Alphabet hits $3 trillion market value on AI push and court ruling

Alphabet, the parent company of Google, reached a market value of roughly $3 trillion on Monday as its shares climbed to record highs following a favorable U.S. court ruling and renewed investor enthusiasm for its artificial intelligence offerings. Class A and Class C shares traded around $250 to $252 apiece after rising about 4 to 4.8 percent in intraday trading, pushing the company into the small group of U.S. firms worth $3 trillion or more.

The surge came after a U.S. federal judge rejected government demands that Alphabet divest key assets, including the Chrome browser and the Android operating system, in an antitrust case that had dragged on for nearly five years. The ruling relieved investors who had feared a forced breakup and allowed Alphabet to maintain control of platforms that underpin much of its advertising and mobile business, though the court required the company to share certain data with competitors, according to the decision.

Investors were also reacting to stronger-than-expected business results and momentum around Alphabet's AI strategy. The company reported second quarter revenue growth that exceeded forecasts, and its cloud unit posted nearly a 32 percent...