Alphabet’s AI Strength Fuels Biggest Quarterly Jump Since 2005

Alphabet Inc. shares closed out their biggest quarterly gain in 20 years, the latest reflection of how investors are turning more positive on the Google parent as it strengthens its foothold in artificial intelligence.

The stock gained 38% this quarter, its biggest such gain since mid-2005. The move brings Alphabet’s year-to-date gain to nearly 30%, compared with a 17% rise in the Nasdaq 100 Index. The stock fell 0.4% on Tuesday.

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Recent gains followed a long-awaited antitrust ruling that avoided the most punitive measures sought ...