Google-parent Alphabet Inc Class C’s GOOGL shares have surged 67% this year, surpassing NVIDIA Corp’s 32% gain. Warren Buffett’s Berkshire Hathaway recently disclosed a new position in Alphabet, making it the company’s 10th largest equity holding. Alphabet’s strong performance is attributed to beating estimates on revenues and earnings.

Alphabet is part of the “Magnificent Seven” group known for their AI initiatives. Despite NVIDIA’s strong earnings results, Alphabet’s foray into AI chips poses a challenge. Meta Platforms is reportedly considering using Google’s AI chips, potentially pressuring NVIDIA. Google’s TPUs are emerging as a competitor to NVIDIA’s GPUs, affecting stock performance.

Alphabet’s cheaper valuation, with a forward P/E multiple of 26.68X compared to the tech sector’s 30.75X, makes it an attractive investment option. The company boasts strong Growth and Momentum scores and is well-positioned in the Zacks Sector and Industry rankings. Investors can consider ETFs like GXPC, FCOM, IXP, and VOX for exposure to Alphabet.

For more insights on top-performing ETFs and valuable investment resources, subscribe to Zacks’ exclusive Fund Newsletter. Don’t miss out on actionable information and analysis delivered straight to your inbox. Download Zacks’ 7 Best Stocks for the Next 30 Days for the latest recommendations. Free stock analysis reports are available for NVIDIA Corporation and Alphabet Inc.ETF Research Reports for Vanguard Communication Services ETF and iShares Global Comm Services ETF are also accessible.

Read more at Nasdaq: Will Alphabet Outshine NVIDIA in the MAG-7? ETFs to Watch