AI hype might be taking a new turn. The search giant just flipped the chipmaker on valuation metrics – a shift that's getting attention across trading desks.

Here's what happened in Q4: shares rocketed over 30%, catapulting market cap to $3.88 trillion. That's breathing distance from the $4 trillion club. More telling? The forward P/E ratio now sits at 28.6, eclipsing its Silicon Valley rival for the first time in this cycle.

This isn't just about two tech titans trading places. It signals where smart money sees the AI value chain heading – away from pure infrastructure plays, toward platforms that monetize the tech stack. The re-rating suggests investors are getting pickier about which AI story deserves premium multiples.