(Bloomberg) — A rally in Alphabet Inc. shares is poised to shake up the ranking of the world’s most valuable companies, amid signs the search giant is making headway in efforts to rival Nvidia Corp.’s bestselling AI accelerator.

That’s prompting investors to reassess the technology landscape and the potential changes in stock market leadership, as rave reviews for Alphabet’s new Gemini artificial intelligence model and demand for AI chips pushes its shares higher.

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Shares in the Mountain View, California-based firm rallied 2% to hit a $3.9 trillion market value. Its 37% rally since mid-October has added about $1 trillion in value over that time. Gains this year have left the Google parent about $300 billion away from Nvidia’s $4.2 trillion market cap.

Meta Platforms Inc. is in discussions to use Google chips — known as tensor processing units, or TPUs — in data centers in 2027, The Information reported, citing an unidentified person familiar with the talks. Meta also may rent chips from Google’s cloud division next year, the news outlet said.

“Nvidia is expected to have phenomenal growth and now it will be very natural to see a market that is much more wary of competition,” said Alexandra Morris, an investment director at Skagen AS. “The narrative that Nvidia is the only one that will provide chips to this buildup of data centers — that narrative has changed.”

An agreement with Meta would help establish TPUs as an alternative to Nvidia’s chips, the gold standard for big tech firms and startups from Meta to OpenAI that need computing power to develop and run AI models.

Nvidia slipped 5.1%, while shares in smaller-rival Advanced Micro Devices Inc., which also makes AI chips, fell 7.8%.

Nvidia’s valuations have pulled back, trading at 26 times forward earnings, well below its average over the past decade of 35 times. Alphabet’s has shot up to trade at 27 times forward earnings compared to an average of 20 times.

While a possible deal with Meta — one of the biggest spenders globally on data centers and AI development — draws attention to the potential for long-term challenges to Nvidia’s dominant market position, much depends on whether the tensor chips can demonstrate the power efficiency and computing muscle necessary to become a viable option in the long run.