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Alphabet Inc. (NASDAQ:GOOGL) (NASDAQ:GOOG), the parent company of Google, reported stellar third-quarter earnings that not only beat Wall Street’s expectations but also drove the combined market cap of the “Magnificent Seven” tech giants to an unprecedented $16.8 trillion.
Alphabet's earnings per share came in at $2.12, a 37% increase over the same quarter last year, far exceeding the consensus estimate of $1.55, according to data from Benzinga Pro.
Revenue reached $88.27 billion, representing a 15% year-over-year rise and surpassing the $86.39 billion that analysts anticipated.
Google advertising business was a key factor leading to the rise in revenue, totaling $65.9 billion, up from $59.6 billion last year.
As a result of these impressive numbers, Alphabet's shares rallied over 6% by mid-morning on Wednesday, marking its best trading session since April.
The stock price increase translated into a more than $150 billion rise in Alphabet’s market capitalization, which now stands at $2.239 trillion.
Alphabet's surge also gave a substantial lift to the combined valuation of the Magnificent Seven, pushing it to a record-high $16.8 trillion.
While Alphabet soared on the back of its strong quarterly report, other stocks within the Magnificent Seven showed mixed performance on Wednesday. Nvidia Corp. (NASDAQ:NVDA) slid as investors grew cautious on semiconductor stocks following weaker-than-expected earnings from Advanced Micro Devices Inc. (NASDAQ:AMD).
The week remains pivotal for the Magnificent Seven, as several other tech giants are set to release their quarterly earnings. Microsoft Corp. (NYSE:MSFT) and Meta Platforms Inc. (NASDAQ:META) will report their results after the close on Wednesday, while Amazon.com Inc. (NASDAQ:AMZN) and Apple Inc. (NASDAQ:AAPL) will follow suit on Thursday after the market close.
Looking at the group's recent performance, Tesla Inc. (NASDAQ:TSLA) emerged as the strongest over the last five days, with its stock gaining 20.28% following a positive reaction to its recent earnings report.
Here's a breakdown of market caps, recent price changes and year-to-date returns for each company within the Magnificent Seven:
| Name | Market Cap | Price Chg (5 Days) | Total Return (YTD) |
| Apple Inc. | $ 3,526.02 | -1.67% | 20.91% |
| NVIDIA Corporation | $ 3,416.76B | -3.00% | 181.33% |
| Microsoft Corporation | $ 3,255.49B | 2.43% | 17.08% |
| Alphabet Inc. | $ 2,237.83B | 9.48% | 29.92% |
| Amazon.com, Inc. | $ 2,035.74B | 2.25% | 27.66% |
| Meta Platforms, Inc. | $ 1,507.24B | 2.37% | 68.83% |
| Tesla, Inc. | $ 841.61B | 20.28% | 5.51% |
Alphabet's post-earnings rally has boosted several exchange-traded funds with significant exposure to the stock.
| ETF Name | Weight % | 1-day %chg |
|---|---|---|
| Direxion Daily GOOGL Bull 2X Shares (NYSE:GGLL) | 18.49% | +10.7% |
| iShares Global Communication Services ETF (NYSE:IXP) | 12.61% | +1.8% |
| Fidelity MSCI Communication Services Index ETF (NYSE:FCOM) | 12.40% | +1.8% |
| Vanguard Communication Services ETF (NYSE:VOX) | 11.87% | +1.9% |
| Direxion Daily Magnificent 7 Bull 2X Shares (NYSE:QQQU) | 10.73% | +2.5% |
| The Communication Services Select Sector SPDR Fund (NYSE:XLC) | 10.70% | +1.5% |
| Kurv Technology Titans Select ETF (NYSE:KQQQ) | 8.96% | +1.1% |
| NYLI U.S. Large Cap Core ETF (NYSE:LRND) | 8.53% | +0.6% |
| Invesco AI and Next Gen Software ETF (NYSE:IGPT) | 8.12% | -0.8% |
| ProShares Ultra Communication Services (NYSE:LTL) | 7.99% | +3.5% |
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Posted In: AAPL AMD AMZN FCOM GGLL GOOG GOOGL IGPT IXP KQQQ LRND LTL META MSFT NVDA QQQU TSLA VOX XLC
