Google’s parent Alphabet became the fourth US company to top a market value of more than US$1 trillion, joining a lofty club that includes Microsoft, Amazon and Apple.
Alphabet entered the trillion-dollar league as its shares closed up 0.76 percent at US$1,450.16 on Thursday.
Shares of the Internet search giant are up nearly 17 percent over the last three months, outpacing a broader rally in the S&P 500 index over the same period by 6 percentage points, Reuters noted.
Alphabet’s shares are among a small group of stocks found in the top holdings of both mutual funds and hedge funds.
That could leave it exposed to volatile price swings if sentiment suddenly changes.
Short interest in the stock, a measure of how many investors are betting on a price decline, is at 1 percent, near a 52-week high for the company and higher than competitors such as Microsoft and Facebook, according to Refinitv data.
Alphabet is scheduled to report fourth-quarter earnings on Feb. 3.
In its latest report, the company missed analysts’ estimates for third-quarter profit by about US$1.7 billion, though it beat revenue expectations.
That news did little to dent investors’ bullishness on the company: Alphabet’s stock retreated briefly on the report, only to resume its climb several days later, Reuters noted.
Bearish investors, however, can point to Amazon, which saw its market value fall below US$1 trillion after its streak of record profits ended in July.
Amazon shares are down nearly 7 percent over the last six months, compared with a 10 percent gain in the S&P 500 overall.
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