Alphabet (GOOG) Class C Stock in December 2025: AI Supercycle, New Price Targets and What Comes Next

Alphabet Inc.’s Class C shares (NASDAQ: GOOG) are closing 2025 as one of the defining stories of the AI boom. After a blockbuster third quarter, a flurry of new AI product launches and fresh Wall Street upgrades, the stock is trading near record highs and commanding a multi‑trillion‑dollar valuation.

As of 1 December 2025, GOOG changes hands at about $320 per share, near its 52‑week high around $329 and far above the 52‑week low near $143. Over the past year the stock has returned roughly 88%, putting it among the strongest mega‑cap performers in the market. ^[1]

At today’s price and using roughly 12.1 billion shares outstanding from Alphabet’s latest filings, the company’s equity value sits around $3.8–$3.9 trillion, behind only Apple and Microsoft globally. ^[2]

Important: This article is for general information and news analysis only. It is not investment advice or a recommendation to buy or sell any security.

Quick snapshot: Alphabet (GOOG) Class C on 1 December 2025

Ticker / Class: GOOG – Alphabet Inc. Class C Capital Stock
Latest price: ≈ $320.12
52‑week range:$142.66 – $328.67 ^[3]
Approx. market value:~$3.8–$3.9 trillion (all share classes combined) ^[4]
1‑year share price change: about +88% ^[5]
Dividend: Annualized $0.84 per share, yield roughly 0.25–0.30% ^[6]
Next earnings (expected): early February 2026 (many calendars list 3 February 2026) ^[7]
Analyst stance: Broad “Buy / Outperform” consensus with average 12‑month price targets clustered around $300–$305 ^[8]

What’s moving GOOG today? Fresh upgrades, big money flows and a $1.1B stock donation

Guggenheim lifts price target to $375

The headline move on 1 December 2025 comes from Guggenheim, which just raised its Alphabet price target from $330 to $375 while reiterating a Buy rating. ^[9]

In its note, the firm highlighted three core drivers:

Explosive Google Cloud backlog – management and independent trackers point to a cloud revenue backlog exceeding $150 billion, heavily driven by AI workloads. Guggenheim argues the market may be underestimating Google Cloud’s long‑term revenue by around $40 billion, based on backlog growth and deal quality. ^[10]
YouTube’s dominance in streaming – YouTube continues to grab viewing time from traditional TV and other platforms, with improving ad monetization and rapidly growing subscriptions (YouTube Premium, YouTube TV, NFL Sunday Ticket). ^[11]
Gemini as a leading AI platform – the latest Gemini 3 model and its smaller siblings are now deeply integrated into Search, YouTube and Workspace, with usage metrics that show rapid adoption (more on that below). ^[12]

Guggenheim also nudged up its 2026–2027 revenue and profit estimates, especially for Google Cloud, as it expects both high‑teens growth and further margin expansion from scale and custom AI chips. ^[13]

Sergey Brin’s $1.1 billion stock donation

Investors often watch insider selling closely, so a major transaction from co‑founder Sergey Brin made headlines today — but for a very different reason.

A new analysis shows Brin sold more than $1.1 billion worth of Alphabet stock this week, with most of the proceeds earmarked for charity. Roughly $1 billion in stock is going to Catalyst4, Brin’s non‑profit focused on central nervous system disorders and climate change. Additional large tranches are going to his family foundation and the Michael J. Fox Foundation for Parkinson’s research. ^[14]

Brin remains a major shareholder, owning about 6% of Alphabet, and his net worth has surged this year as Alphabet shares hit record levels (they briefly touched about $323 earlier in the week). ^[15]

From a market standpoint, the move is best understood as philanthropy funded by stock gains, not a vote of no confidence in the business. The shares were already in public float; the donation simply reassigns ownership.

Big institutional holders: small trims, fresh purchases

Two separate MarketBeat filings dated 1 December 2025 underline how deeply embedded Alphabet is in institutional portfolios: ^[16]

Gardner Russo & Quinn LLC holds about 5.09 million GOOG shares, valued near $903 million, making Alphabet its 3rd‑largest position at roughly 9.6% of its portfolio. The fund trimmed its stake slightly (down 0.3%) last quarter. ^[17]
Panagora Asset Management increased its GOOG position by 3.2%, to 1.37 million shares worth around $243 million, now its 13th‑largest holding. ^[18]

Quiver Quantitative, which tracks institutional, hedge fund and Congressional trading, notes that 2,476 institutional investors have recently added Alphabet, versus 2,324 that reduced positions, with major increases from firms like UBS, Capital World and even Berkshire Hathaway, which initiated a sizable stake in 2025. ^[19]

Overall, institutional ownership sits in the mid‑20% range of outstanding shares for GOOG specifically, recognizing that many funds also hold the voting Class A shares (GOOGL). ^[20]

Q3 2025: Alphabet’s first $100 billion quarter

Alphabet’s current rally rests on fundamentals, not just AI hype.

