Alphabet Soars After Strong Sales Signal AI Bets Paying Off

Alphabet Inc. shares soared 10% to a record after the company reported strong demand for its cloud and artificial intelligence offerings, signaling that unprecedented investments in AI infrastructure are paying off.

Google’s parent company said first-quarter revenue, excluding partner payouts, was $94.7 billion, exceeding analysts’ expectations of $91.6 billion. The company reported earnings per share of $5.11, nearing double Wall Street’s had projected.