Alphabet Inc.’s Class C shares (NASDAQ: GOOG) finished Monday’s session modestly higher and were essentially unchanged in early after-hours trading—an end-of-day calm that masks a headline-heavy news cycle investors will be digesting into Tuesday’s open.
The biggest catalyst arriving on Dec. 22 was Alphabet’s agreement to acquire Intersect, a data center and energy-infrastructure specialist, in a $4.75 billion cash deal (plus assumed debt). The transaction is Alphabet’s latest signal that, in the AI era, electricity and grid access are becoming strategic assets alongside chips, real estate, and cloud capacity. 1
Below is what happened in GOOG after the bell today—and the key risks and catalysts to watch before U.S. markets open tomorrow (Tuesday, Dec. 23, 2025).
GOOG stock price check: where Alphabet stands after the bell
Alphabet’s GOOG shares closed the regular session at $311.33, up 0.88% on the day. In after-hours trading (as of the latest after-hours update shown), GOOG was flat at $311.33. 2
Key session stats for Dec. 22 (regular session):
- Previous close: $308.61
- Day’s range: $306.59 – $311.70
- Volume: ~13.9 million shares
- 52-week range: $142.66 – $328.67 2
One notable context point: Monday’s trading volume was far lighter than Friday’s, consistent with the start of a holiday-shortened week and typically thinner liquidity into year-end. 3
The headline driving Alphabet today: the $4.75B Intersect acquisition
What Alphabet announced
Alphabet confirmed Monday it has signed a definitive agreement to acquire Intersect for $4.75 billion in cash plus the assumption of debt, and noted it already held a minority stake from a prior funding round. 4
Alphabet frames the logic plainly: the acquisition is intended to accelerate U.S. energy innovation and help bring more data center and generation capacity online faster—critical to supporting surging AI workloads. 5
What Intersect brings (and what it doesn’t)
Reuters’ reporting adds important detail for investors modeling the scope of the deal:
- Alphabet will acquire Intersect’s energy and data center projects in development or under construction.
- Intersect has $15 billion in assets either operating or under construction.
- By 2028, Intersect projects representing about 10.8 gigawatts of power are expected to be online or in development. 1
At the same time, Alphabet indicated that certain operating assets are excluded—including Intersect’s existing operating assets in Texas and its operating and in-development assets in California, which will continue under existing investors. 1
Why the market cares: “power is the new bottleneck” for AI
Investors have spent much of 2024–2025 focused on GPUs and AI model releases. Increasingly, markets are pricing a new constraint: the ability to power and permit massive data center footprints at scale.
Reuters highlighted that Big Tech has been ramping up investments tied to energy supply as U.S. power grids struggle to keep pace with AI-driven electricity demand. Reuters
MarketWatch framed the Intersect move as part of an intensifying “AI power scramble,” with Alphabet seeking more control and speed in its infrastructure buildout. 6
Bull case vs. bear case (what to weigh tonight)
Potential upside for GOOG
- De-risking capacity expansion: If Alphabet can pair energy development with data center buildouts more tightly, it may reduce delays and improve the odds of meeting cloud/AI demand growth targets. 5
- Strategic advantage: Energy access can become a competitive moat in cloud and AI—especially if rivals face permitting bottlenecks or regional grid constraints. 6
Risks and uncertainties
- Capital intensity optics: Even if Intersect is structured to operate separately, the deal reinforces the market’s perception that “winning AI” requires huge, ongoing infrastructure investment—something that can pressure sentiment if ROI timelines look stretched. 6
- Community / regulatory friction: AP noted that large data center and generation projects can raise local concerns about electricity pricing and grid stress—issues that can complicate permitting and timelines. 7
Today’s forecasts and analyst views: targets rising, but expectations are high
Even with the after-hours price action quiet, analysts continued to publish bullish (and valuation-sensitive) takes that matter for tomorrow’s positioning.
