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Photo: Jakub Porzycki/NurPhoto via Getty Images

Alphabet's market capitalization surpassed $2 trillion on Monday, having doubled its value during the pandemic.

Why it matters: The Google parent company was valued at $1 trillion in January 2020. Its business has been buoyed by the migration of companies to digital operations in the past two years.

Details: Google makes most of its revenue from its digital ads business and cloud storage.

  • YouTube brought in $7 billion in revenue last quarter, far more than Snapchat, Twitter, Pinterest and LinkedIn combined.
  • The news comes two weeks after Alphabet reported third-quarter earnings that beat investor estimates.

Yes, but: Market cap is a metric that's built around market sentiment, not business fundamentals, which means it's vulnerable to big swings.

The big picture: Alphabet becomes the third U.S. company to surpass a $2 trillion market cap following Apple in 2020 and Microsoft earlier this year.

  • Amazon, which is currently valued at roughly $1.7 trillion, was racing Google to become the third $2 trillion company. Facebook hit the $1 trillion mark earlier this year.
  • Tesla surpassed $1 trillion in value for the first time last month following an alleged deal to sell 100,000 vehicles to Hertz.

Go deeper

Nov 30, 2021 - Economy & Business

Media startups anxiously await BuzzFeed’s stock market debut

Illustration: Sarah Grillo/Axios

Digital media companies considering going public are watching BuzzFeed's expected stock market debut next week to see how investors will respond.

Why it matters: A slowdown in SPACs (special purpose acquisition companies) earlier this year pushed some digital media companies that were considering going public via SPAC IPOs away from the idea, such as Vice.

Updated 28 mins ago - Politics & Policy

U.S. faces urgent anti-hacker crisis

Illustration: Allie Carl/Axios

The Biden administration is accelerating efforts to fill nearly 600,000 vacant cybersecurity positions in the public and private sectors bogging down efforts to protect digital infrastructure.

Why it matters: Following a deluge of ransomware attacks targeting critical government and corporate infrastructure this year, clogs in the talent pipeline are leaving federal, cash-strapped local governments and Big Business even more susceptible to hacking.

Mike Allen, author of AM
5 hours ago - World

Courage vs. coddling with China

Peng Shuai of China serves during the China Open in Beijing in 2017. Photo: Andy Wong/AP

The women's professional tennis tour suspended tournaments in China Wednesday out of concern for Peng Shuai, on the same day that a top business voice made excuses for Beijing.

Why it matters: Ahead of February's Winter Olympics in Beijing, some sports figures are taking on the regime — while Big Business shrinks from confrontation with the world's second-largest economy.