Alphabet Stock Surges 10% on Blockbuster Earnings, Fuels U.S. Market Rally

U.S. markets surged on April 30 despite mixed Big Tech earnings, powered by Alphabet's nearly 10% rally after reporting record $109 billion revenue, 62% Google Cloud growth from AI demand, and a backlog doubled to $460 billion. The company raised full-year capex by $5 billion to $180-190 billion for AI investments, lifting the S&P 500 1.02% to 7,209 and Nasdaq 0.89% while offsetting Meta's 10% plunge and Microsoft weakness. Earlier reports noted a 7% intraday jump, evolving into broader market gains with Caterpillar also up 10%.