Headline numbers

In its Q3 2025 earnings release, Alphabet reported: ^[21]

Revenue:$102.35 billion, up about 16% year‑over‑year, marking Alphabet’s first‑ever quarter above $100 billion in sales.
Net income:$34.98 billion, up roughly 33% year‑over‑year, even after absorbing a €3.5 billion (≈$3.5B) European Commission fine related to competition issues.
GAAP operating income:$31.23 billion, +9% YoY; excluding the EC fine, non‑GAAP operating income grew about 22%, with operating margin near 34%.
Google Services revenue (Search, YouTube, Android, etc.): about $87.1 billion, up 13–15% YoY.
Google Cloud revenue: roughly $15.2 billion, up around 34% YoY, and solidly profitable.

These numbers make Alphabet one of the most profitable companies in history on an absolute dollar basis, with margins that rival or exceed most of its AI and cloud peers. ^[22]

CEO: “Our revenue has doubled in five years”

In his official Q3 blog and earnings remarks, CEO Sundar Pichai framed the quarter as a turning point in Alphabet’s AI era: ^[23]

Alphabet delivered its first $100B quarter; five years ago, quarterly revenue was closer to $50B, meaning revenue has roughly doubled in half a decade.
Alphabet has diversified into multiple “engines” beyond search: Cloud, YouTube, hardware (Pixel), subscriptions (Google One, YouTube Premium, NFL Sunday Ticket).
The company crossed 300 million paid subscriptions, led by Google One and YouTube Premium.
AI is now a company‑wide growth driver, not just a research project.

These remarks backstop the bullish sell‑side view that Alphabet is at the center of a structural AI and cloud upgrade cycle rather than a one‑off hype phase.

AI flywheel: Gemini 3, search reinvention and AI‑native infrastructure

Massive AI usage at scale

Google’s latest earnings commentary and product blogs reveal staggering AI usage statistics: ^[24]

Gemini models process about 7 billion tokens per minute through the API alone.
Across Google surfaces, Alphabet now processes more than 1.3 quadrillion tokens per month, more than 20× last year’s volume.
The Gemini app has 650+ million monthly active users, and queries tripled quarter‑over‑quarter.
AI Mode in Search, a conversational interface, already has 75+ million daily active users, rolled out globally in about 40 languages.

This kind of scale is difficult for competitors to match, and it feeds directly into Alphabet’s core ad and cloud franchises.

Search and YouTube: AI is additive, not cannibalizing… so far

One of the big fears in early 2023–2024 was that AI chatbots would cannibalize Google Search. So far, management and recent third‑party analysis are telling a different story: ^[25]

AI Overviews and AI Mode are increasing total query volume and driving higher engagement, particularly among younger users.
Google says AI Overviews generate meaningful query growth and keep users in the Google ecosystem, while still sending “billions of clicks” to websites.
Alphabet highlights that AI Mode and AI Overviews are maintaining or improving monetization per search by making ads more relevant and actionable.

YouTube is also being rewired for AI, with Gemini‑powered tools for creators, better recommendation engines and new ad formats. Analysts like those at Guggenheim and Barron’s argue that YouTube is quietly becoming Alphabet’s second ad “search engine”, optimized for video. ^[26]

Google Cloud: AI backlog and custom chips

If search is the cash machine, Google Cloud is the growth engine:

Q3 2025 Cloud revenue of about $15.2B grew 34% YoY, and the segment remains profitable. ^[27]
Alphabet reports a cloud backlog around $155B, with ≈46% quarter‑on‑quarter growth, largely thanks to AI‑focused enterprise contracts. ^[28]
Google is scaling both Nvidia GPUs and its own TPU (Tensor Processing Unit) chips, with the latest Ironwood TPUs and new NVIDIA‑powered A4X Max instances marketed as particularly power‑ and cost‑efficient for large‑scale AI. ^[29]

Recent news also points to a growing global footprint:

Alphabet plans a multi‑billion‑euro cloud and AI infrastructure investment in Germany by 2029, expanding data centers and securing thousands of jobs. ^[30]
Indian conglomerate Adani Group is reportedly considering up to $5 billion in investment into Google’s AI infrastructure hub in southern India, according to commentary cited alongside the Guggenheim upgrade. ^[31]

This combination of custom chips, hyperscale infrastructure and long‑dated AI contracts is central to many analysts’ bullish multi‑year thesis.

