Alphabet (GOOGL) Stock Surges 34% in April — Is Nvidia’s Crown at Risk?

TLDR

• Alphabet’s market value hit $4.64 trillion, up over 36% in six months, closing in on Nvidia’s $4.85 trillion
• GOOGL just had its best month since November 2004, surging nearly 34% in April
• April added roughly $1.2 trillion to Alphabet’s market value in just 21 trading days
• Google’s cloud backlog hit a record $462 billion, up ~$220 billion in a single quarter
• Alphabet is the year-to-date leader among the Magnificent Seven, up 22% in 2026

Alphabet’s stock is trading at around $381.80, giving it a market value of $4.65 trillion. That puts it within striking distance of Nvidia’s $4.86 trillion cap.

Alphabet Inc., GOOGL

April was a historic month for GOOGL. The stock surged nearly 34% — its best monthly performance since November 2004, just months after Google’s IPO. That single month added roughly $1.2 trillion in market value, more than 50 times Google’s original IPO valuation of around $23 billion.

Alphabet now carries a market cap of over 200 times what it was worth at its 2004 debut. It’s a rare trajectory — most IPOs don’t hold up that well. According to Kathy Donnelly, co-author of “The Lifecycle Trade,” 91% of IPOs eventually undercut their first-day low. Google never really gave investors that reset.

Alphabet enters May as the year-to-date leader in the Magnificent Seven, up 22%, and hit a fresh intraday record to start the month — its fourth record high of the year.

Cloud Backlog Hits Record $462 Billion

The numbers driving the optimism are hard to ignore. Google’s cloud backlog jumped by nearly $220 billion last quarter to a record $462 billion. About half of that is expected to be realized over the next two years.

Bank of America analyst Justin Post noted that part of the quarterly growth came from contracted TPU chip sales to external customers — a new revenue line that could become a meaningful business for Google.

William Blair’s Ralph Schackart added that investors are becoming more comfortable with Google’s elevated capital spending, given the results now showing up. Google has spent $144 billion on capex over the past two years and has $490 billion planned for the next two.

The Race to $5 Trillion

Nvidia still holds the top spot, but its gains have been flat over the past six months. Over the same period, Alphabet is up more than 36%.

Last month, Alphabet averaged a daily gain of around 1.42%, compared to Nvidia’s 0.66%. If those rates hold, the two stocks could be nearly neck and neck when Nvidia reports its April quarter earnings on May 20.

Nvidia’s new Vera Rubin chips are expected to start shipping in the second half of this year. Analysts at D.A. Davidson expect Data Center revenue to grow sequentially throughout the calendar year, with revenue exceeding the previous $500 billion guidance for Blackwell and Rubin chips combined.

Alphabet last topped the S&P 500 market cap list back in February 2016. It held that title for just two days before Apple reclaimed it.

Nvidia stock was last at $199.99, with a market cap of just over $4.86 trillion. Alphabet was at $381.80.

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