Alphabet, the parent company of Google, moved closer to joining Apple and Microsoft in the $2 trillion club on Thursday, as the search giant's stock soared 10% after another record-breaking quarter.

If the gains persist, they will be the stock's biggest single-day rise since 2015, relieving some of the concerns about Big Tech's valuation that caused a sector-wide selloff in recent days.

"The technology sector began 2022 with some of the most significant uncertainties since the dot-com disaster more than two decades ago," said Russ Mould, investment director at AJ Bell.Alphabet to launch robotics firm Intrinsic under its other bets unit |  Reuters

"However, the largest and highest-quality U.S. tech names continue to provide the market with the answers it seeks in the form of significant earnings beats."

Before the opening bell, the stock soared as high as 10.8 percent to $3,049.5. At least 20 brokerages have boosted their price targets on the company, bringing the total Wall Street median to $3,450.

Alphabet also announced a 20-to-1 stock split, giving stockholders 19 shares for every one they own, lowering the company's stock price down to around $138 as of Tuesday's close.

Companies split stocks in order to entice investors by making them more inexpensive. However, some brokerages, such as Robinhood Markets, allow investors to acquire fractional shares, making this strategy less effective.

In recent months, Tesla and Apple have divided their stock to make their shares more enticing to small investors.

"The split will make the shares more accessible to ordinary investors and will likely facilitate inclusion in the Dow Jones Industrial Average (which is still shared price-weighted), but it will have no fundamental impact," said J.P. Morgan analyst Doug Anmuth.

In premarket trade, Meta Platforms, a subsidiary of Facebook, and Amazon, a subsidiary of Facebook, both surged nearly 3%.

Advanced Micro Devices's shares soared 12 percent after the company's earnings above Wall Street projections. Nvidia, Qualcomm, Xilinx, and Micron all saw their shares rise.