Overview
- Alphabet closed Wednesday at about $3.89 trillion versus Apple’s $3.85 trillion and extended its lead Thursday to roughly $3.9 trillion against $3.8 trillion, marking the first lead over Apple since 2019.
- Nvidia remains the most valuable public company with a market capitalization around $4.5–$4.6 trillion.
- Google’s surge reflects strong reception for its Gemini 3 model and momentum in custom Ironwood TPUs as an alternative to Nvidia’s chips, helping drive a roughly 65% stock gain in 2025.
- Apple faces investor caution after delaying its next‑generation Siri to 2026 and receiving a Raymond James downgrade, with shares sliding about 4% to 5% over recent days.
- Analysts raised price targets on Alphabet this week (Canaccord to $390 and Wolfe to $380), while early‑cycle suppliers reported firm backlogs that suggest AI infrastructure spending stayed strong into late 2025.