Nvidia just reported Q4 revenue of $68.1 billion, up 73% from last year. Most of that came from their data center segment at $62.3 billion. Management said their chips are still sold out in the cloud. The main risk going forward is their reliance on big tech capex cycles. If cloud budgets normalize or companies start using custom silicon, Nvidia could see a drop in growth. The stock is currently trading at a 36 P/E. Alphabet reported Q4 revenue of $113.8 billion, an 18% increase. Ad revenue grew 14%, but Google Cloud was the main driver. Cloud revenue grew 48% to $17.7 billion and margins improved to 30.1%. Their cloud backlog is now at $240 billion. The stock is trading at a 27 P/E. The article argues Alphabet might be the safer long-term bet because its revenue streams are more diversified and less cyclical. The main thing to watch with Alphabet is their capex, as they plan to spend $175 billion to $185 billion this year on AI compute and cloud capacity.