Alphabet closes in on Nvidia's spot as world's biggest company
Alphabet is closing in on Nvidia's spot as the world's most valuable company, driven by its artificial intelligence efforts and booming cloud business. Alphabet's market cap stood at $4.67 trillion, near its all-time highs, as its Google Cloud segment revenue grew 63% in the first quarter.
Alphabet is on the verge of overtaking Nvidia as the world's most valuable company. The Google parent's market cap stood at $4.67 trillion, near its all-time highs. Alphabet's Google Cloud segment revenue grew 63% in the first quarter, exceeding analyst forecasts. The company's AI efforts and custom processors have won customers like Anthropic, and investors are confident that its AI spending will pay off. Alphabet's shares have surged 24% this year, while Nvidia's shares are up 7%. The company's valuation is around 29 times its 12-month forward earnings, above its five-year average.
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