Google shares now change hands for $1,000 each. The reason is simple - Google is earning money, and in large quantities at that. And it's not the only tech stock posting eye watering profits.
The world's biggest technology firms — Amazon, Google parent Alphabet and Microsoft — have all posted stellar quarterly earnings on the back of a corporate shift away from company-owned data centers to the cloud.
Facebook, Amazon, Google — why did they get so big, so fast? Economists say winner-takes-all "network effects" make such firms natural monopolies — and that we can expect network effects to become ever more important.
Booming sales of web services have boosted the profits of Microsoft and Amazon, while Google parent Alphabet reported solid growth in ad revenue that helped it cover rising costs of its "moonshot" projects.
An IT glitch has led to wild price moves on traders' terminals for Nasdaq-listed stocks including Apple and Google. Some stocks plunged or rose by as much as 80 percent but were never sold at the erroneous prices.
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