Alphabet Inc., Google's parent company, reported strong third-quarter earnings for 2024, surpassing analysts' expectations and signaling the company's AI investments are paying off. The company posted earnings per share of $2.12, exceeding the predicted $1.84, and revenue of $88.27 billion, above the anticipated $86.40 billion, marking a 15% year-over-year increase. Alphabet's stock jumped 7.1% at the open, adding approximately $150 billion in market value. A significant contributor to this growth was Google Cloud, which saw revenue increase by 35% to $11.4 billion, driven by accelerated growth in AI infrastructure, generative AI solutions, and core Google Cloud Platform products. Notably, Google Cloud Platform grew at a rate higher than the overall cloud sector. CEO Sundar Pichai highlighted that over 25% of all new code at Google is generated by AI, and over 1 billion people use Gemini in Search, with API volume up 14 times in six months. YouTube also showed strong performance, with ad revenue reaching $8.9 billion—its second-best quarter ever—and achieving a $50 billion revenue milestone, fueled by subscription growth in offerings such as YouTube TV, NFL Sunday Ticket, and YouTube Music Premium. U.S. election-related spending lifted YouTube ad sales. The company's new CFO presented a margin beat and indicated further operational expense discipline. Following the earnings report, Alphabet's stock saw a significant surge, reflecting investor confidence in the company's strategic focus on AI and cloud services.