Alphabet (GOOG) Class C Stock on 23.12.2025: Today’s News, Analyst Forecasts, and 2026 Outlook for Google Shares

Alphabet Inc.’s Class C stock (NASDAQ: GOOG) is ending 2025 with investors focused on one big theme: whether Google can turn its aggressive AI buildout into durable earnings growth—without getting tripped up by power constraints and expanding regulatory pressure.

On Tuesday, December 23, 2025 (23.12.2025), Alphabet stock is reacting to a fresh infrastructure headline—Alphabet’s agreement to buy clean-energy and data-center partner Intersect for $4.75 billion in cash plus assumed debt—alongside a steady drumbeat of AI chip, cloud, and antitrust developments that are shaping the 2026 narrative for GOOG. ^[1]

Below is a detailed, publication-ready breakdown of the latest news, consensus forecasts, and key analyses driving Alphabet Class C shares today.

Alphabet Class C (GOOG) explained: what you’re actually buying

Alphabet has multiple share classes, and GOOG is the Class C line. The most important practical difference for most investors is voting power: Class C shares have no voting rights (except where required by law). ^[2]

That’s why you’ll often see Alphabet discussed under two tickers:

GOOG (Class C): no votes
GOOGL (Class A): votes attached

Both represent an economic stake in the same underlying business—Google Search, YouTube, Android, Google Cloud, and the “Other Bets” portfolio (including Waymo)—but governance rights differ. ^[3]

What’s driving GOOG stock today: the biggest headlines as of 23.12.2025

1) Alphabet’s $4.75B Intersect deal puts “AI power” front and center

Alphabet said it will acquire Intersect, a clean-energy developer tied to data-center infrastructure, for $4.75 billion (cash) plus assumed debt—an explicit move to speed up how fast it can bring power + data center capacity online for AI. ^[4]

According to Reuters, Alphabet is buying Intersect’s energy and data-center projects in development or under construction, while existing operating assets in Texas and certain assets in California are excluded and remain with an independent company backed by existing investors. ^[5]

Reuters also notes Intersect has $15 billion in assets operating or under construction and projects about 10.8 gigawatts of power expected to be online or in development by 2028—underscoring how the AI boom is increasingly limited not by software ambition, but by electricity and grid capacity. ^[6]

AP adds that Alphabet previously bought a stake in the company and is now moving to buy Intersect outright, with the business expected to continue operating independently after the transaction closes in the first half of next year. ^[7]

2) Google’s AI chips: a push to reduce dependence on Nvidia’s software “moat”

A Reuters exclusive this month reported Google is working on an initiative known internally as “TorchTPU”, aimed at making Google’s TPU AI chips run PyTorch more smoothly—an effort designed to reduce switching friction for AI developers and weaken Nvidia’s CUDA-driven software advantage. ^[8]

Why it matters for GOOG: this is not just a tech project—it’s part of Alphabet’s effort to convert AI infrastructure spending into Cloud revenue and margins, and to broaden TPU adoption beyond Google’s internal teams. ^[9]

3) Waymo scrutiny after robotaxis stalled during a San Francisco power outage

Alphabet’s self-driving unit Waymo also made headlines after a fire-related power outage in San Francisco left traffic lights down and multiple Waymo vehicles stalled longer than expected, prompting the California Public Utilities Commission to examine the incident. ^[10]

For GOOG investors, Waymo is often viewed as a long-duration option value inside “Other Bets”—but incidents like this highlight how commercialization depends on reliability under edge cases, regulation, and public trust. ^[11]

4) Antitrust pressure remains a live risk in the U.S., EU, and Mexico

Alphabet is simultaneously navigating regulatory developments across multiple jurisdictions:

European Union (DMA): Reuters reported Google is expected to face an EU antitrust fine next year tied to allegations it has not done enough to comply with rules aimed at preventing self-preferencing in search results; Reuters notes DMA violations can carry fines up to 10% of global annual turnover. ^[12]
Mexico (Android): Reuters reported Mexico’s antitrust commission accepted commitments from Google to remove contractual restrictions that prevented device makers from freely producing and distributing devices using operating systems other than Android. ^[13]

These developments matter because Alphabet’s core profits still come from Google Services (Search/YouTube/subscriptions), and regulators are targeting distribution and market power—the levers that historically protected Google’s scale. ^[14]

Alphabet’s most recent results: the financial engine behind GOOG

Alphabet’s latest reported quarter (Q3 2025) gives important context for any GOOG stock forecast going into 2026.

