NEW YORK, January 7, 2026, 16:28 EST — After-hours
- Alphabet’s Class C shares rose about 2.5%, putting the company ahead of Apple by market value for the first time since 2019.
- A fresh price-target hike from Canaccord added fuel as investors leaned back into AI-linked megacaps.
- Focus now turns to Friday’s U.S. jobs report and Alphabet’s next earnings window in early February.
Alphabet’s non-voting Class C shares climbed on Wednesday, lifting the Google parent above Apple in market value for the first time since 2019.
The shift matters because it shows where the money is hiding right now: investors are still willing to pay up for companies tied to artificial intelligence, even as the broader tape turns choppy. It also puts Alphabet back in the same conversation as Nvidia at the top end of U.S. equity valuations.
Alphabet’s Class C stock (GOOG) was up about 2.5% at $322.46 after the bell. Apple shares slipped, while Nvidia ended higher.
Canaccord Genuity analyst Maria Ripps raised her price target — an analyst’s estimate of where a stock could trade — to $390 from $330 and kept a Buy rating. “While they are more cautious in the near-term… they continue to have high conviction on the name longer-term,” the note said, pointing to Gemini’s growth and citing Similarweb data on traffic share. https://www.tipranks.com/news/the-fly/alphabet-price-target-raised-to-390-from-330-at-canaccord-thefly
Investors are also still waiting for a clearer read on 2026 spending. Alphabet told analysts on its last earnings call it expected a “significant increase” in capital expenditures this year and would give more detail on the fourth-quarter call. https://abc.xyz/investor/events/event-details/2025/2025-Q3-Earnings-Call-2025-4OI4Bac_Q9/default.aspx
But the upside case has friction. Courts are weighing how U.S. copyright law applies to generative AI training, with rulings that could reshape costs and business models for companies including Google.
Near-term, traders are watching Friday’s U.S. nonfarm payrolls report after softer labor readings this week fed a rate-cut debate.
Beyond that, attention swings to Alphabet’s next results; the company has not confirmed a date, but earnings calendars expect an early-February report.
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