Alphabet surges toward $5 trillion, threatens Nvidia’s dominance as most valuable company

Shares of Alphabet Inc. are closing in on a historic milestone, with the tech giant potentially overtaking Nvidia to become the world’s most valuable company, according to a CNBC report.

Alphabet nears $5 trillion valuation

Alphabet’s recent rally has pushed its market capitalisation beyond $4.6 trillion, bringing it within striking distance of the $5 trillion mark. The stock jumped nearly 10% after the company reported stronger-than-expected earnings.

A key driver of the surge was its cloud division, with Google Cloud revenue crossing $20 billion — signalling accelerating momentum from its artificial intelligence investments.

Nvidia under pressure

Nvidia, currently the world’s most valuable company, has slipped below a $4.9 trillion valuation after losing more than 6% over two trading sessions.

The decline follows reports of softer-than-expected growth signals in the broader AI ecosystem, including concerns highlighted by The Wall Street Journal about performance trends at key partner OpenAI.

Market bets tighten

Options market data cited by CNBC shows rising speculation that Alphabet could soon take the lead:

Alphabet would need roughly a 4% rise to reach the $400–$401 per share range
Markets imply a 53% chance of hitting that level before May 15
Probability of closing above $400 by May 22 stands near 30%

These figures suggest traders see a genuine possibility of a leadership change among global tech giants.

Nvidia earnings in focus

Attention now turns to Nvidia’s earnings on May 20, which could determine the near-term direction. The stock has declined after four of its last five earnings releases, adding uncertainty ahead of the report.

A weak post-earnings reaction could accelerate Alphabet’s path to the top spot.

If Alphabet does overtake Nvidia, it would mark its return to the summit of global markets for the first time since 2016, when it briefly surpassed Apple Inc..