Since the Nasdaq 100 peaked on 10/29, the 25 largest stocks in the index have lost roughly $1 trillion in market cap.

Of the eight "trillion dollar companies" in the index, four have seen their market caps fall by at least $140 billion (NVDA, MSFT, META, TSLA), while the other four have actually seen their market caps increase (AAPL, GOOGL, AMZN, AVGO).

No stock has seen a bigger jump recently than Alphabet (GOOGL), whose market cap has risen by more than half of a trillion dollars since 10/29.

2025 has turned into the Year of Alphabet (GOOGL).  It is now the best performer of the mega-caps with a 70% year-to-date gain, and it has more than doubled (+124%) since its April low.  Check out the near-parabolic move that GOOGL shares have seen just in the last couple of months.

While Alphabet has recently spiked because of rave reviews for its latest LLM model (Gemini 3), GOOGL shares have actually risen for eight straight months:

Even more remarkable is that GOOGL shares have gained more than 10% for four consecutive months, which is easily a record since it went public in 2004.  (This presumes shares don't collapse on the final trading day of November on Friday.)

As shown below, GOOGL's 88% gain over the last six months is its strongest six-month move in its history!  An 88% move over six months is impressive for a company of any size, but it's even more astounding for a company with a $3.8 trillion market cap.

Of course, a move higher of this magnitude leaves shares extremely elevated relative to moving averages.  As of yesterday, GOOGL shares were a record 61% above their 200-day moving average.

Congratulations if you've taken part in GOOGL's gains this year, but most traders would say it's too risky to take a new position in any name that gets this extended.

More By This Author:

Home Price Update
Investors Thankful For...
Tracking Data Center Debt