Not a day goes by without hearing or reading about it NVIDIAThe company that is driving the artificial intelligence (AI) revolution now has the third-largest market capitalization in the world at over $2.8 trillion. Investors are betting on further growth and are currently valuing the stock at a first-class price-earnings ratio (P/E) of 63.

Optimism is high, but I think it’s time to zig while others zig. Here are two stocks with lower market caps than Nvidia that I think will overtake Nvidia by 2030.

Alphabet: The real AI winner?

alphabet (GOOG 0.96%) (GOOGL 1.03%) is the fourth largest company in the world by market capitalization, one place behind Nvidia. With Google Search, YouTube and Google Cloud, it has dominated the consumer internet landscape in the 21st century. It is a leader in digital advertising, with billions of users around the world regularly interacting with Google and YouTube.

Last quarter, Google Search revenue grew 14% year over year, YouTube advertising revenue grew 13%, and Google Cloud revenue grew 29%. This impressive growth across the board drove the company’s operating profit to an all-time high of $98 billion over the past 12 months. That’s significantly more than Nvidia, which generated less than $50 billion in operating profit.

Investors may have been afraid to invest in Alphabet because it was said to be lagging behind in AI. In late 2022, OpenAI introduced ChatGPT to the masses and subsequently received a huge investment from MicrosoftFor a brief period, it looked like Alphabet was losing the race for new conversational and creative AI tools.

Today, the company has shown that it can copy and even surpass all of OpenAI’s innovations, which should reassure investors. It looks like Google and Alphabet are now the overall leaders in AI.

There’s still plenty of room for growth as internet usage increases worldwide and cloud computing continues to gain market share. And then there’s the potential of these new AI tools the company is building into its new devices like the Pixel phones. Given today’s higher profits and long growth streak, I think the company has a good chance of reaching a larger market cap than Nvidia by 2030.

GOOG operating results (TTM), data from YCharts; TTM = last 12 months.

Amazon: More of the same

Amazon (AMZN -0.30%) is the sixth largest company in the world with a market capitalization of $1.8 trillion. Its dominance in e-commerce and cloud computing has allowed the company to continue to grow despite its size.

In the last 12 months, sales have risen to $600 billion, up from around $100 billion 10 years ago. And there are no signs of slowing down: In the last quarter, sales rose 10% year-on-year.

Profitability has always been a problem at Amazon, but new CEO Andy Jassy has allayed those worries. Operating margins have risen to an all-time high of 9% over the past 12 months and to 10% in the most recent quarter. With the growth of higher-margin third-party advertising, subscriptions and e-commerce services, consolidated profit margins should only increase.

Compared to Nvidia, which already has astronomical margins, Amazon can increase its profits at an impressive pace by expanding its underlying profit margin while growing its revenue.

The company already generates more operating profit than Nvidia. Assuming it can reach $1 trillion in revenue and 15% operating margin by 2030, Amazon’s operating profit will grow to $150 billion by the end of this decade. If that happens, I think Amazon will have a larger market cap than Nvidia in 2030.