Overview

• Nvidia is currently the world’s most valuable public company at roughly $4.6 trillion in market capitalization, after a five-year share gain of about 1,200%.
• Alphabet’s value is about $3 trillion, which the analysis notes would require a rise of more than 50% to match Nvidia’s current level.
• The thesis highlights Alphabet’s core engines in Google Search and YouTube as durable drivers of revenue and profit growth.
• Waymo is presented as a key upside lever, with more than 10 million robotaxi rides completed and service operating in Los Angeles, Phoenix, San Francisco, Atlanta, and Austin with plans to expand.
• The piece contrasts valuations, citing Alphabet at roughly 26 times earnings versus Nvidia around 54, and argues AI initiatives such as YouTube-trained models like Veo 3 and new Google app subscriptions could unlock further growth.