Is Google the New King of Tech? Analyst Suggests Alphabet Overtakes Nvidia in Value

Is Google the New King of Tech? Analyst Suggests Alphabet Overtakes Nvidia in Value

In a world where market caps routinely shift and tech giants race to dominate, one bold analyst claim has captured attention: Nvidia, the reigning AI chip juggernaut, might already have been supplanted—at least in terms of “true value.”

According to Michael Nathanson of MoffettNathanson, Google’s parent company Alphabet may well be the most valuable company in the world—not just by headline market capitalization metrics, but by long-term strength powered by AI.

From Market Cap to Intrinsic Worth

On paper, Nvidia currently sits atop the list of highest-valued companies, riding the explosive growth of generative AI and data-center demand.

Yet Nathanson’s argument doesn’t hinge on that alone. He contends that Alphabet’s combination of AI leadership, diversified revenue streams, and ecosystem synergy gives it a more sustainable kind of value—a claim that reframes what “most valuable” might really mean.

He highlights how Google has maintained an ~89% share of global search, recently introduced AI overviews (summarized insights inserted into search results), and is deploying ambitious AI efforts through its Gemini platform—all while continuing to monetize search, YouTube, advertising, and cloud.

That mix, Nathanson argues, makes Alphabet not just a contender, but a real rival for the top spot.

Strengths in Diversification:

What gives Alphabet a strategic edge is its broad foundation. Even if AI becomes the defining battleground of the next decade, Alphabet isn’t putting “all its chips” on one table. Its core ad business, YouTube monetization, cloud infrastructure, and moonshot bets (e.g. Waymo, DeepMind) serve as multiple levers of growth and hedges against disruption.

In contrast, Nvidia’s fortunes are heavily tied to its dominance in GPUs and AI infrastructure. While that bet has so far rewarded the company handsomely, it also leaves it exposed to breakthroughs that upend GPU-centered models, regulatory friction over chip exports, or competition from novel AI architectures.

Indeed, Nvidia recently recorded a historic one-day plunge—shedding nearly $600 billion in market value—after the Chinese AI startup DeepSeek stunned markets by delivering competitive models without relying on massive GPU fleets.

That event underscored the fragility of relying too heavily on any single technological paradigm.

What This Means for the Tech Race

If Nathanson’s thesis is right, the title of “most valuable company in the world” might soon be less of a snapshot and more about underlying positioning for the future.

Alphabet could already be home to a more resilient platform—less volatile, more integrated across domains, and better insulated against disruption.

That said, Nvidia is far from vulnerable. Its momentum in AI, massive cash generation, and influence over the compute stack continue to make it a force few can rival.

The real question is whether Nvidia can broaden its moat beyond hardware and sustain dominance as AI models, compute architectures, and geopolitical constraints evolve.

In short: we may no longer debate who wears the crown by market cap. We may instead ask who truly deserves it.