By Beth McKenna
Publication Date: 2026-05-04 23:40:00
Shares of Google parent Alphabet (GOOG 0.84%) (GOOGL 0.59%) rocketed 33.8% higher in April, according to data from S&P Global Market Intelligence.
Last month was Alphabet’s best monthly performance since October 2004, two months after its initial public offering (IPO), when the stock (then named Google) soared 47.1%.
For additional context, in April, the S&P 500 index returned 10.5%, and the tech-heavy Nasdaq Composite index returned 15.3%. Artificial intelligence (AI)-related stocks overall had a particularly good month. (Chipmaker Advanced Micro Devices, for instance, skyrocketed 74% in April.)
So, Alphabet stock got a brisk tailwind from the market’s strength, but it also had company-specific catalysts.
Alphabet will start selling its AI-enabling TPUs. Image source: Getty Images.
Powerful Q1 results, driven by Google Cloud
Alphabet stock climbed steadily throughout April, with its biggest jump coming at the end of the month after it released stellar first-quarter 2026 results on April 29. On April 30, shares surged 10%.
Following this release, many Wall Street firms significantly raised their one-year price targets.
In Q1, Alphabet’s revenue grew 22% year over year to $109.9 billion. Google Services revenue increased 16% to $89.6 billion, while Google Cloud revenue soared 63% to $20.0 billion, driven by strong demand for its AI products and infrastructure. The company’s broad-based, robust results underscore its success in monetizing its AI spending.
Earnings per…
