Nvidia Still Projected to Be the World's Biggest Company by End of 2026

Nvidia is currently the world’s most valuable public company, and its lead is tied to one thing: artificial intelligence. The chipmaker’s graphics processing units (GPUs) have become the go-to hardware for training and running large AI models, and demand is still outpacing supply. With big cloud players signaling another year of heavy data-center investment in 2026, Nvidia is widely viewed as the favorite to remain the largest company through the end of 2026.

The bullish case for Nvidia centers on momentum. Management has said key cloud GPU capacity is essentially sold out, and recent quarterly results showed strong year-over-year revenue growth as customers race to lock in compute. Nvidia has also pointed to a multi-year buildout cycle, arguing global data-center capital spending could climb into the trillions of dollars by 2030. If hyperscalers set fresh spending records in 2026 and keep raising budgets for 2027, Nvidia’s path to staying No. 1 looks clear.

Alphabet, however, has a potential wildcard: its in-house Tensor Processing Units (TPUs). Google developed TPUs to reduce reliance on costly third-party chips, and it already offers them through Google Cloud. If Alphabet expands from renting TPUs to selling or broadly supplying them to outside companies, it could open a major new revenue stream—and make Alphabet less dependent on advertising.

That shift could matter because Alphabet’s core business is mature compared with Nvidia’s AI surge. Google Search is still growing, but hardware and AI infrastructure revenue could scale faster if TPUs gain traction beyond Google’s ecosystem.

For now, Nvidia is the safer pick to finish 2026 as the world’s largest company. But if AI spending slows or Alphabet successfully commercializes TPUs at scale, the top spot could be up for grabs. Investors will watch 2026 capex guidance, GPU supply constraints, and any confirmed TPU deals with major customers.