Reports suggests that Google’s parent, Alphabet, inches closer to join Apple Inc and Microsoft Corp by leading two trillion market valuation club as the search giant's shares surged more than eight percent following a certainty quarterly report.

Previous trading estimated about $ 2,975 as Alphabet's stock on track for the largest one-day percentage gain in almost two years, easing concerns around owning Big Tech following a sector-wide selloff in the past few weeks.

According to the reports Alphabet's stock market value peaked just above two trillion after the start of the trading session, and was last at $1.97 trillion. That includes class B shares that do not trade on the stock market and are held by insiders.

Russ Mould, investment director, AJ Bell says, “the technology sector started 2022 with some of the biggest question marks over it since the dotcom crash more than two decades ago. However, the largest and highest quality U.S. tech names continue to deliver the answers the market wants with big earnings beats.”

As per the reports shares of Wall Street's most valuable companies have soared in the past two years, driven by pandemic-led shifts in how people work and learn, even as regulators around the world scrutinize them over allegations of breaches of privacy and antitrust concerns.

Around 20 brokerages raised their price targets on Alphabet's stock after the company late on Tuesday delivered record quarterly sales that topped expectations. The median analyst price target is now $3,450, 16 percent above its current price.

“The split will make the shares more accessible for retail investors and likely facilitate inclusion in the Dow Jones Industrial Average (which is somehow still share price-weighted), but it has no fundamental impact,” says J.P. Morgan, analyst, Doug Anmuth.

Facebook parent Meta Platforms, which is set to report results the bell, last up 1.1 percent as per the reports.