Alphabet Inc (GOOG) Class C Stock: AI Rally, Berkshire Bet and Overbought Warnings as of November 29, 2025

Alphabet Inc.’s Class C shares (NASDAQ: GOOG) are ending November perched just below record highs, riding a powerful wave of AI optimism, blockbuster earnings, and big-name institutional buying — all while drawing fresh warnings that the stock may now be “too hot” for comfort.

As of the close on Friday, November 28, 2025, GOOG finished at $320.12, down a negligible 0.05% on the day but within a few dollars of its all‑time high around $328.67. The stock now carries a market capitalization of roughly $3.86 trillion, trades at about 31x trailing earnings, and sits near the top of the “Magnificent Seven” by size. ^[1]

Below is a breakdown of the key current developments as of November 29, 2025 shaping Alphabet Class C stock — from AI and data centers to antitrust, insider selling, and that Berkshire Hathaway stake.

GOOG Today: Price, Performance and Valuation Snapshot

According to StockAnalysis, Alphabet Class C shares closed Friday at $320.12, with after‑hours trading hovering just under that level. Over the past 52 weeks, the stock has traded between $142.66 and $328.67, meaning it has more than doubled from its low. ^[2]

Key current metrics for GOOG:

Market cap: About $3.86 trillion
Revenue (ttm): ~$385.5 billion
Net income (ttm): ~$124.3 billion
EPS (ttm): ~$10.14
P/E ratio: ~31x trailing earnings; forward P/E just above 30x
Dividend: $0.84 per share annualized (0.26% yield), with the next ex‑dividend date on December 8, 2025
Analyst consensus: “Buy,” with a median 12‑month price target around $297–298, notably below the current price, implying modest downside if Wall Street is right. ^[3]

TradingView and other market data providers estimate that GOOG has gained around 70% in 2025, powered largely by AI enthusiasm, strong cloud growth, and a re‑rating after favorable legal outcomes. ^[4]

Q3 2025: Alphabet’s First‑Ever $100 Billion Quarter

Alphabet’s current run is grounded in fundamentals, not just hype. In late October, the company reported its first quarter with more than $100 billion in revenue, an inflection point that stunned even long‑time tech watchers. ^[5]

Highlights from Q3 2025 (July–September):

Revenue: About $102.3–102.35 billion, up roughly 16% year‑over‑year
Net income: Nearly $35 billion, up about 33% year‑over‑year
EPS:$2.87, easily beating consensus estimates around $2.29
Ad business: Google’s ad network generated more than $74 billion in revenue, rising in the low‑ to mid‑teens percent vs. last year
Google Cloud: Revenue of about $15.2 billion, up roughly 34% year‑over‑year, making it Alphabet’s fastest‑growing major segment ^[6]

The strong quarter also coincided with a key legal milestone: a U.S. federal judge declined to impose the most severe remedies in the Justice Department’s search monopoly case, rejecting a proposed breakup and leaving Google’s core search and Chrome businesses intact. ^[7]

Investors cheered. Alphabet shares jumped more than 6% after the earnings release and have rallied more than 50% since early September, when the legal overhang began to lift. ^[8]

AI Momentum: Gemini 3, TPUs and a Massive Data‑Center Arms Race

The biggest driver of Alphabet’s narrative in late 2025 is its AI pivot — and investors’ growing belief that Google is no longer lagging OpenAI and Microsoft, but reasserting leadership.

Gemini 3 and the AI “thought partner” pitch

Alphabet has been integrating AI across Search, Chrome, YouTube, Workspace, and Android, with CEO Sundar Pichai describing the company as being in an “expansionary moment” for AI. ^[9]

Key AI developments that have hit the tape in the past couple of weeks:

Gemini 3 launch and reception: Business Insider reports that Alphabet’s Gemini 3 chatbot was released to strong reviews and has rapidly become central to the market’s AI narrative around Google. ^[10]
Scale of adoption: On Alphabet’s Q3 call, Pichai disclosed that the Gemini app has reached around 650 million monthly users, underscoring the company’s reach vs. newer AI competitors. ^[11]
AI chips and TPUs: Analysts and crypto/AI commentators note that Google’s tensor processing units (TPUs) are gaining traction, potentially offering an alternative to Nvidia GPUs for certain AI workloads and creating new winners across the AI supply chain. ^[12]

Bitget and other market strategists frame Alphabet as emerging not just as an AI software and cloud leader, but as an increasingly serious AI chip platform—particularly as rumors swirl over a multi‑billion‑dollar AI chip deal with Meta Platforms and broader adoption of Google’s TPU ecosystem. ^[13]

Capex: Spending like an AI superpower

Alphabet is backing this strategy with an enormous capital‑expenditure plan. In its Q3 commentary, the company guided 2025 capex to roughly $91–93 billion, up from a prior forecast of $85 billion, with much of that earmarked for AI‑focused data centers. ^[14]

AP and Reuters reporting emphasizes that this massive investment spree has stoked bubble worries across the AI space, but Alphabet argues that demand for AI search, cloud compute, and agents justifies the spend. ^[15]

New Data‑Center Deals: India’s Adani, Visakhapatnam and the $15 Billion Push

Alphabet’s AI ambitions are increasingly global, and India has just taken center stage.

