$5 Trillion Club: Alphabet Gains Ground on Apple

The $5 trillion market cap club has only one member so far: Nvidia. Two companies are vying to join it next, Apple and Alphabet.

Apple has a head start with a $4.4 trillion market value, but Alphabet is gaining ground due to its thriving core business and rapid growth in cloud computing revenue.

Alphabet's Google Search revenue rose 17% year over year, while its overall revenue increased by 24% in the quarter thanks to strong demand for AI computing.

However, Apple faces a major headwind: memory chip prices are rising, which could affect its business and profitability. CEO Tim Cook warned investors that this is a '100-year flood' event.