Shares of internet giant Alphabet closed out the day at an all-time high on Monday, January 6, as big tech companies saw gains that defied the rest of the market, reported The Wall Street Journal.
Google-parent Alphabet closed up 2.7% at US$1,397.81 per share, which brings the company’s market cap to US$964 billion.
Facebook rose almost 1.9% on the day, closing at US$212.60 per share, which makes the social media giant worth US$606.3 billion — a 52-week high, and just 3% off its all-time high of US$218.62, set on July 25, 2018.
The record highs come as both companies face ongoing antitrust investigations by coalitions of state attorneys general.
In September, 50 attorneys general announced the launch of an investigation into Google over possible antitrust violations in its advertising business. The next month, CNBC reported that the attorneys general were preparing to expand their investigation into Google’s Android and search businesses.
Around the same time as the launch of the Google probe, 47 attorneys general announced an antitrust investigation into Facebook’s practices, which sent the stock down almost 4% that day.
However, Monday’s record highs suggest investors are unconcerned going into the new year about the ongoing investigations.
Alphabet’s record high comes nearly a month after former CEO and Google co-founder Larry Page relinquished his role to Sundar Pichai, former Google CEO. Pichai will help the company find new revenue streams, Pivotal Research Group analyst Michael Levine said as he upgraded the stock to a buy rating.
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