Go Google! Shares of Google’s parent company Alphabet hit a new record high above $1,000 on Monday.
The Google milestone comes one week after Amazon's stock also joined the four-digit stock price club.
Alphabet stock is up more than 25% this year. The company's market value is now about $680 billion, second only to Apple, which is worth more than $800 billion.
The success is largely due to the continued dominance of the Google search engine - and the ad money that come with that. The company is expected to report sales of nearly $108 billion this year.
But YouTube and Android are also generating more sales and profits for the company too.
Alphabet also has several other bets - companies like driverless car tech firm Waymo, Fiber and connected device maker Nest - that are starting to kick in more revenue too.
The success of Google has made its two co-founders extremely rich. Larry Page, who is also Alphabet's CEO, and Sergey Brin are each worth nearly $50 billion.
The two tech giants are in an exclusive club of stocks that have topped the four-digit mark.
Amazon, on the other hand, is trading at about 90 times earnings estimates for next year, much higher than the overall market, as well as other tech titans like Apple, Microsoft and Facebook.
The main reason that the share prices of both Alphabet and Amazon have gotten to these levels is that neither company is a fan of stock splits.
When a company splits its stock, it issues more shares to existing investors. For example, if you owned 100 shares of a stock trading at $100 and the company decided to split its stock 4 for 1, you'd wind up with 400 shares at a price of $25 each.
Amazon has not done a stock split since 1999, while Alphabet did one split in 2014, creating two classes of stock in the process.
If either company ever hopes to make it into the exclusive group of 30 stocks in the Dow Jones Industrial Average though, they probably would have to split their stock. That's because the Dow is a price-weighted average. Having one stock with such a high price would give it an outsized influence on its overall value.
