As of July 27, Nvidia and Alphabet have market capitalizations of $4.8 trillion and $4 trillion, respectively, a difference of about 20%. Nvidia is leading today's AI boom with its graphics processing units, as tech giants invest hundreds of billions of dollars to expand AI infrastructure. However, infrastructure companies do not always capture the largest share of long-term value, and the AI race may shift from building intelligence to using it profitably. Alphabet could become one of the biggest long-term beneficiaries because it already has billions of users across products like Google Search, YouTube, Android, Chrome, Gmail, Google Maps, and Google Workspace. Unlike many AI companies that need customers, Alphabet does not need AI to persuade people to use its products; instead, AI can be added to the products people already rely on. This distribution network, data, and user engagement give Alphabet a credible path to overtaking Nvidia to become the world's most valuable company.