Alphabet Climbs 3% as NVIDIA’s Leadership Shake-Up Puts Google’s AI Chips in the Spotlight; Microsoft Gains 2%, Amazon Ticks Up David Moadel Thu, November 12, 2026 at 1:02 PM EST 5 min read GOOGN +1.67% NVDA -5.33% MSFT +0.48% AMZN +1.16% AVGO +5.72% Explore stocks on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
Jensen Huang's sudden resignation sank NVIDIA 6% and sent Alphabet up 3%, as investors bet Google's TPUs could grab AI chip spending.
Amazon's Andy Jassy says only two firms pair a big cloud with sellable chips, while Microsoft leans harder on NVIDIA hardware.
Google Cloud revenue doubled to $31 billion, but $51 billion in capex and negative free cash flow temper the TPU optimism.
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A sudden leadership change at NVIDIA (NASDAQ:NVDA) has investors considering whether rival AI chips could win more attention from the biggest cloud buyers. Alphabet (NASDAQ:GOOGL) stock is at $301.97 in Thursday's trading, up 3%. Much of the focus is on Google's in-house Tensor Processing Units (TPUs), which the company rents to customers through Google Cloud.
NVIDIA stock is down 6%. Broadcom (NASDAQ:AVGO) stock is up 5%, with the chipmaker helping Google design its TPUs. For now, the buying in Alphabet reflects investor speculation about where future AI chip spending could flow.
On November 12, NVIDIA announced that Jensen Huang resigned as president, chief executive and a member of the board, effective immediately. Chief financial officer Colette Kress is serving as interim CEO while keeping her finance role, and NVIDIA's board is weighing internal and external candidates for a permanent successor.
NVIDIA's products and existing contracts remain in place through a leadership change. Harvey Jones, named the board's first-ever chair, stated that "we expect the company's operations, customer commitments and product roadmap to continue without interruption." Still, the transition could give Alphabet a fresh opening to pitch TPUs as an alternative to NVIDIA graphics processing units (GPUs).
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Alphabet's Google Cloud revenue rose 103% year over year (YoY) to $30.71 billion in Q3 2026, results the company reported on October 28. CEO Sundar Pichai noted at the time that "We're also seeing strong demand for our TPU systems across a wide range of customers."
Shares of Microsoft (NASDAQ:MSFT) are at $528.98, up 2%. Meanwhile, Amazon (NASDAQ:AMZN) stock is at $269.49, up 1%. That leaves Alphabet benefiting the most of the three cloud giants, consistent with its longer track record in custom AI chips.
Both companies develop their own AI chips while buying heavily from NVIDIA. Any setback in NVIDIA's execution could cut both ways for Microsoft and Amazon, since their data centers lean on NVIDIA hardware even as their in-house chips mature.
Cloud demand is strong across the group. Azure revenue at Microsoft grew 48% in the quarter ended in September, and Amazon Web Services (AWS) revenue rose 39% over the same stretch, both well behind Google Cloud's pace.
Google sells TPU systems to a wide range of customers through Google Cloud, turning custom silicon into a revenue line for Alphabet as well as an internal cost tool. Selling chips this way gives Alphabet a direct path to benefit if AI buyers look beyond NVIDIA.
Microsoft pairs NVIDIA hardware with its own Maia systems inside Azure, building what CEO Satya Nadella called a "fungible fleet" that moves capacity to the highest-value work. Amazon sits closer to Google's model, running most of its Bedrock AI service on in-house Trainium chips and preparing to sell those chips outside AWS.
Andy Jassy, Amazon's chief executive, said on the company's latest earnings call that "The number of companies who have a significant cloud business and a chip strong enough to sell externally is effectively two." By that count, Alphabet and Amazon fit the small group of cloud providers developing merchant AI chips, while Microsoft relies more heavily on NVIDIA.
Alphabet will soon see if TPU demand keeps building as NVIDIA works through its leadership transition. NVIDIA plans to report its Q3 FY2027 results on November 17, a release that could show whether its customer relationships are holding steady.
Google Cloud's rapid growth and broad TPU demand point to Alphabet having a credible alternative to sell. On the other side, the bears may focus on the cost of that build-out, with Alphabet's capital expenditures reaching $51.36 billion in Q3 and its free cash flow coming in at negative $9.07 billion. Alphabet is also funding part of its infrastructure push with debt and at-the-market share sales.
A quick rebound in NVIDIA stock could cool the speculation lifting Alphabet. For investors, caution could make sense until NVIDIA's search for a permanent CEO concludes.
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