Alphabet adds $111 billion in market value after showing progress on AI front in 2nd-quarter earnings

• Alphabet surged as much as 7% on Wednesday, adding about $111 billion to its market valuation.
• The search giant reported second-quarter earnings that beat analyst estimates and talked up its AI developments.
• "This is our seventh year as an AI-first company, and we intuitively know how to incorporate AI into our products," CEO Sundar Pichai said.

Alphabet stock surged as much as 7% on Wednesday, adding $111 billion to its market valuation, after the search giant reported second-quarter earnings that beat analyst estimates.