Alphabet shares touch $1,000, reflects bullishness in tech giants

The company's share transition has also buoyed investor confidence in the stock

Shares of Google parent Alphabet passed $1,000 six days after Amazon.com crossed the same threshold, showing the sustained investor confidence that tech giants can outmatch older companies.

Amazon’s rise reflected a bullishness in e-commerce, coming despite bigger sales in brick-and-mortar retail. Likewise, Alphabet shareholders see that TV ad budgets will continue to gravitate online, where Google dominates.

Alphabet’s transition just two years ago to a portfolio structure has also buoyed investor confidence in the stock. Alphabet’s shares hit $1,003.76 at 12:18 pm in New York Monday, about a 38 per cent increase since August 2015 when Google became