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Key Facts about Alphabet’s Recent Performance
Alphabet Inc. (NASDAQ: GOOG, GOOGL) has experienced a significant share price increase of nearly 20% in September 2023, following a favorable court ruling on antitrust claims, which allowed the company to retain key assets, including its Search engine. The company’s market capitalization has now surpassed $3 trillion, rising 34% year-to-date.
Innovations driven by Google’s Gemini AI model are enhancing Alphabet’s core services, including Search and Chrome. Google Cloud reported a 31.7% increase in growth last quarter and is on pace for a $12 billion operating profit run rate in 2023. The cloud unit’s projected revenue could reach $150 billion by 2030.
Waymo, Alphabet’s self-driving car division, is expanding its operations to new cities and is projected to capitalize on the autonomous robotaxi market, which Goldman Sachs estimates will grow at a 90% annualized rate through 2030.
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