Google parent company Alphabet (GOOGL) is closing in on Nvidia’s (NVDA) title as the world’s most valuable publicly traded company.
Alphabet’s stock is up 23% this year as the company benefits from the artificial intelligence (A.I.) boom and its strong cloud computing business.
The rally has pushed Alphabet’s market capitalization to $4.67 trillion U.S. That’s within spitting distance of Nvidia’s market cap of $4.80 trillion U.S. NVDA stock is up only 5% year-to-date.
The potential reshuffling would put Alphabet in the top spot for the first time in more than a decade. It was last the world’s most valuable public company in February 2016.
Alphabet has emerged as both a major A.I. service provider and a rival to Nvidia in the microchip department through its new custom processors.
The search giant has stunned Wall Street in recent months with cloud growth that far outpaced expectations and surpassed rivals such as Amazon (AMZN) and Microsoft (MSFT).
Nvidia’s market cap is currently well off its all-time high of $5.2 trillion U.S. as competition heats up in the chip space.
GOOGL stock is currently trading at $386.19 U.S., having risen 135% in the last 12 months. NVDA stock is up 74% in the past year and trading at $197.57 U.S. a share.
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