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Once viewed as slow to keep up in the artificial intelligence (AI) race, Alphabet Inc. is staging a comeback as it regains ground across the technology sector and directly challenges Nvidia for the title of the world’s leading chipmaker.
About a year ago, investors sold Alphabet stock amid fears that Google’s search business could be displaced by AI. The current picture, however, suggests the opposite: Alphabet has pivoted from being seen as lagging in AI to positioning itself as a dominant player across multiple parts of the AI and tech stack.
As of the close last Friday, Alphabet’s market capitalization reached $4.8 trillion. Nvidia, buoyed by a late-week rally, was at about $5.2 trillion, narrowing the gap over the past six months.
Data cited in the report shows a shift in growth momentum: on Oct. 31 of last year, Nvidia’s market cap was around $4.9 trillion, while Alphabet was under $3.4 trillion.
CEO Sundar Pichai said Alphabet’s Tensor Processing Unit (TPU) chips will soon be offered to Google Cloud customers so they can run workloads in their own data centers.
Analysts forecast that Alphabet could generate roughly $3 billion in revenue from TPU infrastructure in 2026, rising to about $25 billion in 2027.
Divyaunsh Divatia, a research analyst at Janus Henderson Investors, said Alphabet has “everything investors want”: search, chips, cloud, YouTube, and Gemini—enabling monetization across multiple businesses. While Nvidia remains highly regarded, Divatia noted that Nvidia is fundamentally a chipmaker.
Alphabet’s rise is also reflected in profit forecast upgrades. Bloomberg data show the number of positive earnings revisions for Alphabet in 2026 increased by about 19% over the past month.
On valuation, Alphabet trades at about 28 times estimated earnings. That is above the 10-year average of around 21 times and near highs seen since 2008, though experts cited in the report say it is not at dot-com bubble levels.
Luke O’Neill referenced Warren Buffett’s maxim about buying a great company at a fair price rather than a fair company at a great price. The report also points to Berkshire Hathaway’s investment in Alphabet last year as an example of Buffett’s value-investing approach applied to a rare tech opportunity.
With its growth trajectory supported by its technology platform and institutional backing, the report concludes that Alphabet’s path toward becoming the largest company in the world appears increasingly plausible.
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