On November 28, Reuters reported that India’s Adani Group plans to invest up to $5 billion in Google’s India AI data‑center project via Adani Connex, a joint venture between Adani Enterprises and EdgeConneX. ^[16]

Key details:

In October, Google announced it would invest $15 billion over five years to build an AI data‑center campus in Andhra Pradesh, its largest single commitment in India to date. ^[17]
The planned complex in Visakhapatnam will launch with 1 gigawatt of power capacity, underscoring the scale of AI‑driven compute demand. ^[18]
Alphabet has signaled that its total data‑center capex for 2025 is around $85–93 billion, much of it linked to AI infrastructure. ^[19]

This India expansion complements Google Cloud’s global push and reinforces the view that Alphabet is not just an ad and search business anymore, but a critical player in AI infrastructure—from chips and software to physical data centers.

Big Money Bets: Berkshire Hathaway, Northwestern Mutual and Hedge Funds

Alphabet’s AI turn is attracting serious institutional capital.

Berkshire Hathaway’s first Alphabet stake

In mid‑November, filings revealed that Berkshire Hathaway built a new Alphabet stake worth approximately $4.3 billion, owning 17.85 million shares as of September 30. ^[20]

The Times of India notes that this makes Alphabet Berkshire’s tenth‑largest U.S. holding, even as Berkshire continues to trim its once‑huge Apple position. For longtime Buffett watchers, the move is striking: Berkshire famously admitted “missing” Google years ago and historically avoided high‑growth tech. ^[21]

Business Insider frames Berkshire’s entry as a strong vote of confidence in Alphabet’s moat coming right after its legal win, and as one of the triggers behind the stock’s sharp November rally. ^[22]

Northwestern Mutual and other institutional investors

A November 28 MarketBeat report shows Northwestern Mutual Wealth Management increased its GOOG holdings by 3.7% in Q2, to more than 1.16 million shares worth about $206.5 million at the time. ^[23]

QuiverQuant’s institutional data paints an even bigger picture:

2,474 institutional investors have increased their Alphabet positions in the latest quarter, versus 2,324 that reduced them.
Major additions include:
- UBS Asset Management, adding over 31 million shares
- Berkshire Hathaway, adding ~17.8 million shares
- FMR (Fidelity), Capital World Investors, Price T. Rowe Associates, and others, each adding ~10–14 million shares. ^[24]

At the same time, some large holders such as Morgan Stanley and other funds have trimmed positions, reflecting profit‑taking after the run‑up. ^[25]

Dividend, Earnings Beat and Analyst Targets

Alphabet’s shareholder profile has also shifted with the introduction of a regular cash dividend.

MarketBeat reports that Alphabet declared a quarterly dividend of $0.21 per share, implying $0.84 annually and a yield of roughly 0.3% at current prices. The upcoming ex‑dividend date is December 8, 2025, with payment due on December 15. ^[26]

In addition:

Analysts tracked by MarketBeat and QuiverQuant broadly rate Alphabet as a Buy/Strong Buy, with dozens of firms boosting price targets after Q3. Recent targets range from the high‑$260s to mid‑$340s, with a median around $297–298 per share. ^[27]
Finviz and other screeners show JP Morgan and Oppenheimer reiterating positive ratings through late October, nudging GOOG targets up to roughly $300. ^[28]

Intriguingly, the average target still sits below the actual price, suggesting that the latest AI‑driven surge has outrun prior models and that some analysts are hesitant to chase the rally further.

Regulatory and Antitrust: A Win at Home, Complexity Abroad

Regulation remains the main existential risk narrative around Alphabet.

