite those concerns, Alphabet and shares of other technology companies have continued to climb, solidifying their spots as leaders in the US market and economy.
Alphabet’s record market valuation also comes after a historic change in leadership at the company.
In December, co-founders Larry Page and Sergey Brin announced that they would step back from the company, which they founded in 1998. Sundar Pichai took on the top role and is now the CEO of both Google and Alphabet.