Alphabet, Google's parent company, has overtaken Nvidia in market capitalisation, with its stock climbing steadily toward — and now past — the chipmaker that became the first company in history to breach the $5 trillion valuation mark last October. Investors are betting that Google's decades-long role as a foundational AI pioneer, including its invention of the Transformer architecture underpinning virtually all major AI models and its 2014 acquisition of London AI lab DeepMind, positions it as the ultimate beneficiary of the AI boom. The shift also reflects Google's growing self-sufficiency — spanning its own cloud infrastructure, proprietary AI chips now sold to rivals like Anthropic, and a suite of ten apps each reaching over a billion users — which sets it apart from competitors that remain more dependent on outside resources.