Despite a strong day in the broader market, shares of Alphabet (NASDAQ: GOOG)(NASDAQ: GOOGL) traded roughly 2.8% lower as of 12:59 p.m. ET today. The move came after ChatGPT's parent company, OpenAI, teased the launch of its artificial intelligence (AI) -powered web browser, ChatGPT Atlas.

OpenAI’s ChatGPT currently boasts 800 million weekly active users; however, Google still retains a monopoly over the search engine space, with an approximate 80% market share, according to research.

Alphabet (Google) stock soared past a $3 trillion valuation. Discover why its real AI growth, dominant Search, and Cloud division make it a compelling buy now

The good news sent shares soaring, with the stock up over 30% since reporting Q2 earnings. That's a monstrous move for a large company like Alphabet ( it's currently the fourth-largest company in the world and recently crossed the $3 trillion valuation mark for the first time), but can it continue?

Revenue growth recently accelerated in some of Alphabet's core businesses, including Google Search and Google Cloud.

Discover why Alphabet’s AI, cloud, and cybersecurity growth may outpace forecasts. Learn about GOOG stock’s strong value and upside ahead of Q3 earnings.

At just under $250, Alphabet stock now trades at a market cap of $3 trillion. This gives the stock a trailing P/E ratio of 26.5. This is compared to a P/E ratio of 39 at Microsoft and 53 at Nvidia, and is even lower than the S&P 500 average of 31 right now.