Wall Street is buzzing over Alphabet’s blowout June quarter financial results.

Analysts are growing more confident over the prospects for many of Alphabet’s emerging businesses, including YouTube, autonomous cars and cloud computing.

The internet giant reported better-than-expected second-quarter earnings Monday. It posted adjusted earnings per share of $11.75 versus the Wall Street consensus of $9.59 for the quarter.

Alphabet shares closed up 3.9 percent Tuesday, after hitting a new all-time high earlier in the day.

J.P. Morgan reiterated its overweight rating for Alphabet shares, citing the firm’s optimism over the company’s artificial intelligence prowess.

“Alphabet delivered strong top line results, again proving that its increased investments are paying off,” J.P. Morgan analyst Doug Anmuth said in a note to clients Tuesday. “Investments in machine learning & AI are driving innovation throughout Alphabet’s businesses, including mobile search, cloud, Google Home, Assistant, Waymo, etc.”