ICYMI: California is now home to 3 of the 4 highest valuation companies in history as Alphabet joins the $3 trillion club

What you need to know: Alphabet Inc., a California-based holding company that owns Google and other businesses in technology, life sciences, and innovation, has become just the fourth company in history to reach a $3 trillion valuation.

SACRAMENTO - Governor Gavin Newsom today celebrated Alphabet Inc. surpassing a $3 trillion market capitalization- making it only the fourth company ever to achieve this extraordinary milestone. Alphabet now joins the ranks of Apple and Nvidia, two other California-based giants, in the ultra-exclusive $3 trillion club alongside Washington-based Microsoft.

Three of the four highest valuation companies in history call California home. This achievement further cements the Golden State as the global epicenter of high-tech innovation - a place where groundbreaking ideas scale into world-changing enterprises.

California is the fourth largest economy in the world, and the epicenter of American innovation. California, our businesses, and technology ecosystem, drive the nation's economic growth. Alphabet's rapid rise to such incredible success is a reflection of our unmatched ecosystem, where research and technology continue to power opportunity.

Governor Gavin Newsom

California's technology leadership

California's high-tech sector - one of the state's strategic sectors as outlined in the California Jobs First Economic Blueprint - contributed $555 billionto the U.S. economy in 2024 and supported nearly 1.5 million tech workers, more than any other state, across 61,500 tech business establishments. Home to world-leading AI and quantum programs at UC Berkeley, UCLA, Stanford University, UCSB, CalTech, UC San Diego, among others, the state's academic institutions awarded a total of 25,600 tech-related degrees in 2024. As the birthplace of the tech industry, the state also hosts 33 of the world's top 50 privately held AI companiesand leads with a quarter of all AI patents, conference papers, and companies, demonstrating California's unmatched position as the global leader in artificial intelligence innovation.

Preparing the workforce of the Future

In August, Governor Newsom announced a new state partnership with Google, Adobe, IBM, and Microsoft, to expand opportunities in generative AI as the state continues to speed forward as the global leader in technology. Through this initiative, and alongside existing partnerships with NVIDIA, over two million students in public high schools and universities across California, including community collegesand California State Universities, will have the opportunity to develop the skills they need to lead an AI-ready workforce.

Leading on responsible AI

Earlier this year, California advanced its leadership in the responsible development and deployment of AI with the release of a landmark report authored by world-leading AI academics and experts. The report provides a science-based framework for establishing guardrails that ensure the safe, ethical, and beneficial use of AI for all Californians.

California's economic strength

California is not only sustaining our national economy - it is driving the future. California is the world's fourth-largest economyin the world. California feeds the country, and is the nation's top state for new business starts, access to venture capital funding, manufacturing and agriculture. With an increasing state population and record-high tourism spending, California's economy continues to build in key regions and sectors.