Alphabet is expected to overtake Nvidia as the world’s most valuable public company by market capitalization this year [1, 2, 3].
The shift would signal a pivot in the artificial intelligence boom, moving from the hardware providers that build the infrastructure to the software giants that deploy it at scale.
Alphabet's current market capitalization stands at $4.81 trillion [4]. However, analysts suggest the company could reach a value of over $5.5 trillion if it hits a price target of $460 per share [5, 6].
This growth is driven by Alphabet’s full-stack AI strategy, which integrates custom AI chips with its existing software ecosystem [7, 8]. The company has also seen rapid expansion in Google Cloud, allowing it to narrow the valuation gap with Nvidia [7, 9].
JPMorgan analyst Doug Anmuth said Alphabet is a "top overall pick" [10]. Other analysts said that the company's integrated approach to AI is helping it close the market cap gap with the chipmaker [11].
Both companies are listed on U.S. stock exchanges, where their valuations are closely tracked as proxies for the health of the AI sector [1, 2]. While Nvidia has dominated the market through its GPU sales, Alphabet's ability to monetize AI through search and cloud services is creating a new trajectory for its stock price [7, 9].
Market projections indicate that the overtake could happen within 2026, provided the current growth trends in cloud computing and AI integration persist [3, 12].
“Alphabet is expected to overtake Nvidia as the world’s most valuable public company”
A valuation flip between Nvidia and Alphabet would represent a transition in the AI cycle. While Nvidia's rise was fueled by the initial demand for the physical hardware needed to train large language models, Alphabet's potential ascent reflects the market's increasing focus on the application and monetization of those models through cloud services and consumer software.
