Nvidia Just Slipped Below $5 Trillion. These Are the Few Companies With a Realistic Shot at Catching It.
AI chip company Nvidia (NASDAQ: NVDA) became the first company ever worth $5 trillion in late 2025. As of this writing, it sits just below this after a recent pullback. But it's still the most valuable company in the world by a comfortable margin. What's striking is how few comp
AI chip company Nvidia (NASDAQ: NVDA) became the first company ever worth $5 trillion in late 2025. As of this writing, it sits just below this after a recent pullback. But it's still the most valuable company in the world by a comfortable margin.
What's striking is how few companies are even in the conversation to pass it. But I personally think this is a conversation worth having, because I don't think Nvidia will hold its crown forever.
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Of the handful that have crossed into multitrillion-dollar territory, three arguably look like plausible challengers over time: Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) , Apple (NASDAQ: AAPL) , and Microsoft (NASDAQ: MSFT) . Each has market capitalizations measured in the trillions, yet each still trails Nvidia -- and closing that gap would require specific things to go right. But I think passing Nvidia's value is possible for all three -- especially for one of them.
Of the three, Google parent Alphabet had closed the most ground until recently. Its stock has climbed sharply over the past year, lifting its market value to about $4.9 trillion -- a little more than half a trillion dollars short of Nvidia. But after a recent pullback, the stock's market capitalization is now $4.45 trillion -- still within striking distance but behind Apple, which has a market capitalization of $4.51 trillion as of this writing.
The bull case rests on Alphabet controlling every layer of the AI business. From the chips up, Alphabet has its hands in virtually every part of the technology stack that builds AI and delivers it to end users.
Capturing its incredible AI momentum, Alphabet's first-quarter Google Cloud revenue grew 63% year over year to $20 billion, accelerating from 48% growth in the fourth quarter of 2025, and its order backlog nearly doubled in three months to more than $460 billion.
And "Google search and other advertising revenue," which many investors feared AI would erode, instead grew 19%.
