Google CEO Sundar Pichai attends the AI Impact Summit in New Delhi, India, Friday, Feb. 20, 2026.

AP

Quietly, shares of Google-parent Alphabet are on the verge of topping $5 trillion, and overtaking AI-leader Nvidia as the world's most valuable company.

And according to options prices, it may happen sooner rather than later.

The breakout in shares of Alphabet after a 10% surge on Thursday brings the company's 1-year gain to 140% and a market capitalization over $4.6 trillion. The company reported revenue Wednesday that beat analyst estimates and Google Cloud revenue that surpassed $20 billion.

At the same time, the world's biggest company — AI Kingpin Nvidia, now trading with a market cap under $4.9 trillion — is down more than 6% in two days following a Wall Street Journal report that business partner OpenAI missed internal revenue and growth estimates.

If Nvidia doesn't rally into or after its report on May 20 — and the stock has indeed fallen after four of its last five earnings reports — the…