Alphabet and Nvidia Trade Places as World's Most Valuable Company

Alphabet is closing in on Nvidia as the world's most valuable company. 79 trillion. 2 trillion.

The potential change at the top would mark the first time Alphabet has held the position since February 2016. 5 trillion as of last close before May 5, 2026. The company dwarfs the combined value of Germany and Switzerland's main stock markets as of May 2026.

Alphabet's shares have surged about 24% this year as of May 2026, while Nvidia's shares are up just about 7%. 3% in 2025. The stock last traded at around 29 times its 12-month forward earnings as of May 2026, above its five-year average forward earnings multiple of 22.

Nvidia's forward earnings multiple stood at around 21 as of May 2026. S. judge ruled against breaking up Alphabet last year in 2025.

Alphabet's Google Cloud segment revenue grew 63% in Q1 2026. The 63% Google Cloud growth rate in Q1 2026 was the highest since the company began breaking out the segment's revenue in 2020, according to LSEG data. Jeff Buchbinder said high demand for cloud and AI offerings drove a "meaningful acceleration" in growth.

“It's really about hyperscaler capex spend and, to some degree, early signs of better monetization – particularly from Alphabet – versus the broader AI 'food chain,' which includes data centers, grid and power.”

“— Stephanie Link, chief investment strategist at Hightower Advisors CEO Sundar Pichai said Google had started selling its AI chips directly to some customers. Investors have pointed to the company's AI tools for businesses and powerful custom chips as reasons it is capturing new computing demand. Separately, more than 1.5 million professionals are logging up to 60 hours a week inside Immersed virtual offices on Meta Quest. Immersed has generated over 2,000 cumulative years worked inside the platform. The company has generated $7 million in revenue. Immersed has raised $29 million from 7,000 investors. It has 75,000 professionals on the hardware waitlist and $71 million in projected hardware demand. Immersed's soon-to-be-released AR/VR headset Visor has 2 million more pixels than Apple’s Vision Pro, costs 70% less and weighs 70% less.”