Subrat Patnaik and Akash Sriram

(Reuters) – Alphabet, Google’s parent (NASDAQ) Inc moved closer to Apple (NASDAQ) and Microsoft (NASDAQ) joining the elite club of $2 trillion market value. The search giant saw its shares rise 10% after another quarter.

These gains, if they continue, will be the greatest single-day gain in stock history since 2015. They also eased some of the worries about Big Tech valuations, which caused an industry-wide selloff over the last few days.

Russ Mould from AJ Bell, Investment Director said that “the technology sector started 2022 in some of the greatest question marks since the dotcom collapse more than two decades back.”

The market continues to demand answers from the best U.S. technology companies, with huge earnings beats.

Trades before the open bell saw the stock surge as much as 10.8% up to $3,049.5 Stock price targets were raised by 20 brokerages. This lifted the median Wall Street target to $3450

Alphabet also announced that it will be performing a 20:1 stock split. It will provide shareholders with 19 shares for each share. The price of the stock fell to $138, as of Tuesday’s closing.

Companies use splitting stocks to attract investors and make them less expensive. Some brokerages like Robinhood (NASDAQ) Markets allow investors to purchase fractions of shares making this tactic less efficient.

Apple and Tesla (NASDAQ) have both split their stocks recently to appeal more to mother-and-pop investors.

Doug Anmuth from J.P. Morgan said that while the share split may make them more available to retail investors, it will not have a fundamental impact on the company’s performance.

Facebook-parent Meta Platforms (which will release results on Wednesday) and Amazon.com Inc. (NASDAQ:), both rose around 3% in premarket trades.

Advanced Micro Devices Inc. shares jumped 12% in response to Wall Street’s praises. The shares of Nvidia, Qualcomm (NASDAQ) and Xilinx(NASDAQ:) as well as Micron (NASDAQ) rose.