Alphabet Closes Record High, Slashes Nvidia Gap to $202.9B on Cloud Earnings Surge

Alphabet Inc shares closed at an all-time high on April 30, 2026, surging about 10% after a blowout earnings report that added a record $421 billion to its market value. The rally highlighted Google Cloud's 63% year-over-year revenue growth, backlog nearly doubling to $462 billion, and operating margins jumping to 32.9% from 17.8% a year ago, fueled by Gemini AI demand. This narrowed the market-cap gap with Nvidia to roughly $202.9 billion, the tightest since early February. Shares climbed 33.8% in the month and 138.5% over the past year, boosting AI growth optimism.