Alphabet shares close at all-time high

Shares of Google parent Alphabet Inc. closed at an all-time high on Thursday, days before the company is expected to announce strong quarterly results.

The stock, which finished the regular-trading session at $151.87 (Class A) GOOGL, +2.13% and $153.64 (Class C) GOOG, +2.19%, has been on a tear to start 2024 as it rides the broader tech rally.

The company is currently trading at a market cap of $1.911 trillion, which is its first close above the $1.9 trillion.

Alphabet’s rousing rally comes amid severe belt tightening: Google has shed more than 1,000 people in recent weeks while company Chief Executive Sundar Pichai circulated a memo warning of more to come.

Alphabet’s stock is up 56% over the past 12 months. The broader S&P 500 index SPX has jumped 20.5% over the past year.