Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) stock jumped nearly 3% earlier in the day before retreating to about a 1.3% gain as of 2 p.m. ET Tuesday. It’s not a huge increase — but then again, you don’t expect $2.2 trillion market cap companies to make huge increases in percentage terms all that often.
What’s interesting about the gain, though, is what caused it.
According to a Reuters exclusive report this morning, artificial intelligence (AI) leader OpenAI is planning to utilize Alphabet’s Google cloud service to help carry the load of its AI operations.