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

Alphabet’s AI fueled earnings beat pushed its valuation near $4.65 trillion as Nvidia’s weekly pullback narrowed the gap.

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Add us on Google by Estefano Gomez May. 1, 2026

Google parent Alphabet is closing in on Nvidia after a blowout earnings report pushed its shares to a record high and lifted its market value near $4.65 trillion.

Google shares rose after the company beat Wall Street expectations, with Q1 revenue climbing 22% to $109.9 billion and earnings per share reaching $5.11. The rally sent the stock near $385 on Friday after touching an all time high near $386 earlier in the session.

The move puts Alphabet within striking distance of Nvidia, whose market cap sits near $4.8 trillion, according to CompaniesMarketCap data. Nvidia’s stock has fallen about 5% over the past week, while Google has gained more than 12%, narrowing the gap between the two AI heavyweights.

The earnings beat was driven by strength across Search and Google Cloud. Search revenue grew 19%, while Google Cloud revenue surged 63% to $20 billion as enterprise AI demand continued to accelerate.

Cloud backlog also nearly doubled to more than $460 billion, showing that investors are now treating Google less like an AI laggard and more like a direct challenger to Nvidia’s market dominance.

Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.