Nvidia slips below $5 trillion market value; Alphabet, Apple, and Microsoft remain distant challengers

Nvidia, which became the first company ever worth $5 trillion in late 2025, has recently pulled back and now sits just below that threshold, though it remains the most valuable company in the world.

Alphabet's Google Cloud revenue grew 63% year over year to $20 billion in the first quarter, with its order backlog nearly doubling to more than $460 billion. Alphabet is beginning to deliver its in-house Tensor Processing Units (custom AI chips) to select customers later this year, competing more directly with Nvidia.

Apple, valued at more than $4.5 trillion, is closest to Nvidia in market capitalization. iPhone revenue rose 22% in its fiscal second quarter ended March 28, 2026, and the company has struck a deal with Google to use Gemini models to power a rebuilt Siri expected to debut this year.

Microsoft, at around $3.1 trillion, reported its AI business passed a $37 billion annual revenue run rate—up 123% from a year earlier—with Azure and other cloud services growing 40%, but faces the steepest climb to match Nvidia's valuation.