Alphabet races toward $4 trillion valuation as AI-fueled gains accelerate

Alphabet closed in on a $4 trillion valuation on Monday, set to become only the fourth company to enter the exclusive club, as the Google parent rides an artificial intelligence-driven rally.

Shares of the company rose more than 5% to hit a record high of $315.9, giving it a market capitalization of $3.82 trillion. The stock has climbed nearly 70% so far this year, far outperforming AI rivals Microsoft and Amazon.com.

Nvidia, Microsoft and Apple have previously hit a $4 trillion valuation. Only Nvidia and Apple remain on the list.