Shares in Alphabet (GOOGL) stock have done well in November despite a bearish period for other top stocks. Compared to market darling Nvidia (NVDA), GOOGL is up 11%, while NVDA stock has fallen 11%. The former rose as much as 31% at one point thanks to the launch of its Gemini 3 AI model. In the growingly competitive AI race, Alphabet has been a steady rival to Nvidia and other AI stocks, and that trend was amplified with their stock performances in November.
Google’s Tensor Processing Units have caught plenty of attention from tech stock investors. Many see the chips as healthy rivals to Nvidia’s GPUs as well as AMD’s. TPU pricing undercuts NVIDIA by roughly 50%, which doesn’t bode well for the latter. Additionally, Meta and xAI are rumored to be evaluating Google Cloud and TPUs. This could end up shifting billions in compute spending away from Nvidia.
Adding to that, Alphabet’s cloud business, in particular, is benefiting from AI. “Cloud had another great quarter of accelerating growth with AI revenue as a key driver,” Pichai explained during the Q3 call. “Cloud backlog grew 46% quarter over quarter to $155 billion.”
Furthermore, the Gemini 3 AI model has been a strong catalyst for GOOGL stock’s recent rally. Alphabet’s AI success was reflected in its Q3 earnings report, which beat Wall Street estimates. “We are seeing AI now driving real business results across the company,” said Alphabet CEO Sundar Pichai in the company’s Q3 earnings release. The recent success of Gemini 3, following Berkshire Hathaway’s recent $4.3 billion investment in Alphabet, underscores growing institutional confidence in the company and its stock.
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While Alphabet seems like a clear favorite right now, Nvidia remains the dominant player amongst AI stocks. Despite this month’s dip, NVDA still has a bullish forecast from several top Wall Street players. Last week, Bernstein wrote in a note to clients projecting that Nvidia stock could reach a high of $272 next. The analysis follows Nvidia’s memo addressing several bearish viewpoints that have circulated recently in press reports. Bernstein went on to address concerns about working capital, revenue circularity, accounts receivable, and depreciation lifetime that were raised by bears. The analysts noted that the mentioned points are “broadly valid and useful,” and confirmed that it received “many requests from investor clients” on NDVA’s prospects.
In Nvidia vs. Alphabet, both stocks are winners in 2025, although as of late, GOOGL has slipped ahead. In 2026, both have bullish forecasts and can each bring gains to stock investors in the new year. The only difference is that GOOGL may enter 2026 on a hotter streak than NVDA