Google stock taps $4 trillion on Apple Gemini AI deal as “Have-Lots” worries grow
Alphabet briefly hit a $4 trillion market cap on Monday following news that Apple’s upcoming AI models will use Google’s Gemini, cementing a multi-year partnership. Class A shares climbed as much as 1.7% to an all-time high of $334.04 before easing back, fueled by optimism around Google Cloud’s growth: revenue surged 34% in Q3, with backlog hitting $155 billion. Phil Blancato, CEO of Ladenburg Thalmann Asset Management, described Alphabet as “the one name that has surprised us all” within Wall Street’s “Magnificent Seven” — a nickname for seven mega-cap tech giants. Alphabet joined Nvidia, Microsoft, and Apple as the fourth company to reach a $4 trillion valuation.