“The tech sector entered 2022 with some of the biggest question marks hanging over it since the dot-com crash more than two decades ago,” said Russ Mould, chief investment officer at AJ Bell.
“However, the biggest and highest quality American tech names continue to deliver the answers the market wants at huge profits,” he added.
The shares rose as much as 10.8% to $3,049.5 in pre-market trading. At least 20 brokers raised their price targets on the stock, raising Wall Street’s overall median target to $3,450.
Alphabet also announced a 20-for-1 stock split, which will give shareholders 19 shares for every one they own, bringing its price down to about $138 as of Tuesday’s close.
Facebook parent Meta Platforms, which is due to report results on Wednesday, and Amazon were also up about 3%.
Shares of Advanced Micro Devices added to the rebound in tech stocks and gained 12% after its results beat Wall Street expectations. Shares in rivals Nvidia, Qualcomm, Xilinx and Micron also advanced.