Alphabet's Earnings Rally Pushes Magnificent 7 Market Cap To Record $16.8 Trillion: 10 Tech-Heavy ETFs Moving Wednesday

Alphabet Inc. (NASDAQ:GOOGL) (NASDAQ:GOOG), the parent company of Google, reported stellar third-quarter earnings that not only beat Wall Street’s expectations but also drove the combined market cap of the “Magnificent Seven” tech giants to an unprecedented $16.8 trillion.

Alphabet's earnings per share came in at $2.12, a 37% increase over the same quarter last year, far exceeding the consensus estimate of $1.55, according to data from Benzinga Pro.

Revenue reached $88.27 billion, representing a 15% year-over-year rise and surpassing the $86.39 billion that analysts anticipated.

Google advertising business was a key factor leading to the rise in revenue, totaling $65.9 billion, up from $59.6 billion last year.

Read More: Alphabet Q3 Earnings Highlights: Revenue Beat, EPS Beat, Google Cloud Up 35%, ‘Momentum Across The Company Is Extraordinary’

Alphabet Stock Surge Adds Over $150 Billion To Market Cap

As a result of these impressive numbers, Alphabet's shares rallied over 6% by mid-morning on Wednesday, marking its best trading ...