Shares of Google parent Alphabet surged Wednesday amid growing optimism about the tech giant's AI search capabilities in the wake of Google’s I/O conference keynote and rollout of its “AI mode” offering in the U.

No company can match Google’s ability to get artificial intelligence in front of the masses. That’s not always enough.

Alphabet's Google has persuaded a federal judge in California to reject a lawsuit from video platform Rumble accusing the technology giant of illegally monopolizing the online video-sharing market.

The Swedish carmaker said on Wednesday that it is now the lead development partner for Android automotive software.

The search giant currently trades at a price-to-earnings ratio ( P/E) of just 18.5, which is close to a 30% discount from the S&P 500 's P/E of 25.9. That discount comes as Alphabet's growth remains solid. In its first-quarter earnings report, revenue rose 12% to $90.2 billion, with operating income jumping 20% to $30.6 billion.

An exchange-traded fund that focuses on Big Tech stocks was advancing Wednesday, propelled by a big gain in shares of Google parent Alphabet Inc. The Roundhill Magnificent Seven ETF, which holds Alphabet,

Alphabet stock was sliding Tuesday afternoon as the Google I/O keynote announcements initially seemed to underwhelm investors. Alphabet shares dropped as the company shared AI news, with several of the AI updates announced scheduled to come in the weeks and months ahead.

Alphabet's stock rarely gets this cheap, and right now could be a once-in-a-decade opportunity to scoop up shares at a historically low valuation.