How expensive is GOOG after the rally?

Using the current price around $320 and trailing 12‑month EPS of roughly $10.1, Alphabet trades at a trailing P/E near 31–32×. ^[32]

That is:

Higher than the S&P 500’s typical mid‑teens to high‑teens P/E,
Roughly in line with or slightly below other mega‑cap AI leaders like Microsoft, and
Still well below ultra‑high‑growth names like Nvidia on most metrics. ^[33]

Investing.com data also show: ^[34]

Price‑to‑book around 10×,
EV/EBITDA in the mid‑20s,
Gross margins near 60%, and
Return on equity in the mid‑30% range.

Technically, GOOG looks extended:

RSI (14‑day) sits above 70, around 75, a level often associated with “overbought” conditions. ^[35]
The stock is trading close to the upper end of long‑term uptrend channels, and some TradingView analysts warn of a potential consolidation or pullback after a roughly 120% rally from early‑2025 lows. ^[36]

In short: Alphabet is not cheap in absolute terms, but many investors see the valuation as reasonable given the scale, profitability and structural AI positioning.

Wall Street forecasts: 2026 and beyond

12‑month price targets

Several large data aggregators summarize the analyst view as of 1 December 2025:

StockAnalysis (primarily tracking GOOGL but broadly applicable to Alphabet) shows 42 analysts rating the stock “Buy” on average, with an average price target of $299.36 (about 6–7% below today’s price). The range runs from $190 to $375. ^[37]
Quiver Quantitative reports 39 recent price targets, with a median of $300 and 28 “Buy/Outperform” ratings vs. 0 “Sell”. ^[38]
MarketBeat’s coverage of GOOG finds a similar pattern: 7 Strong Buy, 29 Buy, 3 Hold, 2 Sell, yielding an average rating of “Buy” and a consensus target near $304.62. ^[39]
Guggenheim’s new $375 target is now among the more bullish mainstream targets, alongside BNP Paribas Exane at $355 and several firms in the $320–$330 range. ^[40]

The punchline: most analysts like Alphabet, but many believe near‑term upside is moderate from current levels unless AI and cloud growth overshoot already‑lofty expectations.

Revenue and earnings forecasts

According to StockAnalysis’ Wall Street consensus (again reported for GOOGL but effectively reflecting consolidated Alphabet forecasts): ^[41]

2025 revenue is expected around $410.1B, up about 17% from 2024’s $350.0B.
2026 revenue is projected to climb to roughly $462.2B, another 12–13% growth year.
2025 EPS is forecast around $10.68, up ~33% from 2024’s $8.04.
2026 EPS is expected to grow more modestly to $11.27, up around 5–6%.

These numbers imply:

Strong near‑term profit acceleration as AI monetization kicks in and past cost‑cutting flows through,
Followed by more normalized mid‑single‑digit EPS growth unless margins expand further or revenue growth re‑accelerates.

Several long‑term scenario pieces go further:

A recent Yahoo Finance forecast notes that some analysts see GOOG potentially reaching $426 by 2030, implying mid‑teens annualized returns from current levels if the AI thesis plays out and multiples hold. ^[42]
A Nasdaq analysis highlights that Alphabet has already delivered about 653% total return over the past decade, and argues that, although future returns will likely be lower, the company is well‑positioned to “soar” over the next 10 years thanks to its AI and data moats. ^[43]

2025: “The Year of Alphabet”?

Several commentators have dubbed 2025 “the year of Alphabet”:

A Reuters piece from late November notes that Alphabet has rallied roughly 70% year‑to‑date, briefly pushing its market cap toward $4 trillion and reclaiming leadership in the AI race after a slower start to generative AI. ^[44]
A Seeking Alpha analysis by Bespoke Investment Group highlights that Alphabet’s market value has increased by more than half a trillion dollars since late October alone, outpacing its mega‑cap peers. ^[45]
Morningstar’s “Markets Brief” summary (paywalled) and multiple buy‑side letters describe Alphabet as gaining ground on Nvidia in the AI “arms race”, thanks to its mix of first‑party TPUs and massive capital deployment into data centers. ^[46]

At the same time, more cautious voices — including some technical analysts and valuation‑minded managers — warn that the stock has pulled a lot of future growth into today’s price, and could be vulnerable to disappointments or macro shocks.

