Google parent Alphabet hits 4tn valuation after AI deal with Apple

Google's parent company hit a major financial milestone on Monday, reaching a $4tn valuation for the first time and surpassing Apple to become the second-most valuable company in the world. Alphabet is the fourth company to hit the $4tn milestone after Nvidia, which later hit $5tn, Microsoft and Apple . The spike in share price comes after Apple announced it had chosen Google's Gemini AI model to power a major overhaul of the iPhone maker's digital assistant Siri, which comes installed in every iPhone. Neither company disclosed how much the deal was worth. "After careful evaluation, we determined that Google's technology provides the most capable foundation for Apple Foundation Models," Apple said in a statement to CNBC . As tech stocks continue a years-long meteoric rise, fears of a bubble in the stock market persist; however, Wall Street's excitement for new avenues of investment in AI does as well.