Alphabet reported Q3 2025 revenue of $102.3 billion, up 16% year over year, with double-digit growth across major segments. ^[15]

Key segment numbers from the filing:

Google Search & other:$56.6B ^[16]
YouTube ads:$10.3B ^[17]
Google Cloud:$15.2B, up 34% ^[18]
Diluted EPS:$2.87 ^[19]

Alphabet also flagged AI-driven momentum indicators that investors have been watching closely:

Gemini models processing 7 billion tokens per minute (via direct API use by customers)
650 million monthly active users for the Gemini app
Google Cloud ending the quarter with $155 billion in backlog
Over 300 million paid subscriptions led by Google One and YouTube Premium ^[20]

The spending side: capex is now a core part of the GOOG debate

Alphabet said it now expects 2025 capital expenditures to be $91 billion to $93 billion—a striking number that frames the bull vs. bear argument around AI ROI. ^[21]

Reuters also emphasized the same capex range in its coverage of the Q3 report, noting Alphabet had previously increased its spending projection during 2025. ^[22]

In plain English: Alphabet is spending at a scale where investors will increasingly demand proof that AI infrastructure is translating into measurable revenue, pricing power, and margin durability.

The regulatory overhang: U.S. search remedies are now more concrete

One of the most consequential developments for Alphabet’s long-term business model came earlier this month in the U.S. search antitrust case.

A Congressional Research Service (CRS) legal analysis summarizes that the court rejected structural remedies like an immediate divestiture of Chrome (and a contingent Android divestiture), but imposed a set of behavioral remedies—including limits on exclusive distribution contracts. ^[23]

CRS says the remedies include:

A bar on exclusive contracts relating to distribution of Google Search, Chrome, and certain AI products (including Google Assistant and the Gemini app) ^[24]
Google can still pay for default placement if payments aren’t conditioned on exclusivity and agreements are one year or less ^[25]
Data-sharing requirements (certain search-index and user-interaction data to “Qualified Competitors”) ^[26]
Syndication requirements to provide search results and certain SERP content on commercial terms, with defined limits and timeframes ^[27]
A requirement to publicly disclose material changes to ad auctions, plus oversight support via a technical committee ^[28]

The DOJ’s own press release similarly describes remedies that prohibit exclusive distribution contracts and order data availability and syndication services intended to support competition in search and search advertising. ^[29]

For GOOG shareholders, the key question isn’t whether Google remains dominant today—it’s whether remedies change how defaults, distribution payments, and data advantages work over the next several years.

Alphabet stock performance in 2025: the AI comeback trade is real

Alphabet stock has had a strong 2025, helped by AI momentum and stronger-than-expected results at key points in the year.

AP reported Alphabet’s stock price is up more than 60% year-to-date, adding roughly $1.4 trillion in shareholder wealth. ^[30]
Reuters reported Alphabet approached a roughly $4 trillion valuation in late November as AI-fueled gains accelerated, including a record high cited in that report. ^[31]
Reuters earlier reported Alphabet entered the $3 trillion market-cap club in September 2025 amid AI momentum. ^[32]

Capital returns still matter: dividends and buybacks support the GOOG story

Alphabet’s shareholder returns have become more visible—and that matters for stock analysis when capex is rising.

In Q1 2025 materials, Alphabet said its board authorized up to an additional $70.0 billion to repurchase Class A and Class C shares. ^[33]
Alphabet also declared a quarterly cash dividend of $0.21, described as a 5% increase from the prior quarterly dividend of $0.20. ^[34]
In Q3 2025 materials, Alphabet again confirmed a quarterly cash dividend of $0.21 payable in December 2025 (record date December 8). ^[35]

For GOOG investors, buybacks can partially offset dilution and support EPS growth, while dividends broaden the shareholder base—though both compete with AI infrastructure demands for capital.

GOOG stock forecast: what Wall Street consensus looks like on 23.12.2025

Analyst forecasts vary by source and methodology, but the consensus view remains broadly constructive.

