Alphabet Hits $3 Trillion Milestone — But This Dark Horse Stock Is Charging Toward $5 Trillion First (Spoiler: It’s Not Palantir or Oracle!)

Alphabet just smashed into the elite $3 trillion club—joining the ranks of Apple, Microsoft, and Nvidia. But the real story isn’t who’s in—it’s who’s coming next.

The $5 Trillion Question

Forget the usual suspects. This isn’t about Oracle’s cloud push or Palantir’s government contracts. The first company to hit $5 trillion will be an outlier—one that’s rewriting the rules, not recycling them.

Wall Street’s betting big on legacy tech. Meanwhile, something disruptive is brewing—quietly scaling, innovating, and leaving analysts scrambling. It doesn’t need hype. It’s already executing.

So while everyone’s busy high-fiving over Alphabet’s milestone, the real kingmaker is already lining up its next move. And no—it’s not another FAANG stock. It’s smarter than that.

Let’s be real: if traditional finance could spot a $5 trillion company before it happened, we’d all be retired on a private island by now.

Image source: Getty Images.

Last week, Google parent(GOOGL 1.23%) (GOOG 1.27%) became only the fourth public company to crest the $3 trillion mark, joining,, and.

Aside from having a globally dominant search engine that's historically commanded a 90% (or greater) share of internet search, Alphabet stock was given a boost when a federal judge ruled it wouldn't have to sell its Chrome browser in an antitrust case. It can be argued that Alphabet's cheaper valuation, relative to other members of the Mag-7, also provided a lift.

While America's quartet of $3 trillion companies would make logical candidates to become Wall Street's very first $5 trillion stock, an outlier company has the catalysts and intangibles needed to beat Alphabet, Nvidia, Apple, and Microsoft to the punch.

It's not the world's hottest AI stocks, Palantir or Oracle

The prevailing question becomes which company has the growth potential necessary to leapfrog the hardware kingpin of artificial intelligence (AI), Nvidia? Popular and widely owned choices WOULD probably be AI-data mining specialist(PLTR 3.08%) and cloud infrastructure services provider(ORCL 4.06%).

Palantir's Gotham and Foundry software-as-a-service platforms have no large-scale competitors. With Gotham securing multiyear contracts from federal governments, and Foundry generating predictable subscription revenue, there's a realistic shot at Palantir sustaining a 20% to 30% annual growth rate for many years to come. We've already witnessed Palantir add close to $400 billion in market cap from its December 2022 low.

As for Oracle, it set the stage for a monstrous rally with its fiscal 2026 first-quarter operating results. CEO Safra Catz pointed to a 359% increase in remaining performance obligations (essentially Oracle's future backlog of revenue, based on signed contracts), and expects sales for its the high-margin Oracle Cloud Infrastructure segment to catapult from a shade over $10 billion in fiscal 2025 to $144 billion by fiscal 2030.

But in spite of their rapid growth rate and skyrocketing share price, neither Palantir nor Oracle are logical candidates to become the world's first $5 trillion stock.

Even if Palantir were to somehow sustain a sales growth rate closer to 35% or 40%, its price-to-sales (P/S) ratio is pushing never-before-seen boundaries for a megacap company. Historically, companies riding the wave of a game-changing technology peak at P/S ratios of 30 to 40. Palantir is sporting a P/S ratio of 125, as of the close bell on Sept. 16. History tells us this is an unsustainable premium.

Perhaps the biggest issue for Oracle is it'll need to earn the trust of Wall Street. Though its updated growth forecast has investors excited, the company itself has fallen short of consensus profit projections from analysts in three of the last four quarters.

Image source: Amazon.

This current outlier will be Wall Street's first $5 trillion stock

The magnificent stock with the most logical trajectory to a $5 trillion valuation is dual-industry leader(AMZN 0.23%). Though it's the market's fifth-largest company, it's still an outlier, with a current deficit of $540 billion to $1.77 trillion to the four companies above it, respectively.

Most consumers and investors familiarize themselves with Amazon through its world-leading online marketplace. Based on data from Analyzify, Amazon captured a 37.6% share of U.S. online retail sales in 2024.

But while e-commerce provides a face for the company, Amazon's bread-and-butter has everything to do with its ancillary operations. Though online retail sales account for a good chunk of revenue, these ancillary operations sport higher margins and generate the lion's share of operating cash FLOW and operating income. In other words, they're going to be the propellant that doubles Amazon stock and pushes it to a $5 trillion market cap.

Amazon's most important puzzle piece is, without question, cloud infrastructure service platform Amazon Web Services (AWS). Tech analysis firm Canalys estimates AWS accounted for 32% of global cloud infrastructure service spend during the second quarter, which is nearly as much as Microsoft Azure (22%) and Google Cloud (11%) on a combined basis.

AWS has been consistently growing in the neighborhood of 20% on an annual basis. Incorporating generative AI solutions and large language model tools into AWS has the potential to accelerate growth for this high-margin segment. Despite generating only 18.6% of net sales for Amazon through the first six months of 2025, AWS was responsible for almost 58% of the company's operating income.

Something else to consider is that if history holds true and an AI bubble forms and bursts at some point in the not-too-distant future, Amazon would largely sidestep any direct operational pain. While it would have to overcome weakened investor sentiment, a potential AI bubble event wouldn't meaningfully impact demand for AWS.

The other two segments of importance for Amazon are subscription services and advertising services. With the company luring billions of visitors each month to its online marketplace and growing content library, it possesses impressive ad-pricing power.

Meanwhile, Amazon has landed exclusive streaming deals with the National Football League (Thursday Night Football), and National Basketball Association. When coupled with various shopping and shipping perks, there's plenty of pricing power with Prime subscriptions.

Amazon closed out every year of the 2010s valued at 23 to 37 times its cash flow. With its cash Flow per share projected to explode from a reported $11.04 in 2024 to a forecast $24.32 by 2027, there's no reason Amazon can't reach a $5 trillion valuation and trade at approximately 20X cash flow in 2027.