Alphabet (GOOGL) vs S&P 500
Alphabet traded at $338.89 on April 23, 2026, with market capitalization $4.1 trillion. The stock has gained 131 percent over the trailing 12 months.
Also known as: Alphabet (GOOGL) (STK_GOOGL, Google, Alphabet) · S&P 500 ETF (SPY) (ETF_SPY, S&P 500, SPX, SP500)
Why This Comparison Matters
Alphabet traded at $338.89 on April 23, 2026, with market capitalization $4.1 trillion. The stock has gained 131 percent over the trailing 12 months. Q4 2025 results beat expectations: revenue $113.83 billion (versus $111.43 billion consensus) and EPS $2.82 (versus $2.63 consensus). Google Cloud delivered $17.7 billion in Q4 revenue with 48 percent growth (accelerated from 34 percent in Q3). Cloud backlog reached $240 billion (more than doubled YoY). Gemini AI now has 750 million monthly active users (up from 650 million prior quarter), with serving unit costs reduced 78 percent through 2025. SPY closed at $708 the same week. The pair captures Google's dual exposure: ad-driven monetization and AI infrastructure leadership.
Alphabet's Position in the S&P 500
Alphabet represents approximately 6.7 percent of the S&P 500 in April 2026 across the GOOGL (Class A) and GOOG (Class C) shares combined. The market cap of $4.1 trillion is the third-largest in the world after NVIDIA ($5.06 trillion) and Apple ($4.04 trillion), and ahead of Microsoft ($3.14 trillion). The 131 percent trailing 12-month gain is the highest among the Magnificent 7 except NVIDIA over the same window.
The outperformance reflects three structural shifts in 2024 to 2025. First, Google Cloud accelerated from a perceived AI laggard to a growth leader. Second, Gemini went from being mocked at launch (December 2023) to commanding 750 million monthly active users by Q4 2025. Third, the antitrust overhang from the Department of Justice search-monopoly case was perceived as more limited than initially feared. The combination produced GOOGL's strongest 12-month performance since 2009.
Google Cloud as the Primary Growth Driver
Google Cloud Q4 2025 revenue was $17.7 billion (up 48 percent year-on-year), accelerated from 34 percent in Q3 2025. The 14 percentage point sequential growth acceleration is one of the largest in cloud industry history. Annualized Cloud revenue is approximately $71 billion, third-largest after AWS ($142 billion) and Azure ($90+ billion).
Cloud backlog (remaining performance obligations) reached $240 billion in Q4 2025, more than doubled year-on-year. The backlog represents multi-year customer commitments that will recognize as revenue over the contract terms. The $240 billion figure puts Google Cloud's visibility at approximately 3.4 years of forward revenue at current run rates. The backlog growth has been the strongest indicator that the Q4 2025 acceleration is sustainable rather than transitory. Markets have rewarded the Cloud trajectory with sustained GOOGL outperformance through 2024 to 2026.
Gemini's 750 Million Monthly Active Users
Gemini, Google's AI assistant, reached 750 million monthly active users (MAU) by Q4 2025, up from 650 million in Q3 2025 (15 percent quarter-on-quarter growth). The Gemini user base now exceeds OpenAI's ChatGPT (estimated 600 to 700 million MAU) and Microsoft Copilot (estimated 150 million MAU). The growth has been driven by Gemini integration into Google Search, Google Workspace, Android, and the standalone Gemini app.
Conditional Forward Response (Tail Events)
How S&P 500 ETF (SPY) has historically behaved in the 5 sessions following a top-decile or bottom-decile daily move in Alphabet (GOOGL). Computed from 1,289 aligned daily observations ending .
Following these triggers, S&P 500 ETF (SPY) rises 0.12% on average over the next 5 sessions, versus an unconditional baseline of +0.24%. 128 qualifying events; S&P 500 ETF (SPY) closed positive in 57% of them.
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Frequently Asked Questions
What is GOOGL's market cap?+
Alphabet traded at $338.89 on April 23, 2026, with market capitalization $4.1 trillion. The company is the third-most-valuable globally after NVIDIA ($5.06 trillion) and Apple ($4.04 trillion), and ahead of Microsoft ($3.14 trillion). GOOGL represents approximately 6.7 percent of the S&P 500 across the Class A (GOOGL) and Class C (GOOG) shares combined. The 131 percent trailing 12-month gain is the highest among the Magnificent 7 except NVIDIA. Q4 2025 results beat expectations: revenue $113.83 billion (vs $111.43 billion consensus), EPS $2.82 (vs $2.63 consensus).
How fast is Google Cloud growing?+
Google Cloud Q4 2025 revenue was $17.7 billion (up 48 percent year-on-year), accelerated from 34 percent in Q3 2025. The 14 percentage point sequential acceleration is one of the largest in cloud industry history. Annualized Cloud revenue is approximately $71 billion, third-largest after AWS ($142 billion) and Azure ($90+ billion). Cloud backlog reached $240 billion in Q4 2025, more than doubled year-on-year. The backlog represents multi-year customer commitments and provides approximately 3.4 years of forward revenue visibility at current run rates.
How big is Gemini?+
Gemini reached 750 million monthly active users (MAU) by Q4 2025, up from 650 million in Q3 (15 percent quarter-on-quarter growth). The user base exceeds OpenAI's ChatGPT (estimated 600 to 700 million MAU) and Microsoft Copilot (estimated 150 million MAU). Gemini integration into Google Search, Workspace, Android, and the standalone app has driven the growth. Gemini serving unit costs have been reduced approximately 78 percent over 2025 through model optimizations and efficiency improvements, making Gemini economically viable to deploy at scale embedded in free Google Search results without margin compression.
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Data sourced from FRED, CoinGecko, CBOE, and other providers. This page is for informational purposes only and does not constitute financial advice. Past performance does not guarantee future results.