Why Is Alphabet Stock Worth Less Than Nvidia, Microsoft, Apple, and Amazon Even Though It Is the Most Profitable S&P 500 Company?

Alphabet would be the most valuable company in the world if it were valued similarly to its peers. It seems that earnings don't directly translate into higher share prices over the short term. The stock market cares more about future earnings potential than the past -- and that may be why Nvidia, Microsoft, Apple (NASDAQ: AAPL), and Amazon (NASDAQ: AMZN) are all worth more than Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) today even though Alphabet is the only S&P 500 stock with over $100 billion in trailing-12-month net income.