FT News Briefing Google closes in on Nvidia in the AI race
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Nov 26, 2025 
John Foley, Head of the Financial Times Lex column focused on tech and finance, joins crypto reporter Niko Esgari to discuss the shifting dynamics in the AI and cryptocurrency sectors. They analyze Google's impressive surge toward a $4 trillion market cap and its potential to challenge NVIDIA's dominance through advancements like Gemini and TPU chips. Niko explains the recent $1 trillion wipeout in crypto markets, spotlighting companies gripping onto digital assets and predicting possible mergers as firms seek stability in turbulent times.
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Alphabet's Fast Rebound To Tech Dominance
- Alphabet's near-$4tn run signals a rapid reversal after its antitrust troubles and ChatGPT threat.
- The valuation shows Google has regained momentum in search and AI, not just a round-number headline.
Court Ruling Freed Google's Strategic Hand
- A judge’s ruling downgraded the threat of Google's search monopoly in the age of AI.
- That legal outcome let Google accelerate AI work without fear of being dismantled, boosting investor confidence.
Gemini 3 Changed Expectations
- Google leveraged vast resources to iterate past Bard and deliver Gemini 3, which scores highly on benchmarks.
- Deep pockets and product focus let Alphabet compete toe-to-toe with OpenAI and others in model quality.