In a major reshuffle of the tech industry’s valuation leaderboard, Google parentAlphabet Inc.has overtakenApple Inc.to become the world’s second most valuable company by market capitalisation for the first time since 2019.

Alphabet’s market capitalisation now stands at $3.88 trillion, with 12.07 billion shares outstanding.

According to the latest available data, Alphabet’s Class A shares (GOOGL) closed at $322.04, up 2.45% on the day. Over the past year, the stock has delivered a 64.73% return, significantly outperforming many of its peers.

Meanwhile, Apple Inc., long considered a dominant force in global equity markets, currently holds the third position with a market capitalization of $3.84 trillion. Apple’s stock (AAPL) settled at $260.36, reflecting a 0.76% decline.

The iPhone maker has 14.78 billion shares outstanding, and its 1-year stock performance trails at a 7.49% gain.

However,Nvidia Corporationcontinues to lead the global valuation charts.

The semiconductor major, driven by strong demand for its GPUs amid the AI boom, has a market capitalization of $4.59 trillion. Nvidia’s shares (NVDA) closed at $189.25, posting a 1.07% uptick. The company has 24.3 billion shares outstanding, and its stock has risen 25.32% over the past year.

Alphabet’s rise in market value also comes amid increasing adoption of its generative AI platform, Gemini. The company’s large language model has seen a surge in use following the release of its latest version, reinforcing Alphabet’s position in the AI space.

Additionally, Alphabet owns Waymo, a leading player in the U.S. robotaxi market. Waymo operates commercial robotaxi services available to the public in Phoenix, the San Francisco Bay Area, Los Angeles, Atlanta, and Austin.

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