Alphabet's market capitalization (GOOGL.US) temporarily exceeded $ 2 trillion during Monday's session on Wall Street. It took less than 2 years for the company to increase its market value by one trillion.
Google, the parent company of Alphabet Inc. finally joined the elite group. Mountain View, California-based company share price climbed 1.2% on Monday, pushing market capitalization briefly above $ 2 trillion, making it the third US company to do so after Apple Inc. and Microsoft Corp. Source: Bloomberg
Such a spectacular result is due to the growth of cloud business and the domination of the online advertising industry, which has long functioned as a duopoly between Google and Facebook. According to an eMarketer report from May 2021, Google collected 27.5% of global net ad revenue in 2020, while Facebook collected 22.3%. Alphabet has become such a dominant force in internet advertising thanks to its online search engine.
Alphabet (GOOGL.US) stock pulled back from a fresh all-time high at $3011.65 after buyers failed to break above the upper limit of the ascending channel. If bearish momentum gains steam, then support at $2872.00 may be at risk. Source: xStation5
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