MarketWatch’s analyst-estimates page for Alphabet Class C (GOOG) lists an average target price of 334.69 and an average recommendation shown as Buy (with 75 ratings displayed). ^[36]
Yahoo Finance shows a 1-year target estimate around 328.21 for GOOG. ^[37]

The takeaway: consensus targets generally imply modest upside from late-December levels, but not a “moonshot” call—consistent with a mega-cap stock that has already rerated higher in 2025.

Important nuance for GOOG vs GOOGL forecasts

Many analyst models and data aggregators primarily track GOOGL (Class A), then apply the same valuation logic to GOOG because the economic exposure is similar. The spread between the two lines tends to be small, but governance differences can matter at the margin. ^[38]

What analysts and investors are debating: the bull case vs. bear case for GOOG in 2026

The bull case for Alphabet Class C stock

The optimistic view of GOOG heading into 2026 usually rests on three pillars:

AI monetization catches up to AI spending
Alphabet is rolling out AI experiences in Search (AI Overviews and AI Mode) and reporting expanding Gemini adoption metrics—investors want these products to translate into higher-value ads, subscriptions, and enterprise AI workloads. ^[39]
Google Cloud keeps accelerating and expands margins
Cloud revenue grew 34% in Q3 2025, and operating income for the Cloud segment increased to $3.594B in the quarter in Alphabet’s segment results—evidence that scale and mix can drive profitability. ^[40]
Infrastructure constraints become a competitive moat
In that framing, deals like Intersect are strategic: power procurement and grid proximity can become the limiting factor for AI capacity. Alphabet explicitly positioned the Intersect acquisition as part of its push to expand computing and power capacity for AI. ^[41]

The bear case for GOOG

The skeptical view tends to focus on four risk buckets:

Regulatory remedies compress distribution advantages
U.S. remedies around exclusivity and defaults (and potential data-sharing and syndication requirements) could reduce Google’s ability to lock in scale advantages the way it historically has. ^[42]
EU and international enforcement expands
Reuters’ reporting that Google could face an EU fine tied to DMA compliance concerns adds uncertainty around Search presentation, product ranking, and commercial terms—especially in Europe. ^[43]
AI capex is huge—and investors will punish weak ROI
Alphabet itself guided to $91B–$93B of capex for 2025. Even if revenue grows, investors care about how much incremental profit each incremental AI dollar produces. ^[44]
Execution risk in “Other Bets” remains
Waymo’s service interruptions and regulatory scrutiny after the San Francisco outage show the operational friction that can appear even as expansion accelerates. ^[45]

What to watch next for GOOG: the near-term catalysts

Next earnings: early February focus (but timing may be unconfirmed)

Many market calendars currently estimate Alphabet’s next earnings report around February 3, 2026, though these dates can be algorithmic estimates until the company confirms. ^[46]

Key datapoints likely to move GOOG in 2026

Investors will likely focus on:

Capex trajectory: does spending stabilize, or step up again? ^[47]
Cloud growth + backlog conversion: how fast does $155B backlog translate into recognized revenue and sustained margins? ^[48]
Search AI monetization: how AI Overviews/AI Mode impact ad pricing, click-through behavior, and traffic acquisition costs ^[49]
Antitrust implementation details: how remedies affect default placements, distribution economics, and data access rules ^[50]
AI chip competitiveness: whether efforts like TorchTPU meaningfully broaden TPU adoption among PyTorch-first developers ^[51]
Energy + data center buildout execution: whether Intersect accelerates capacity without ballooning costs ^[52]

Bottom line on Alphabet (GOOG) Class C stock as of 23.12.2025

Alphabet Class C shares (GOOG) are being priced as a company that has reasserted momentum in AI and Cloud—while taking on the financial and regulatory complexity that comes with building AI infrastructure at national-grid scale.

The Intersect acquisition is a clear statement that Alphabet views power and data-center capacity as strategic—potentially as important as model quality and chips in the next phase of the AI cycle. ^[53]

At the same time, the 2026 GOOG outlook will be shaped by two scoreboard items investors rarely ignore for long: (1) AI returns vs. AI capex, and (2) whether antitrust remedies meaningfully change how Google sustains distribution and monetizes search. ^[54]

This article is for informational purposes only and is not investment advice.