New Delhi: In a significant shift in global tech valuations, Alphabet Inc., the parent company of Google, has become the world’s second-most valuable company, surpassing Apple for the first time in seven years. Only Nvidia remains ahead, with a market capitalization of $4.604 trillion.
Alphabet’s market cap now stands at $3.892 trillion, slightly higher than Apple’s $3.863 trillion. This marks the first time since 2019 that Alphabet has overtaken the iPhone-maker.
On Wednesday, Alphabet shares closed at $322.43, up 2.51%, delivering a 64.73% return over the past year. In comparison, Apple’s stock fell 0.77%, closing at $260.33, with just a 7.49% gain in the last year. Nvidia shares have gained 25.32% over the same period.
What’s Driving Alphabet’s Growth?
The surge in Alphabet’s valuation is largely attributed to the growing adoption of its generative AI platform, Gemini. Additionally, Alphabet’s autonomous driving division, Waymo, is a major player in the U.S. robotaxi market, providing commercial services in cities such as Phoenix, San Francisco Bay Area, Los Angeles, Atlanta, and Austin.
Sundar Pichai: The Indian-Born Leader
Indian-origin executive Sundar Pichai currently leads Alphabet as CEO. An IIT Kharagpur alumnus, Pichai pursued further studies at Stanford University in the U.S. He began his career as a materials engineer and joined Google in 2004 as a management executive. In 2015, co-founder Larry Page appointed him CEO of Google, and in 2019, he took on the role of CEO of Alphabet as well. Under his leadership, Alphabet has expanded its footprint in AI, cloud computing, and autonomous driving, helping the company achieve this milestone.
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