Alphabet Beats Nvidia in Market Cap, Stock Up 160%
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- Alphabet's market cap briefly surpassed Nvidia's in after‑hours trading, putting it at $4.8 trillion and up about 160% over the past year.
- JPMorgan analysts named Alphabet the top overall tech pick after earnings, pointing to a standout quarter and a cloud backlog that nearly doubled to $462 billion.
- Anthropic pledged to spend $200 billion on Google Cloud over five years, a commitment that could represent over 40% of Alphabet’s future cloud revenue.
- Gene Munster said Google owns most of the AI stack—chips, models, infrastructure and distribution—making it one of the two best‑positioned AI companies alongside SpaceX/xAI.
- Gil Luria of D.A. Davidson likened Alphabet’s backlog surge to Oracle’s past rally and recommended holding the shares despite the Anthropic concentration.
Why it matters: Investors benefit from Alphabet’s 160% stock gain and a $462 billion cloud backlog, while Anthropic’s $200 billion spend ties a large share of future revenue to a single client, tightening Alphabet’s cash flow dependence.
