If Ultimate Albedo could hit Grey Matter with his laser, Grey Matter would probably be defeated as it's defeated stronger aliens in one shot. But it doesn't look like Ultimate Albedo is that good at aiming at moving targets.
If Grey Matter could get close enough to break Ultimate Albedo's hovercraft's inner workings, Ultimate Albedo would probably be immobile and defenseless to basic punches. But we don't know how defended the hovercraft is.
All in all, I'd think Grey Matter would be able to win first. :)