New York, May 28, 2026, 17:39 (EDT)
Alphabet stock ticked up 0.3% late Thursday, with Class A shares last at $390.13 after new Google Cloud partnerships. The move kept buyers interested in the AI theme following a big rally. The Nasdaq Composite finished at a record high, lifted by tech names.
Alphabet’s market value, now around $4.73 trillion, isn’t just about Google Search anymore. Investors are also weighing if Google Cloud can turn artificial intelligence into steady business sales, rather than only big infrastructure spend and flashy demonstrations.
Google Cloud signed a deal with EQT on Thursday to supply its AI platform, Gemini models, cybersecurity tools and engineering help to over 300 companies owned by the Swedish private markets group. EQT’s Bert Janssens said the move is aimed at helping portfolio management “future-proof their businesses” so they stay “competitive in an increasingly AI-driven economy.” googlecloudpresscorner.com
Workday and Google Cloud said they’re expanding their partnership, putting Workday’s Sana Self-Service Agent into Gemini Enterprise and using Gemini as the default AI model for Sana for Workday. Workday’s Gerrit Kazmaier said customers want “HR and finance at their fingertips.” Google Cloud’s Karthik Narain said the move will make AI agents “more useful and accessible across the enterprise.” googlecloudpresscorner.com
AI agents are programs built to act for users, not only respond to questions. That slice of the AI market is getting Wall Street’s attention now—investors are looking to see if companies are ready to spend on tools that operate within finance, HR, cybersecurity, and customer-service systems.
Stocks pushed higher. The S&P 500 gained 0.58%, and the Nasdaq rose 0.91% to fresh closing highs after news of a draft U.S.-Iran ceasefire extension. Microsoft jumped 3.5% on word it plans a new coding model next week. Snowflake popped 36% after it raised its forecast and said it struck a $6 billion AI infrastructure deal with Amazon Web Services.
“Markets continue to look through these risks because the global economy and corporate earnings remain relatively resilient,” Jitania Kandhari, deputy CIO for solutions and multi-assets at Morgan Stanley Investment Management, told Reuters. That has kept support under big AI names, but there’s more pressure now for them to deliver new evidence. Reuters
Alphabet delivered numbers investors wanted in its latest quarter. Revenue for the first quarter was up 22% at $109.9 billion. Google Cloud brought in $20.0 billion, up 63%. Operating margin came in at 36.1%. Spending on property and equipment, a category that covers data centers and hardware, jumped to $35.7 billion from $17.2 billion a year ago, the company said.
Alphabet’s valuation is up there. Class A shares change hands at roughly 29.8 times earnings. That price-to-earnings ratio tells you what investors are paying for every dollar of profit. At these levels, even a slight miss in cloud numbers, search ad results or runaway AI spending could have an impact.
The risk isn’t just spending. Google is shifting its main search product to AI, raising questions for ad placement, publisher traffic and user trust. Business Insider said Wednesday that CEO Sundar Pichai looked at an AI-powered search result for “best Chromebook” and called it “more opinionated than it should be.” Business Insider
Right now, Alphabet has space to spend. The question is if Thursday’s enterprise AI deals will mean lasting cloud sales down the line — and if Search can handle more AI without softening the high-margin engine that still pays for everything else.
