$2T is the new $1T

It looks like Alphabet might soon join the $2T market cap club, thanks to renewed investor confidence in its AI strategy, following its presentation of enterprise AI tools at its cloud computing conference this week. That confidence had been dashed following a string of AI mishaps, including being late to launch its own generative AI chatbot and releasing a genAI image generator that churned out nazis of color and other historical inaccuracies.

It’s worth noting that two of the other three companies in the $2T club, Nvidia and Microsoft, have also benefited from their proximity to the very buzzy AI industry. Apple, which has appeared to lag the others in AI development (it’s reportedly in talks with Google and Baidu to outsource genAI), has seen its stock decline this year. Don’t worry though, Apple is still worth a lot.

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SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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