Alphabet Closes In on $5 Trillion as Nvidia's Lead Narrows

Overview

• Alphabet’s market value sits near $4.64–$4.65 trillion versus Nvidia at roughly $4.85–$4.9 trillion, leaving a tight gap for the top spot.
• Shares of Alphabet jumped about 34% in April, adding roughly $1.2 trillion in 21 trading days after stronger-than-expected quarterly results.
• Google Cloud underpinned the rally, with quarterly revenue topping $20 billion and a contracted backlog reaching a record $462 billion after about a $220 billion jump, helped by new TPU chip sales deals with outside clients.
• Nvidia’s valuation slipped below $4.9 trillion after a Wall Street Journal report said OpenAI missed internal targets, and its May 20 earnings are widely viewed as the next key test.
• Options data cited by CNBC points to roughly a 53% chance Alphabet reaches about $400–$401 before May 15 and around a 30% chance it closes above $400 by May 22, signaling traders see a plausible but uncertain path to a lead change.