Alphabet surpassed Apple in market capitalization on January 7, reaching $3.88 trillion versus Apple’s $3.84 trillion, becoming the second-largest publicly traded company in the world behind Nvidia. Alphabet shares gained 65% throughout 2025, their strongest annual performance since 2009, driven by custom chips called Ironwood TPU and Gemini 3 AI models. Apple moved in the opposite direction, with analysts downgrading the company due to delays in next-generation Siri features expected in 2026. By August 2026, Alphabet had extended its lead to approximately $4.59 trillion versus Apple’s $4.515 trillion. Nvidia dominates the rankings with a valuation well above $4 trillion as the dominant infrastructure provider across AI workloads.
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