The sum of Google-parent Alphabet’s stock transactions on Tuesday increased by $3.9 billion on high trading volume, which is still far less than the sum of stock transactions more than doubled for Apple Inc.
After settling at a high of $1,088.37 per share on Monday, the shares closed at $1,076.73 on Tuesday. Alphabet currently trades at a $525 billion market cap, which is 41% higher than the market cap it had at the time of its IPO in 2004.
The market cap increase by Alphabet was driven by nine corporations and entities from Alphabet including the Google spin-off, Waymo, Google Brain, Google’s structured investment vehicle, CapitalG, X, Sidewalk Labs, Google Ventures, Alphabet Finance, and the founders.
While Google parent Alphabet trades at higher than its IPO valuation, the company is still underperforming the S&P 500 index. Currently, Google parent Alphabet has a market cap of $1,086 billion but the index trades at $1,758 billion.
As of Tuesday, Google parent Alphabet is worth less than its nearest competitor Facebook Inc.
Apple Inc. (APPL)
Apple Inc.’s stock closed at $224.45 per share Tuesday, giving the company a market cap of $942 billion, slightly higher than Google parent Alphabet. Since it’s IPO in 1980, Apple’s market cap has gone on to reach the $1 trillion mark twice.
Apple’s market cap currently stands at $942 billion, giving the company a $96 billion higher than its current market cap. Since March 2016, Apple’s stock has seen a price jump of 95% to a high of $246.31 per share in late January.