A major shift could soon happen in the Mag 7
Nvidia's market value has dropped below $4.9 trillion amid a more than 6% decline over two days, following a report that OpenAI missed internal revenue and growth targets. Options markets suggest a 53% chance that Alphabet could surpass Nvidia to become the world's most valuable company by May 15, requiring a roughly 4% rally to $401 per share. The last time Alphabet held the top spot was in 2016, briefly overtaking Apple.
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At the same time, the world's biggest company — AI Kingpin Nvidia, now trading with a market cap under $4.9 trillion — is down more than 6% in two days following a Wall Street Journal report that business partner OpenAI missed internal revenue and growth estimates.If Nvidia doesn't rally into or after its report on May 20 — and the stock has indeed fallen after four of its last five earnings reports — the options market says odds are Alphabet will trade as the world's biggest company as early as May 15.Here's the math: for Alphabet to achieve Nvidia's current market cap, the stock needs to rally another 4% or so, to roughly $401 per share.Based on the premiums paid for call contracts around that strike, options traders are assigning about a 53% chance it could touch that level at any…
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