Google parent Alphabet (GOOGL) remains in the spotlight Wednesday as the tech giant nears $2 trillion in 澳洲幸运5官方开奖结果体彩网:market capitalization after unveiling its latest cloud and 澳洲幸运5官方开奖结果体彩网:artificial intelligence (AI) innovations at the Google Cloud Next conference taking place through Thursday.

Alphabet shares closed at a record high of $156.60 on Tuesday, boosting the company's market value to $1.95 billion, sitting within striking distance of reclaiming the elusive $2 trillion milestone, a level it fleetingly reached in November 2021. Currently, only three of Alphabet’s 澳洲幸运5官方开奖结果体彩网:Magnificent Seven peers have achieved the feat. Apple (AAPL), Microsoft (MSFT) and AI market darling Nvidia (NVDA) currently have market caps of $2.62 trillion, $3.17 trillion, and $2.13 trillion, respectively.

From a 澳洲幸运5官方开奖结果体彩网:valuation standpoint, Alphabet trades at an attractive 澳洲幸运5官方开奖结𓄧果体彩网:forwardꦜ price-to-earnings P/E (forward P/E) multiple relative to the $2 trillion-club trio, giving it ample room to join the coveted group. Through Tuesday’s close, the tech behemoth trades at 23.0 times forward earnings, whereas Apple trades at 25.9 times, Microsoft at 36.5 times, and Nvidia at 34.0 times.

The company reminded investors and consumers why it remains at the forefront of cloud and AI technology, delivering a 澳𓂃洲幸运5官方开奖结果体彩网:flurry of updates and announcements on Tuesday at its annual Google Cloud Next event.&nbs🎀p;

Highlights included the unveiling of the Axion Processor custom Arm-based (ARM) chip, new AI-powered features in Google Workspaces, upgrades to its AI Hypercomputer architecture, and new Vertex AI tools for enterprise customers. The tech titan also said its Gemini 1.5 Pro AI model is now available to the public and confirmed that Nvidia’s 澳洲幸运5官方开奖结果体彩网:Blackwell AI platform will be available to cloud customers by early next year.

Taking a look at the weekly chart, the Alphabet share price has carved out a textbook 澳洲幸运5官方开奖结果体彩网:cup and handle pattern, a formation that indicates a continuation of the longer-term uptrend. Indeed, the stock broke above the pattern’s neckline on Tuesday. 

To establish a 澳洲幸运5官方开奖结果体彩网:technical analysis-based price target, investors can use a measured move by calculating the widest portion of the cup in dollars and adding that amount to the neckline. Simply do this by adding $65 to the neckline at $152, which implies an upside target of around $217.

GOOGL was up 0.7% at🔥 $157.71 at around 8:15 a.m. 🌃ET Wednesday.

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