Alphabet outperformed Nvidia in H1 2026, with shares up 14.3% vs. Nvidia's 7.4%, driven by strong Q1 earnings. However, investor concerns are mounting over Alphabet's massive AI infrastructure spending, which reached $80.6 billion in H1 and is projected to hit $200 billion for full-year 2026. The analyst predicts Nvidia will outperform in H2 2026 as hyperscalers continue heavy spending on AI infrastructure.
Axe note: Despite Alphabet’s H1 lead, Nvidia’s AI focus and cash flow strength position it better for the second half.