U.S. search and adtech cases

The AP’s coverage of Alphabet’s Q3 results emphasizes that the company’s blockbuster quarter arrived shortly after a judge in Washington, D.C., rejected the Justice Department’s proposed breakup remedy in its search monopoly case. The ruling was widely seen as a mild rebuke that left Google’s core search empire intact. ^[29]

However, Alphabet still faces:

A separate U.S. antitrust case targeting its ad‑tech business, where another judge has already found parts of Google’s ad technology to be an illegal monopoly and is weighing possible structural remedies, including forced divestitures. ^[30]

Europe: Cloud and competition

On November 28, Reuters reported that Google withdrew an EU antitrust complaint against Microsoft’s cloud practices, just a week after EU regulators opened their own probe into Microsoft over alleged anti‑competitive behavior in cloud licensing. ^[31]

The move likely reflects a more cautious regulatory posture from Alphabet while:

Still competing fiercely in cloud (Google Cloud vs. Azure)
Facing its own scrutiny in digital advertising and app store practices

In short, Alphabet’s biggest legal overhang in search has eased, but the regulatory story is far from over — especially as AI further concentrates power in a handful of platforms.

Is Alphabet Stock Overbought? Technical and Valuation Concerns

Even as AI headlines multiply, a parallel narrative has emerged: Alphabet might simply be too stretched in the short term.

“Most overbought ever” by one measure

MarketWatch published an analysis this week arguing that Alphabet’s shares are “the most overbought ever” by one key technical indicator, widely interpreted as the relative strength index (RSI). The article notes that while this doesn’t guarantee an immediate decline, it suggests that fresh buyers may want to be cautious about chasing the move. ^[32]

Additional commentary from Bitget and others similarly highlights:

A steep, rapid rally—about 17% in seven trading days at one point in November, according to Business Insider. ^[33]
Alphabet’s expanding valuation multiple, now trading north of 30x earnings, closer to high‑growth AI peers than to the discounted “value tech” it once was. ^[34]

Several Seeking Alpha contributors have downgraded the stock in recent weeks with headlines along the lines of “too far, too fast” and questioning how much upside remains after the re‑rating, even if the AI story is real. ^[35]

Bulls vs. bears: What each side is watching

Bulls argue that Alphabet’s AI distribution (Search + YouTube + Android + Chrome), its ad machine, and its rapidly scaling cloud business justify a premium multiple and could support Alphabet becoming the largest company in the world by 2026 — a view floated by multiple bullish commentators. ^[36]
Bears counter that with the stock above the average price target and technicals flashing overbought readings, the risk/reward for new capital is less compelling, especially if AI spending overshoots demand or if regulators turn more aggressive.

Insiders Are Selling, but Ownership Is Still Deep

Another nuance: insiders are net sellers.

QuiverQuant data shows that over the last six months, Alphabet insiders have executed 146 stock sales and zero open‑market purchases, with CEO Sundar Pichai alone selling about 390,000 shares and other senior executives and board members also trimming exposure. ^[37]

MarketBeat’s filing‑based analysis similarly notes that insiders have sold around 227,850 shares worth roughly $59 million in the last three months, though insiders still hold nearly 13% of the company—a sizable stake for a mega‑cap. ^[38]

Insider selling at a near‑record price doesn’t automatically signal trouble — especially when many grants are structured in advance — but it does reinforce the perception that management sees the stock as fully valued in the short term.

What Exactly Are Alphabet Class C (GOOG) Shares?

For news readers finding GOOG for the first time, a quick capital‑structure refresher:

GOOG represents Class C shares, which carry no voting rights but share the same economic exposure (earnings, dividends, buybacks) as other classes.
GOOGL is Class A, with one vote per share.
Class B shares, held mainly by founders and insiders, carry super‑voting rights and do not trade publicly.

StockAnalysis explicitly labels GOOG as “Class C Shares” and applies the price, market cap, and financial metrics cited above to this class. ^[39]

For most retail investors and institutions, GOOG and GOOGL trade nearly interchangeably, with minor price differences reflecting the voting rights. News and valuation commentary generally address Alphabet as a whole, but the ticker GOOG is the focus for Class C holders.

Key Risks and Catalysts to Watch After November 29, 2025

As of today, the main near‑term catalysts and risk factors around Alphabet Class C stock include:

AI execution risk: Whether Gemini 3 and future models translate into sustainable monetization across ads, cloud, and productivity — not just impressive demos. ^[40]
AI capex payback: Alphabet’s $90‑plus‑billion capex plan assumes persistently high demand for AI compute. A slowdown could pressure returns on these massive data‑center projects. ^[41]
Regulation: Ongoing U.S. ad‑tech proceedings and Europe’s evolving stances on big‑tech power and cloud competition could still force business changes or structural remedies. ^[42]
Competition: Nvidia, Microsoft, Amazon, Meta and others are all vying for AI leadership in chips, cloud, and applications. Alphabet’s TPU strategy and Gemini roadmap will determine whether it can maintain the current perception of momentum. ^[43]
Valuation & technicals: The “most overbought ever” label and the gap between current price and median target create a setup where even small disappointments—an AI hiccup, a legal setback, or a macro wobble—could trigger a sharp pullback. ^[44]