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

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.