Alphabet's market capitalization surged by $420 billion, putting it within 6% of surpassing Nvidia as the world's most valuable public company. The rally comes as ongoing US-China tech competition and export restrictions on AI chips weigh heavily on Nvidia.
Alphabet's diversified revenue streams-advertising, cloud services, and other less geopolitically exposed segments-are providing a buffer. Investors increasingly see Alphabet as more resilient to the headwinds hitting chipmakers.
Polymarket odds now show a 77.5% probability that Nvidia will still be the largest company by market cap on June 30, down from higher levels. The shift reflects a changing competitive landscape driven by geopolitical risk and corporate strategy.