US Top News and Analysis | Alphabet's 160% rally in a year reflects value of owning 'most of the stack' in AI AI generated summary, Read the full article for complete information. Alphabet’s shares have surged about 160 % over the past year as investors reward the company for owning “most of the AI stack”—from custom chips and models to cloud infrastructure and consumer platforms. After hours the stock briefly overtook Nvidia, and analysts now see Alphabet as a top tech pick thanks to a booming cloud backlog that jumped to roughly $462 billion (nearly doubling after its earnings report) and a massive $200 billion, five‑year Anthropic commitment that could represent over 40 % of future cloud revenue. While some warn of concentration risk—drawing parallels to Oracle’s backlog surge tied to OpenAI—others argue Google’s diversified AI assets, profitable custom silicon (TPUs), and expanding AI services (Gemini, DeepMind, Search, YouTube, Android) give it a durable advantage. The company’s market cap sits at about $4.8 trillion, second only to Nvidia, and it plans up to $190 billion in capital expenditures this year, making its ability to sustain growth and deliver on AI initiatives (e.g., at the upcoming I/O event) a key focus for investors. Read more: https://www.cnbc.com/2026/05/10/alphabet-160percent-rally-in-year-reflects-value-of-owning-most-of-ai-stack.html #Alphabet #Google #Anthropic #GeneMunster