(Bloomberg/Subrat Patnaik and Sagarika Jaisinghani) — A rally in Alphabet Inc. shares is poised to shake up the ranking of the world’s most valuable companies, amid signs the search giant is making headway in efforts to rival Nvidia Corp.’s bestselling AI accelerator.

That’s prompting investors to reassess the technology landscape and the potential changes in stock market leadership, as rave reviews for Alphabet’s new Gemini artificial intelligence model and demand for AI chips pushes its shares higher.

Shares in the Mountain View, California-based firm rallied 2% to hit a $3.9 trillion market value. Its 37% rally since mid-October has added about $1 trillion in value over that time. Gains this year have left the Google parent about $300 billion away from Nvidia’s $4.2 trillion market ca

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