Alphabet ($GOOG) hit a $3 trillion market cap after its Gemini app overtook ChatGPT atop global app store rankings, driven by the viral success of Nano Banana, an image-editing feature that fueled a surge in downloads and user engagement.
Key facts:
- Gemini reached #1 on both Apple’s App Store and Google Play by mid-September, dethroning ChatGPT for the first time.
- The app added 23 million first-time users in two weeks, with over 500 million images generated through Nano Banana.
- Alphabet shares rose 4% to $252, pushing market cap above $3 trillion, up nearly 30% year-to-date.
- Google Trends showed Gemini searches surpassing ChatGPT on September 12.
- AppMagic data: Gemini previously saw ~13 million monthly downloads versus ChatGPT’s ~64 million.
- The surge followed a favorable antitrust ruling and reinforced optimism over Gemini subscription revenue potential.
Relevant Companies
- Alphabet ($GOOG): Benefited from Gemini’s viral growth and stock price rally to $3 trillion valuation.
- Microsoft ($MSFT): Backer of OpenAI, with ChatGPT facing competitive pressure from Gemini’s surge.
- Nvidia ($NVDA): Leading AI hardware provider, indirectly boosted by rising AI adoption and infrastructure demand.
Editor’s Note: This is a developing story. This article may be updated as more details become available.