Citi raises its Alphabet price target to $350
A widely-circulated note Monday said Citi raised its price target to $350 from $343 and reiterated a Buy rating, pointing to Alphabet’s AI tools and their potential to support search and cloud growth into 2026. 8
Morningstar: $340 fair value view
A Morningstar piece published today reiterated a $340 fair value estimate for Alphabet, reflecting a constructive view on the business while still anchoring expectations to fundamentals and execution. 9
What consensus targets suggest
MarketWatch’s analyst estimates page for GOOG shows an average target price in the mid-$330s range (with a “Buy” leaning recommendation profile). 10
How to interpret this for tomorrow:
When a mega-cap trades near consensus targets, the stock often becomes more sensitive to incremental information—a deal structure nuance, a regulatory headline, a macro surprise, or a shift in 2026 earnings assumptions—rather than simply “good news vs. bad news.”
Other Alphabet-related headlines investors are watching tonight
Not every story moves GOOG in after-hours trading, but several items can affect sentiment—especially in a low-liquidity holiday week.
Waymo operational risk back in focus
Axios reported that a recent San Francisco power outage exposed operational edge cases for autonomous robotaxis, drawing renewed scrutiny of Waymo’s reliability in emergency conditions. While Waymo is not the core earnings driver today, “Other Bets” headlines can still influence the narrative around optionality and risk. 11
Macro and tape: holiday week dynamics matter more than usual
U.S. stocks began the holiday-shortened week higher, with Reuters pointing to a tech-led rebound and expectations of lighter trading into Christmas. Thin liquidity can amplify moves on economic data surprises and big headlines—up or down. 12
What to know before the market opens tomorrow (Tuesday, Dec. 23, 2025)
Here’s the practical checklist traders and longer-term investors typically review before the opening bell.
1) Watch for follow-through reporting and deal details
Overnight and early morning coverage may add:
- Financing/assumed-debt clarity
- What specific projects are included/excluded
- Any commentary from utilities, regulators, or local communities
These details can subtly change the market’s view on execution risk and time-to-benefit. 1
2) The economic calendar is the real “event risk” for Tuesday
Multiple U.S. releases are scheduled for Tuesday, Dec. 23, including:
- 8:30 a.m. ET: GDP (delayed report), Q3 (as listed on MarketWatch’s calendar) 13
- 8:30 a.m. ET: Durable goods (advance/related releases are also flagged on official calendars) 13
- 10:00 a.m. ET: Consumer Confidence, New Residential (New Home) Sales, and the Richmond Fed manufacturing survey (New York Fed calendar) 14
Why GOOG investors should care: mega-cap growth stocks are highly sensitive to rates and risk appetite. Any data that shifts expectations for growth, inflation, or future policy can move the entire “big tech” complex—often more than company-specific news on a quiet day.
3) Holiday market structure: liquidity and hours can change the game
Plan for lower volume and unusual intraday swings because:
- Markets are heading into a holiday schedule, with early close on Wednesday, Dec. 24, 2025 (NYSE notes a 1:00 p.m. ET early close) and closed on Thursday, Dec. 25. 15
- SIFMA also flags holiday-week schedule adjustments that can affect related markets. 16
4) Know the ticker mechanics: GOOG vs. GOOGL
If you’re scanning headlines overnight, remember:
- GOOG (Class C): no voting rights
- GOOGL (Class A): voting rights
Economically they track the same underlying business, so most catalysts (AI, ads, cloud, regulation, capex) apply to both—though short-term price gaps can widen in thin markets.
5) Keep an eye on the next major fundamental catalyst
Per market data listings, Alphabet’s next earnings date is currently shown in early February 2026—meaning tomorrow’s move is far more likely to be driven by news flow + macro + positioning than by a near-term earnings update. 2
Bottom line for GOOG after hours: calm tape, big implications
Alphabet stock is quiet after the bell—but the Intersect acquisition is a meaningful strategic story: it underscores that Alphabet is treating energy infrastructure as a first-order input to AI scale, not a background utility bill. 1
Between that deal, an upward drift in key analyst targets, and a packed U.S. economic calendar Tuesday morning, the most important thing to know before the open is this: tomorrow’s GOOG move may hinge less on what Alphabet said today, and more on how markets price growth-and-rates risk in thin holiday liquidity. 12
