Alphabet Inc. (GOOGL  ) (GOOG  ), the parent company of Google, reported stellar third-quarter earnings that not only beat Wall Street's expectations but also drove the combined market cap of the "Magnificent Seven" tech giants to an unprecedented $16.8 trillion.

Alphabet's earnings per share came in at $2.12, a 37% increase over the same quarter last year, far exceeding the consensus estimate of $1.55, according to data from Benzinga Pro.

Revenue reached $88.27 billion, representing a 15% year-over-year rise and surpassing the $86.39 billion that analysts anticipated.

Google advertising business was a key factor leading to the rise in revenue, totaling $65.9 billion, up from $59.6 billion last year.

Alphabet Stock Surge Adds Over $150 Billion To Market Cap

As a result of these impressive numbers, Alphabet's shares rallied over 6% by mid-morning on Wednesday, marking its best trading session since April.

The stock price increase translated into a more than $150 billion rise in Alphabet's market capitalization, which now stands at $2.239 trillion.

Alphabet's surge also gave a substantial lift to the combined valuation of the Magnificent Seven, pushing it to a record-high $16.8 trillion.

Mixed Performance Among the Magnificent 7

While Alphabet soared on the back of its strong quarterly report, other stocks within the Magnificent Seven showed mixed performance on Wednesday. Nvidia Corp. (NVDA  ) slid as investors grew cautious on semiconductor stocks following weaker-than-expected earnings from Advanced Micro Devices Inc. (AMD  ).

The week remains pivotal for the Magnificent Seven, as several other tech giants are set to release their quarterly earnings. Microsoft Corp. (MSFT  ) and Meta Platforms Inc. (META  ) will report their results after the close on Wednesday, while Amazon.com Inc. (AMZN  ) and Apple Inc. (AAPL  ) will follow suit on Thursday after the market close.

Looking at the group's recent performance, Tesla Inc. (TSLA  ) emerged as the strongest over the last five days, with its stock gaining 20.28% following a positive reaction to its recent earnings report.

Here's a breakdown of market caps, recent price changes and year-to-date returns for each company within the Magnificent Seven:

NameMarket CapPrice Chg (5 Days)Total Return (YTD)

  • Apple Inc.$ 3,526.02-1.67%20.91%
  • NVIDIA Corporation$ 3,416.76B-3.00%181.33%
  • Microsoft Corporation$ 3,255.49B2.43%17.08%
  • Alphabet Inc.$ 2,237.83B9.48%29.92%
  • Amazon.com, Inc.$ 2,035.74B2.25%27.66%
  • Meta Platforms, Inc.$ 1,507.24B2.37%68.83%
  • Tesla, Inc.$ 841.61B20.28%5.51%
10 ETFs Moving On Alphabet Rally

Alphabet's post-earnings rally has boosted several exchange-traded funds with significant exposure to the stock.

ETF NameWeight %1-day %chg

  • Direxion Daily GOOGL Bull 2X Shares (GGLL  ) 18.49%+10.7%
  • iShares Global Communication Services ETF (IXP  ) 12.61%+1.8%
  • Fidelity MSCI Communication Services Index ETF (FCOM  ) 12.40%+1.8%
  • Vanguard Communication Services ETF (VOX  ) 11.87%+1.9%
  • Direxion Daily Magnificent 7 Bull 2X Shares (QQQU  ) 10.73%+2.5%
  • The Communication Services Select Sector SPDR Fund (XLC  ) 10.70%+1.5%
  • Kurv Technology Titans Select ETF (KQQQ  ) 8.96%+1.1%
  • NYLI U.S. Large Cap Core ETF (LRND  ) 8.53%+0.6%
  • Invesco AI and Next Gen Software ETF (IGPT  ) 8.12%-0.8%
  • ProShares Ultra Communication Services (LTL  ) 7.99%+3.5%