Only Apple (AAPL, Tech30), with a market value of $586 billion, is worth more. (Google was briefly the most valuable company in the world earlier this year.)
Alphabet's stock is up just 4% this year though, in line with Apple. So Google has lagged the performance of two other members of the so-called FANG of four in tech.
Amazon (AMZN, Tech30) -- also at an all-time high -- is up nearly 15% while Facebook (FB, Tech30) has soared almost 20% this year. Netflix (NFLX, Tech30) is the only laggard in the group. Shares are down about 20% so far in 2016.
But even though Google/Alphabet hasn't surged as much as some other big techs, there is no denying that it is doing extremely well.
Part of that has to do with the fact that investors are embracing most large tech stocks in general. The Nasdaq hit an all-time high Tuesday -- its first since July 2015.
But Google (is it OK if I just call it Google?) isn't just riding the Nasdaq's coattails.
The company is still growing at a rate that would make most companies envious. Analysts are forecasting that profits will increase more than 15% this year and that sales will be up 20%.
That's truly remarkable when you consider just how colossal Google is. Sales are expected to top $88.5 billion this year and exceed $100 billion in 2017.
It has now been a year since Google announced that it was reorganizing into Alphabet. Since then, the company has continued to post solid gains in its core Google search business, as well as YouTube and Android.
But the startups in the Alphabet empire -- companies that the company classifies as "other bets" -- continue to lose money, despite healthy revenue growth.
The "other bets" division includes the Google Fiber Internet access business, connected home device unit Nest and its life sciences division Verily.
Investors continue to express hope that many of these so-called moonshots will eventually pay off handsomely. But investors also seem less worried that Google will continue to plow money into unprofitable businesses indefinitely.
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