Dec. 25, 2025 (Christmas Day) — If you’re looking at Alphabet Inc. (Google) Class C shares (NASDAQ: GOOG) “after the bell” today, the first thing to know is simple: there was no U.S. stock-market bell on Dec. 25. Nasdaq and the NYSE were closed for Christmas, following an early close on Wednesday, Dec. 24. [1]
That makes tonight’s “after-hours” story less about price swings and more about positioning: what investors learned from the latest headlines, what analysts are saying heading into year-end, and which risks could matter most when trading resumes Friday, Dec. 26, 2025.
Where Alphabet (GOOG) stock stands heading into Friday’s open
With U.S. markets closed on Dec. 25, GOOG’s most recent official close is from Dec. 24. GOOG finished at $315.67, essentially flat on the day, with a $313.32–$316.29 range. [2]
A few key context points investors are using tonight:
- Market cap: roughly $3.8 trillion [3]
- 52-week range:$142.66–$328.67 (GOOG is ~4% below the 52-week high) [4]
- Volume on the last session: ~6.14M shares vs ~23.25M average — a reminder that the holiday-shortened week can distort signals [5]
- Valuation snapshot: P/E around 31 (varies by source/method) [6]
Important calendar note: Nasdaq confirmed the market was closed today (Dec. 25) and that Dec. 24 was an early close (with modified extended-hours timing). [7]
Why “after the bell” is different this week
This is one of those weeks where headlines can feel louder than the tape.
- Dec. 24 (Christmas Eve): Nasdaq’s day session ended early, and its extended session ended earlier than usual as well. [8]
- Dec. 25: full closure (no regular trading, and no standard extended-hours session). [9]
- Normal Nasdaq hours when open: 9:30 a.m.–4:00 p.m. ET, with pre-market and after-hours sessions generally available (broker-dependent). [10]
Bottom line: going into Friday, traders are weighing a thin-liquidity environment plus year-end positioning—conditions where single headlines can carry extra influence.
The biggest Alphabet catalyst investors are still digesting: the $4.75B Intersect deal
Even though it wasn’t announced today, the most consequential Alphabet-specific story hanging over the holiday is still the Intersect acquisition.
Alphabet said earlier this week it agreed to buy Intersect for $4.75 billion in cash plus assumed debt, aiming to speed up the rollout of energy and data-center infrastructure that supports AI. [11]
Here’s what matters for GOOG holders:
- Reuters reported Intersect has $15B of assets operating or under construction, and projects representing ~10.8 gigawatts are expected to be online or in development by 2028. [12]
- Alphabet’s investor release framed the deal as a way to bring more data center and generation capacity online faster, with Intersect remaining a separate operation under the Intersect brand. [13]
- AP highlighted the strategic theme: securing electricity for AI data centers—an issue increasingly viewed as a real-world bottleneck, not a theoretical one. [14]
Why it matters into Friday: the market narrative around Big Tech is increasingly tied to AI infrastructure discipline—not just model demos. A deal that targets “power + capacity” can be read as either:
- a smart de-risking move (locking in energy supply), or
- confirmation that the AI race requires big checks and long timelines.
Expect Friday’s reaction—if any—to show up more in sentiment than in spreadsheets, because the news is already public.
AI product momentum: Gemini 3 and Gemini 3 Flash keep feeding the bull case
Alphabet’s 2025 story has been driven by the belief that Google can ship AI at scale without breaking its profit engine. The company has pushed that message hard with the Gemini 3 family.
- Google’s official blog positioned Gemini 3 as its most intelligent model and emphasized rolling it out across major products—including Search—at launch scale. [15]
- Reuters reported that Google emphasized Gemini 3’s fast path into revenue-generating products, and highlighted that it was embedded into Search “from day one,” a shift from prior rollouts. [16]
- A week ago, Google announced Gemini 3 Flash, pitching it as a faster, more efficient model rolling out broadly (including the Gemini app and Search’s AI Mode). [17]
What to watch before Friday’s open: any fresh commentary that connects Gemini’s rollout to ads, subscription ARPU, or enterprise cloud attach—because that’s where bullish investors want proof.
Google Cloud is quietly doing something big: a security partnership “approaching $10B”
If you only follow Alphabet through Search and YouTube, you can miss the part of the story that many analysts now treat as the second engine: Google Cloud.
Last week, Reuters reported an expanded partnership between Google Cloud and Palo Alto Networks, with a source describing a commitment “approaching $10 billion” over several years—an eye-catching number for cloud credibility and for long-duration enterprise revenue. [18]
Two additional takeaways from that Reuters report matter for investors:
- Executives tied the partnership to AI-driven security demand—which fits the broader “AI creates new threats, so security spend rises” thesis. [19]
- Reuters also noted Google’s pending $32B Wiz acquisition remains subject to regulatory approval—another reminder that Alphabet’s security ambitions come with antitrust sensitivity. [20]
Going into Friday: this kind of enterprise contract is the sort of “less flashy, more durable” story that can matter in a low-volume session.
