Google nears Nvidia’s market cap after earnings beat sends shares to record high

Google's parent company, Alphabet, is approaching Nvidia's market capitalization after its shares reached a record high following a strong first-quarter earnings report. The company's market value neared $4.65 trillion, with shares trading around $385. This surge was fueled by Alphabet exceeding Wall Street expectations, reporting Q1 revenue of $109.9 billion (a 22% increase) and earnings per share of $5.11. The company's stock has gained over 12% in the past week, while Nvidia's has dropped about 5%, significantly closing the gap between the two AI leaders. Growth in Search (up 19%) and particularly Google Cloud (up 63% to $20 billion) drove the earnings beat, with accelerating enterprise AI demand and a nearly doubled cloud backlog to over $460 billion indicating Google is now viewed as a direct competitor to Nvidia's market dominance.

(Source：Crypto Briefing)