Alphabet tops $1,000 for the first time (GOOGL)

pulse

June 5, 2017 3:00 PM

The internet giant just hit new highs.

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Class A shares of Alphabet, the parent company of Google, broke $1,000 in early trading Monday.

Alphabet has gained about 25% so far this year. The S&P 500 is up around 7.8% in the same time.

This is the first time Alphabet has hit this price in the almost 13 years since it went public, and the new high comes only a couple weeks after the company's big developer conference, Google I/O.

Google has announced a major shift to focus on artificial intelligence, as it fights companies like Amazon and Apple for dominance in the next big internet trend. The artificial-intelligence-powered Google Assistant is now available on smartphones via an app.

Last week, Amazon broke the $1,000 milestone for the first time. That stock is up around 32% this year.

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