Regulatory and legal risks that could move sentiment fast
Alphabet’s stock isn’t just an AI and earnings story—it’s also a regulation and litigation story. Several threads investors are actively watching:
EU antitrust scrutiny tied directly to AI Overviews and YouTube
Reuters reported the European Commission opened an antitrust investigation into Google’s use of publishers’ online content and YouTube videos to train AI models, with concern around compensation and opt-out rights—and cited the potential for a fine of up to 10% of global revenue if wrongdoing is found. [21]
U.S. antitrust remedies targeting distribution deals—and reaching GenAI
The U.S. Department of Justice said a court ordered remedies that, among other things, prohibit certain exclusive contracts tied to distribution of Google Search/Chrome/Assistant/Gemini and require Google to make certain data available to competitors—explicitly framing the remedies as relevant to GenAI tactics as well. [22]
A fresh copyright lawsuit over AI training data names Google (and others)
Reuters reported that New York Times reporter and author John Carreyrou and other authors sued multiple AI companies—including Google—alleging copyrighted books were used to train models without permission. [23]
Publishers Weekly also summarized the claims, including allegations involving pirated libraries in the complaints. [24]
Why this matters for the Dec. 26 open: in thin markets, even non-new legal risk can reprice quickly if a headline adds an unexpected detail (judge assignment, early ruling, new plaintiffs, discovery orders).
Today’s (Dec. 25) fresh analysis: is GOOG “still a buy” after a huge 2025 run?
Christmas Day brought more analysis than breaking news, and two themes showed up repeatedly: “how much optimism is already priced in” and “what kind of 2026 setup Alphabet offers.”
1) Valuation debate: “priced in” vs “still runway”
Simply Wall St published a Dec. 25 piece arguing Alphabet’s 2025 rally raises the question of whether AI and Cloud ambition is already priced in; its DCF-based intrinsic value estimate came in below the current share price in that model. [25]
(Practical note: that analysis referenced GOOGL (Class A) pricing, but GOOG and GOOGL typically track closely because they represent the same underlying economics, differing mainly in voting rights.)
2) “Gift stock” framing: why pros still point to Alphabet
Business Insider’s Dec. 25 round-up of “stocks to gift” included Alphabet, with investors citing its scale, breadth of bets, and AI moat as reasons it could be a core holding into 2026. [26]
3) Flows, insiders, and technical levels (useful—though not always decisive)
A MarketBeat Dec. 25 note highlighted an institutional position increase, recent insider selling figures, and commonly watched technical references (50-day and 200-day moving averages), while also listing a range of analyst price targets from several firms. [27]
Take these “today” analyses for what they are: sentiment gauges and frameworks, not facts on the same level as an SEC filing or an Alphabet press release. But in low-liquidity sessions, sentiment often leads.
The broader tape matters, too: Santa-rally mood into Dec. 26
Alphabet won’t trade in a vacuum on Friday. U.S. indexes entered Christmas with upbeat tone: Reuters reported the Dow and S&P 500 closed at record highs on Dec. 24 in a holiday-shortened session, with thin volume and a “Santa Claus rally” narrative returning. [28]
Seasonality-watchers also have their eye on Dec. 26 specifically. MarketWatch cited data from Bespoke Investment Group suggesting Dec. 26 has historically been one of the most consistently positive days for the S&P 500 (with the usual warning that seasonality is not destiny). [29]
For GOOG, that backdrop can amplify moves if the market decides Friday is a “risk-on continuation” day—or if traders use the rebound to take profits.
What to know before the market opens tomorrow (Friday, Dec. 26)
Here’s the practical checklist most relevant to GOOG heading into the reopen:
- Expect “holiday liquidity” behavior
Volume was already light into Christmas, and Friday can still trade like a half-session emotionally even if hours are normal. Big caps can move on relatively modest orders. [30] - Watch for follow-through on the Intersect narrative
Any new detail on timelines, project scope, or regulatory review could influence how investors score the deal: “smart infrastructure hedge” vs “capex pressure.” [31] - Cloud + security headlines can hit harder than product demos
With Reuters highlighting the Palo Alto partnership as potentially Google Cloud’s biggest security services deal, enterprise traction is becoming a key part of the Alphabet bull case. [32] - Regulatory risk remains the main “overnight headline” threat
EU investigations, U.S. remedies, and copyright litigation are the kinds of stories that can appear pre-market and reframe risk fast. [33] - Know the levels investors are watching
Whether or not you “believe” in technicals, many traders do. Commonly referenced markers include the 52-week high near $328.67 and moving averages around $293.83 (50-day) and $238.02 (200-day), cited by market-data trackers. [34]
Final takeaway for GOOG going into Dec. 26
Because Dec. 25 had no trading session, Alphabet stock’s “after-the-bell” story tonight is fundamentally a narrative check:
- Bull case: AI shipping at Google scale (Gemini), plus Cloud/security monetization, plus infrastructure moves like Intersect that reduce physical bottlenecks. [35]
- Bear/drag factors: regulation (EU + U.S.), AI training-data lawsuits, and the constant question of whether AI-era capex and power needs ultimately compress margins. [36]
- Near-term reality: Friday’s market tone and liquidity may matter as much as company-specific news. [37]
This article is for informational purposes only and is not financial advice.
References
1. www.nasdaqtrader.com, 2. www.investing.com, 3. www.investing.com, 4. www.investing.com, 5. www.investing.com, 6. www.investing.com, 7. www.nasdaqtrader.com, 8. www.nasdaqtrader.com, 9. www.nasdaqtrader.com, 10. www.nasdaq.com, 11. www.reuters.com, 12. www.reuters.com, 13. abc.xyz, 14. apnews.com, 15. blog.google, 16. www.reuters.com, 17. blog.google, 18. www.reuters.com, 19. www.reuters.com, 20. www.reuters.com, 21. www.reuters.com, 22. www.justice.gov, 23. www.reuters.com, 24. www.publishersweekly.com, 25. simplywall.st, 26. www.businessinsider.com, 27. www.marketbeat.com, 28. www.reuters.com, 29. www.marketwatch.com, 30. www.reuters.com, 31. www.reuters.com, 32. www.reuters.com, 33. www.reuters.com, 34. www.investing.com, 35. blog.google, 36. www.reuters.com, 37. www.reuters.com
