Alphabet, Google's parent company reaches a valuation of $ 2 trillion

Alphabet, Google's parent company, briefly reached a market capitalization of $ 2 trillion. The tech giant's market capitalization is currently at a comfortable $ 1.98 trillion, but it topped $ 2 trillion at noon Monday and then closed at $ 2,987.03 per share. Alphabet's market capitalization has nearly doubled from $ 1 trillion since January 2020.

In the third quarter of 2021, Alphabet had a record quarter, earning $ 65.1 billion. The company reported that its revenue increased 41 percent, while its profit increased almost 69 percent. Google Search saw a slight increase in earnings, climbing to $ 37.9 billion from $ 35.8 billion in the prior quarter. YouTube, another Alphabet company, made $ 7.2 billion in the most recent quarter.

Throughout the pandemic, Big Tech has exploded, and as companies around the world moved from in-person workplaces to remote cloud-based work environments, Google benefited in the form of cloud storage subscriptions and digital advertisements.

Alphabet came close to joining Apple and Microsoft as one of three US-based companies that are part of the exclusive $ 2 trillion clubs. Apple hit the mark in April last year, while Microsoft hit $ 2 trillion last June. Amazon is close to joining the $ 2 trillion club, but its current valuation of $ 1.7 trillion falls a bit short.