Where Data Tells the Story
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Alphabet (Google) and Amazon have long competed closely in market capitalization. Although Alphabet held an early lead until 2018, the two companies moved in near lockstep for several years. By late 2024, both had climbed to roughly $2.3 trillion, following almost identical growth paths.
That changed sharply in 2025. From August to November 17, Alphabet’s market value surged 33.5% to $3.45 trillion—becoming the fourth company in history to surpass the $3 trillion mark—while Amazon slipped 1.9% to $2.49 trillion. The result: a widening valuation gap approaching $1 trillion.