Google parent Alphabet hit a market capitalization of $3 trillion for the first time on Monday, riding on renewed optimism around artificial intelligence and a favorable antitrust ruling.

Class A shares of the company  were up 3.8% at $250, while Class C shares climbed 3.7% to $250.4 - both trading at record highs.

Including Monday's gains, the company's shares have rallied more than 32% so far this year, the best performer among the so-called "Magnificent 7" stocks and outpacing the 12.5% gain for the S&P 500 .