Alphabet (GOOGL) Stock Rockets 34% in April — Can It Overtake Nvidia?

Key Highlights

• Alphabet’s valuation reached $4.64 trillion, climbing more than 36% over six months and narrowing the gap with Nvidia’s $4.85 trillion
• GOOGL delivered its strongest monthly performance since November 2004, climbing nearly 34% throughout April
• The April rally contributed approximately $1.2 trillion to Alphabet’s valuation across just 21 trading sessions
• Google Cloud’s contracted backlog surged to an unprecedented $462 billion, growing by roughly $220 billion in one quarter
• Among the Magnificent Seven stocks, Alphabet leads year-to-date gains with a 22% increase in 2026

Alphabet shares are currently hovering around $381.80, translating to a market capitalization of $4.65 trillion. This positions the tech behemoth remarkably close to Nvidia’s $4.86 trillion valuation.

Alphabet Inc., GOOGL

The month of April marked a milestone achievement for GOOGL shareholders. Shares skyrocketed nearly 34% — the company’s strongest single-month gain since November 2004, shortly following Google’s public market debut. This exceptional rally injected approximately $1.2 trillion into the company’s market value, representing more than 50 times Google’s initial IPO valuation of roughly $23 billion.

Today, Alphabet commands a market capitalization exceeding 200 times its 2004 IPO valuation. This performance stands out dramatically in the IPO landscape — the vast majority of newly public companies struggle to maintain momentum. Research by Kathy Donnelly, co-author of “The Lifecycle Trade,” reveals that 91% of IPOs eventually trade below their opening-day lows. Google has defied this pattern consistently.

As May begins, Alphabet holds the top position among Magnificent Seven stocks for year-to-date performance with a 22% gain, and opened the month with a fresh intraday peak — marking its fourth all-time high this year.

Cloud Division’s Backlog Reaches Unprecedented $462 Billion

The financial metrics fueling investor enthusiasm are compelling. Google’s cloud services backlog expanded by approximately $220 billion during the most recent quarter, reaching a record-breaking $462 billion. Management projects that roughly half of this contracted revenue will materialize within the coming 24 months.

Bank of America’s equity analyst Justin Post highlighted that a portion of the quarterly expansion stemmed from TPU chip contracts with third-party customers — representing an emerging revenue stream that could develop into a substantial business segment for Google.

William Blair analyst Ralph Schackart observed that market participants are growing increasingly confident about Google’s aggressive capital expenditure strategy, particularly as tangible results emerge. The company has deployed $144 billion in capital spending across the previous two years and has outlined plans for $490 billion over the next 24 months.

The Sprint Toward $5 Trillion Valuation

Nvidia maintains its position as the world’s most valuable company, though its market cap has remained relatively stagnant over the trailing six months. During this identical timeframe, Alphabet has surged more than 36%.

Throughout April, Alphabet posted average daily gains of approximately 1.42%, significantly outpacing Nvidia’s 0.66%. Should these momentum trends persist, the valuation gap between these tech titans could narrow substantially by the time Nvidia unveils its April quarter results on May 20.

Nvidia’s next-generation Vera Rubin chips are scheduled to commence shipments during the latter half of this calendar year. D.A. Davidson analysts project sequential Data Center revenue expansion throughout the year, with combined Blackwell and Rubin chip revenue potentially surpassing the previously communicated $500 billion guidance.

Alphabet previously claimed the top position on the S&P 500 market capitalization rankings in February 2016. However, its reign lasted merely two trading days before Apple regained the crown.

Nvidia shares were recently trading at $199.99, supporting a market capitalization just above $4.86 trillion. Alphabet stood at $381.80.

The post Alphabet (GOOGL) Stock Rockets 34% in April — Can It Overtake Nvidia? appeared first on Blockonomi.