Google parent Alphabet Inc. rallied Monday to breach $2 trillion in market value for the first time, fueled by a rebound in spending on digital ads and growth in its cloud business.

According to Bloomberg its Class A shares gained as much as 1.2% to a record high, with the stock extending a recent rally to a fifth session. Alphabet is the top performer this year among the five biggest U.S. tech stocks by sales, with a 70% advance fueled largely by the growth in Google’s advertising business.

The Google parent hit $1 trillion in value for the first time in January 2020.

In the third quarter of 2021, Alphabet had a record quarter, earning a hefty $65.1 billion. The company reported that its revenue soared by 41 percent, while its profits jumped by almost 69 percent. Google Search saw a slight increase in profit, climbing to $37.9 billion from $35.8 billion in the previous quarter. YouTube, another Alphabet company, earned $7.2 billion in the most recent quarter.

Throughout the pandemic, Big Tech has boomed, and as companies across the world shifted from in-person workplaces to remote, cloud-based work environments, Google benefited in the form of cloud storage subscriptions and digital ads.

Alphabet nearly joined Apple and Microsoft as one of three US-based companies that are part of the exclusive $2 trillion club. Apple hit the mark in April of last year, while Microsoft reached $2 trillion this past June. Amazon is close to joining the $2 trillion club, but its current $1.7 trillion valuation falls just a bit short.