Key risks investors are watching

Even the most bullish analyses are quick to point out that Alphabet faces meaningful risks:

Regulation & antitrust
- Alphabet continues to face investigations and fines in the EU and U.S. around search dominance, app store practices and ad tech. The recent €3.5B EC fine is a reminder that such actions can dent profits and constrain business practices. ^[47]
AI competition
- OpenAI, Anthropic, Meta, Amazon and others are pushing hard with competing models and search‑adjacent interfaces.
- Some investors still worry that third‑party AI assistants could partially disintermediate Google Search, especially if regulators force more interoperability. ^[48]
Capital intensity and energy constraints
- Large‑scale AI infrastructure is expensive. Alphabet’s capex is rising sharply as it builds more data centers, networks and TPUs, even as power availability becomes a constraint in some regions. ^[49]
Advertising cyclicality
- Despite its diversification, Alphabet still depends heavily on advertising. A global slowdown or ad recession would likely hit Search and YouTube, even if AI features keep engagement high. ^[50]
Share class structure
- GOOG (Class C) has no voting rights. Voting power largely resides with insiders and Class B holders, while public investors who want votes typically hold GOOGL (Class A). That’s acceptable to many passive investors, but not to everyone. ^[51]

Bull, base and bear cases for GOOG from here

These are general scenarios, not predictions:

Bull case (AI supercycle continues)

AI‑driven search and YouTube monetization stay strong, with little cannibalization.
Google Cloud keeps growing ~25–30% per year for several more years, with rising margins on custom TPUs and long‑dated AI contracts.
Gemini and agentic AI become indispensable for consumers and enterprises, driving new subscription and usage‑based revenue lines.
In this scenario, Alphabet could plausibly grow revenue in the mid‑teens for multiple years, EPS faster than revenue, and the stock might justify or even expand its current low‑30s P/E.

Base case (strong but normalized growth)

Revenue growth cools into the low‑teens, cloud growth slows but remains above market, and margins stay roughly flat.
AI adds steady tailwinds but some of today’s euphoria fades; P/E gradually compresses toward the mid‑20s as the story matures.
Under this scenario, many analyst targets in the $300–$350 range over 12–24 months look reasonable.

Bear case (AI or macro disappoints)

AI‑driven search usage or monetization disappoints; competitive pressure from other models or platforms intensifies.
Regulatory constraints force business model changes or new fines.
A global slowdown hits ad budgets and cloud spending simultaneously.

In that world, Alphabet could see both earnings and multiples compress, and a 20–30% drawdown from current levels would not be unusual by historical big‑tech standards.

What this all means for long‑term investors

Putting it together:

Alphabet’s Class C (GOOG) stock is riding a powerful AI and cloud upcycle, backed by record profitability and unprecedented usage metrics.
Wall Street is broadly bullish, but also increasingly split between those who see more upside and those who think a lot of the good news is already priced in.
The most recent developments from 1 December 2025 — a $375 price target from Guggenheim, large institutions fine‑tuning positions, and Sergey Brin’s $1.1B stock donation — reinforce Alphabet’s status as both an AI bellwether and a core holding in global portfolios. ^[52]

For anyone considering GOOG today, the key questions are less about whether Alphabet is a high‑quality business (the numbers largely answer that), and more about:

How much AI‑driven upside is already reflected in a $3.8T valuation?
How comfortable are you with volatility and regulatory risk in a stock that has almost doubled in a year?

Those are inherently personal risk‑tolerance and portfolio‑construction questions — and they’re best answered with a full view of your own financial situation, time horizon and alternatives.

Quick FAQs about Alphabet (GOOG) Class C stock

1. What’s the difference between GOOG and GOOGL?

GOOG is Class C, which carries no voting rights.
GOOGL is Class A, which carries one vote per share.
Economically (earnings, dividends), the two are nearly identical; prices usually trade within a small spread. ^[53]

2. Does Alphabet pay a dividend?
Yes. Alphabet initiated a dividend in 2024 and currently pays $0.21 per share quarterly (about $0.84 annually), implying a yield around 0.25–0.30% at current prices. ^[54]

3. When is the next earnings report for GOOG?
Most earnings calendars currently show Alphabet’s next quarterly report (Q4 2025) falling in early February 2026, with 3 February 2026 a commonly cited estimate. The exact date will be confirmed in a future company announcement. ^[55]

4. Is GOOG “too late” to buy after the 2025 rally?
That depends on your time horizon and risk tolerance. The stock is significantly higher than a year ago and priced at a premium to the market, but long‑term forecasts still assume double‑digit revenue growth and ongoing AI monetization. A common approach among long‑term investors is dollar‑cost averaging or waiting for pullbacks rather than trying to perfectly time entries into a volatile, news‑sensitive stock.