Overview
- Alphabet closed Wednesday at roughly $3.88–$3.89 trillion in market value versus Apple’s about $3.84–$3.85 trillion, and extended its lead Thursday to around $3.9 trillion against Apple’s roughly $3.8 trillion.
- Nvidia remains the most valuable U.S. company at about $4.6 trillion, underscoring the market’s focus on AI infrastructure leaders.
- Alphabet’s 65% stock surge in 2025 followed strong reception for its Gemini 3 AI model and its Ironwood TPU chips, plus larger Google Cloud deals, with more $1 billion-plus wins through Q3 2025 than the prior two years combined.
- Apple has trailed in the AI race, delaying a next-generation Siri to 2026 and drawing a Raymond James downgrade that flagged a tougher path to gains this year.
- Analysts reaffirmed bullish views on Nvidia and Microsoft’s AI prospects, yet some strategists, including Peter Boockvar, urged selectivity and warned that the AI trade’s market leadership could wane in 2026.