Alphabet Rises 4.7% on Dow Debut While Capping Meta AI Access

Alphabet shares surged as much as 4.7% on Monday after formally replacing Verizon in the Dow Jones Industrial Average, adding roughly $168 billion in market value and helping the Nasdaq Composite rebound 1.5% to intraday highs. The move capped a volatile session in which megacap tech names led a recovery from a 4.6% five-day Nasdaq slide, with Amazon and Tesla also posting strong gains. Despite the symbolic boost, investors remain focused on Alphabet’s mounting AI execution risks, including compute shortages that prompted capping Meta’s Gemini access, sharply higher capex, and the first skipped buyback in nearly a decade.