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Alphabet Briefly Tops Nvidia, $200B Anthropic Cloud Deal

5/11/2026

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Summary

Story summary

Alphabet briefly overtook Nvidia in after-hours trading, valuing at $4.8 trillion versus Nvidia’s $5.2 trillion.
Alphabet’s shares rose about 160 % this year, narrowing a six-month gap after a 34 % April gain.
Google Cloud backlog rose to $462 billion, with $61 billion through 2027 expected from TPU sales.
Anthropic committed $200 billion to Google Cloud for five years of 5 GW compute, potentially over 40 % of Alphabet’s future cloud backlog.

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Story summary

Alphabet briefly overtook Nvidia in after-hours trading, valuing at $4.8 trillion versus Nvidia’s $5.2 trillion.
Alphabet’s shares rose about 160 % this year, narrowing a six-month gap after a 34 % April gain.
Google Cloud backlog rose to $462 billion, with $61 billion through 2027 expected from TPU sales.
Anthropic committed $200 billion to Google Cloud for five years of 5 GW compute, potentially over 40 % of Alphabet’s future cloud backlog.