Alphabet's 160% rally in a year reflects value of owning 'most of the stack' in AI

Sundar Pichai, chief executive officer of Alphabet Inc., during the Bloomberg Tech conference in San Francisco, California, US, on Wednesday, June 4, 2025. David Paul Morris | Bloomberg | Getty Images Alphabet briefly passed Nvidia by market cap in after-hours trading this week, a remarkable feat for a company that was seen as deeply at risk in the early days of the artificial intelligence boom. …