Google is kicking of its Google I/O developer conference today to much anticipation. The company’s shares hit $900 and continued to to climb this morning, a first for Google.
The stock price hit a high of $911.45 around 10:06 a.m. Eastern time this morning and is trading around $906 at the time of this post. That’s up over 2 percent from its opening price of $894. Google has yet to break $900 a share until today, though it has continued to rise steadily in price over the past month.
Google is holding its famed developer conference this week with a three-hour long keynote starting at noon Eastern time. While we’ve heard rumors for weeks about what Google might talk about, investors are seemingly anticipating good things. There hasn’t been much speculation about a big hardware product, release, however.
Investors may be reacting to a new music streaming service that some rumors say may show up at the show, if not the overall fanfare. Reports indicate that Google recently signed two major music partnerships — one with Sony Music Group and another with Universal Music Group — that may give Google the boost it needs to launch a product similar to Spotify. With Spotify, customers can listen to the songs and bands of their choosing on a subscription basis, as opposed to an online radio company like Pandora, where customers can only choose a theme or genre of music to listen to.
Google has also been releasing its Google Glass headwear into the market in the weeks leading up to Google I/O, causing speculation that we’ll hear more about the product in Google’s keynote.
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Google I/O image via Dylan Tweney/VentureBeat