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Investing.com -- Alphabet is emerging as the market’s preferred artificial intelligence winner, with Mizuho saying investor sentiment now reflects a belief that Google has “already won the AI game.”
The view comes from Mizuho TMT specialist Jordan Klein, who gathered feedback from 15 portfolio managers at a dinner with a tone that was “way more calm than you might have expected” after a volatile trading session.
Klein wrote that “GOOG by far the most liked and owned name,” adding that investors “sounded more confident and bullish GOOG right now than maybe NVDA.”
According to Mizuho, the conviction stems from the belief that Alphabet “has all the best qualities and technology to dominate AI into next year.”
Mizuho cited strong enthusiasm around Gemini 3, which Klein said puts them in the lead, along with confirmation from a Sam Altman letter that “they are behind and will need to work to catch up.”
The note highlights Google’s advantage in custom silicon, arguing that “their TPU custom ASIC is years ahead of every other custom chip and gives them a major cost per token advantage.”
Klein also said Alphabet’s Search and core platforms are posting “higher vs lower growth in face of ChatGPT and AI models,” reinforcing expectations that the company has the broadest base to “monetize and leverage AI agents and technology to gain share and grow even faster.”
According to Mizuho, the market is behaving as if AI is “almost a zero-sum game,” with investors bidding up Google and its suppliers, such as AVGO, LITE and CLS, while selling MSFT, AMZN and META.
Klein called the dynamic “silly and stupid,” but said it reflects how the AI market is acting into the year-end.