A milestone for Google's owner. The latest ruling helped.

The company's Class A shares rose 3.6% to $249.1, while Class C shares rose 3.4% to $249.50 – both hitting record highs.

Including Monday's moves, the stock is up more than 32% this year, the best performance among the US's so-called "Magnificent Seven" stocks and ahead of the 12.5% ​​gain in the S&P 500.

The "seven" are: Apple, Microsoft, Amazon, Alphabet, Meta (formerly Facebook), Nvidia and Tesla.

Google's owner joins the elite

Alphabet joins other tech giants, Apple and Microsoft, in achieving a valuation of $3 trillion.

AI chip manufacturer Nvidia, the most valuable company in the world, boasts a market capitalization of $4.25 trillion.

As reported by Reuters, the latest boost for Alphabet was a U.S. court ruling that allowed the company to retain control of the Chrome browser and Android mobile operating system, marking a watershed moment for the company , whose dominance in search engines and mobile ecosystems has long been the subject of criticism.

While data sharing as part of the ruling will strengthen Google's rivals in the advertising industry, not having to divest Chrome and Android will eliminate significant concerns for investors who see them as key components of Google's overall business.

Google's cloud computing is a major success

Investor sentiment also improved after the company's cloud computing division reported nearly 32% revenue growth in the second quarter, exceeding expectations. This shows that investments in internal chips and the Gemini artificial intelligence model are starting to pay off .

“They’re still very reliant on search, but with YouTube, Waymo and other opportunities and products they’re working on, investors are starting to see the possibility that this isn’t just a search company anymore, but a company that’s branching out into a lot of other areas, ” said Dennis Dick, chief strategist at Stock Trader Network.

According to data compiled by the London Stock Exchange Group, Alphabet shares are valued at about 23 times projected earnings – the lowest among the Magnificent Seven – compared with a five-year average of 22%.