Google Inc (NASDAQ:GOOG) will host its big annual conference, Google I/O next week and investors appear to be excited. In trading on today’s market, the company’s shares broke $850 for the first time ever, and continued to rise as trading went on. At time of writing shares in Google Inc (NASDAQ:GOOG) stood at $856.48.

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The Google Inc (NASDAQ:GOOG) I/O conference will begin on May 15, and the company is expected to unveil a new update to its Android mobile operating system as well as updates to its own lines of smart phones and tablets. One of the most exciting events for fans of Google Inc (NASDAQ:GOOG) will be the expected slew of new information about the firm’s upcoming Google Glass wearable computer.

Since the start of 2013, shares in Google Inc (NASDAQ:GOOG) have risen by more than 20 percent. Investors have been impressed by Google’s ability to continue expanding its revenue even as the technology market changes so rapidly. Few firms have managed to stay at the top of the tech game for so long, and nobody in web business has been as successful as Google Inc (NASDAQ:GOOG).

Google Inc (NASDAQ:GOOG) is trying to expand its base in multiple ways right now. While the company’s product line is quite diverse, its revenues streams are not. The company still relies on search revenue for a large proportion of its revenues. One of the speculative projects that the company might be working on is game development.

Google shares are now valued at more than 25 times 2012 earnings. That number is much higher than companies of comparable size in the tech industry. Microsoft Corporation (NASDAQ:MSFT) is valued at just over 17 times 2012 earnings, and Apple Inc. (NASDAQ:AAPL) shares are valued at 11 times 2012 earnings on today’s market.

At current share prices, Google Inc (NASDAQ:GOOG) is worth $284 billion, Apple Inc. (NASDAQ:AAPL) is worth $433 billion, while Microsoft Corporation (NASDAQ:MSFT) is worth $283 billion. The weight of expectation on the company’s stock is significant and one misstep could result in a big penalty for investors.

Last October Google Inc (NASDAQ:GOOG) released a less than stellar earnings report, the firm’s stock fell by about 9 percent in the days that followed. After the fall, Google Inc (NASDAQ:GOOG) shares stood at just over $680. Since then stock has risen by 25 percent.

Whether or not a similar fall from grace is in store for the company is up to its own results, but there’s serious risk for investors.

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