Aside from the specifics of Nvidia vs Google, one thing to note regarding company valuations is that not all parts of the company are necessarily additive. As an example (read: a thing I’m making up), consider something like Netflix vs Blockbuster back in the early days - once Blockbuster started to also ship DVDs, you’d think it’d obviously be worth more than Netflix, because they’ve got the entire retail operation as well, but that presumes the retail operation is actually a long-term asset. If Blockbuster has a bunch of financial obligations relating to the retail business (leases, long-term agreements with shippers and suppliers, etc), it can very quickly wind up that the retail business is a substantial drag on Blockbuster’s valuation, as opposed to something that makes it more valuable.