Alphabet Inc.’s Class C shares (NASDAQ: GOOG) finished Tuesday, December 9, 2025 near record territory and then edged slightly higher in after-hours trading, even as a new EU antitrust probe and a final U.S. search ruling injected fresh regulatory risk into the Google story. TechStock²+1
Below is a detailed look at how Alphabet stock traded after the bell, the biggest news investors digested on December 9, and the key things to know before the market opens on Wednesday, December 10, 2025.
Alphabet (GOOG) stock price today and after hours
- Regular session (Dec 9, 2025):
- Close: $317.75, up about 1.05% from Monday’s close of $314.45. [1]
- Intraday range: roughly $312.21–$318.70.
- Open: $313.39.
- Volume: around 14.1 million shares.
- After-hours session (as of 5:30 p.m. ET):
- Price: $317.95, up a marginal 0.06% vs. the close.
- After-hours range: $317.66–$318.04. [2]
That puts GOOG just a few percentage points below its 52‑week high near $329, and more than 120% above its one‑year low around $143, according to TechStock²’s roundup of December 9 trading. TechStock²
Across both the voting Class A (GOOGL) and non‑voting Class C (GOOG) shares, Alphabet’s equity value now sits in the mid‑$3 trillion range, making it one of the most valuable companies in the world. TechStock²+1 Real‑time quote feeds put the market cap for GOOG alone just under $3 trillion at Tuesday’s close.
Why Alphabet stock was in the spotlight on December 9
The share price action happened against a backdrop of intense regulatory and competitive news. Here are the headlines that mattered most on Tuesday.
1. EU opens a major antitrust probe into Google’s AI
The European Commission formally launched an antitrust investigation into how Google uses online content to power AI features such as AI Overviews, AI Mode, and its Gemini models. [3]
Regulators are examining whether Google:
- Uses content from web publishers and YouTube creators to train and run its AI models without fair compensation or a meaningful opt‑out. [4]
- Gives its own AI products preferential treatment in Search, potentially starving rival services and publishers of traffic (the so‑called “Google Zero” scenario). [5]
- Restricts rival AI developers from accessing similar data, particularly YouTube content, thereby distorting competition. [6]
Under EU law, Alphabet could theoretically face fines of up to 10% of its global annual revenue if found to have breached competition rules—an amount easily in the tens of billions of dollars. [7]
For Alphabet shareholders, the probe raises questions about:
- Future AI training costs if Google is forced to license more content,
- Possible constraints on how aggressively it can surface AI answers at the top of Search, and
- Whether new remedies could nudge users back toward publisher websites (impacting ad monetization dynamics).
2. Final U.S. search antitrust judgment tightens default deals
On the U.S. side, investors also digested news that a federal judge has entered final judgment in the long‑running Department of Justice case over Google’s search monopoly. TechStock²+1
According to TechStock²’s summary of the ruling, Google must:
- Limit default Search and AI‑app contracts (for example with Apple and Samsung) to one‑year terms, and
- Renegotiate those agreements annually, rather than locking in multi‑year default status. TechStock²
That injects more uncertainty into a core distribution channel that has historically been extremely sticky for Google’s Search business.
3. App-store settlement underscores multi‑front scrutiny
Alphabet is also preparing to fund a $700 million settlement tied to U.S. state allegations that its Play Store policies were anti‑competitive, with roughly $630 million earmarked for a consumer fund and $70 million for states and territories. TechStock²
Relative to Alphabet’s earnings power, the dollar amount is small, but it highlights how Search, AI, and app stores are all under the microscope at once, which may help explain some of the intraday volatility in GOOG despite strong fundamentals.
4. Mixed political and institutional flows
Filings and disclosures on December 9 also added color to ownership trends: MarketBeat+3TechStock²+3MarketBeat+3
- A disclosure flagged that U.S. Rep. Debbie Dingell (via a family trust) sold a small tranche of GOOG in late November.
- State Street Corp boosted its stake by 1.3% in Q2, now holding about 188.9 million shares (roughly 1.56% of Alphabet) worth about $33.5 billion, making GOOG the firm’s 11th‑largest holding.
- Other major institutions, including Vanguard and Norges Bank, added large positions, while investors such as Fayez Sarofim & Co. and AXA S.A. trimmed their stakes but still count Alphabet among their top holdings.
Net‑net, the institutional picture still skews toward strong long‑only interest with some profit‑taking after a powerful run.
Fundamentals: record Q3, huge AI capex and a growing dividend
The tricky part for traders is that all of this regulatory noise is landing just as Alphabet posts some of the best numbers in its history.
Record Q3 2025 results
For Q3 2025, Alphabet reported: TechStock²+2MarketBeat+2
- Revenue: $102.3 billion, up about 16% year‑over‑year (15% in constant currency) – its first‑ever $100 billion quarter.
- Google Services (Search, YouTube, hardware, subscriptions): $87.1 billion, up 14%.
- Search & other revenue: $56.6 billion, and
- YouTube ad revenue: $10.3 billion, both growing around 15%.
- Subscriptions, platforms & devices: $12.9 billion, up 21%, driven by YouTube Premium and Google One.
- Google Cloud: $15.2 billion in revenue, up roughly 34%, with a backlog around $155 billion, helped by a surge in enterprise AI deals.
On profitability:
- Operating margin came in around 30.5%.
- Excluding a €3.5 billion European Commission fine booked in the quarter, management said operating income would have risen 22%, with margin just under 34%.
- Net income jumped 33%, and diluted EPS climbed 35% to $2.87, easily beating consensus estimates around $2.29. [8]
Management also raised its 2025 capex outlook to $91–93 billion, driven largely by AI data center build‑out. TechStock² That aligns with broader reports that big tech is on track to spend hundreds of billions on AI infrastructure this year. [9]
In post‑earnings remarks, CEO Sundar Pichai emphasized that Gemini and AI Overviews are now deeply integrated across Search, Ads, Google Cloud and Workspace, claiming AI is already moving from “experimentation” to visible revenue and margin impact. TechStock²
Dividend and capital returns
Alphabet is also leaning further into its role as a cash‑generating mega‑cap:
- The board maintained a quarterly cash dividend of $0.21 per share for all Class A, B and C shares, payable December 15, 2025 to holders of record as of December 8. [10]
- That’s $0.84 per share annualized, for a yield of roughly 0.3%, with a payout ratio near 8% – leaving plenty of room for continued AI investment and buybacks. [11]
For investors, the dividend is less about immediate income and more about a signal of confidence that Alphabet’s cash flows are strong and durable enough to support regular distributions.
Wall Street’s view: consensus “Buy” with a Street‑high $400 target
Despite the regulatory spotlight, the sell‑side remains broadly bullish on Alphabet.
Consensus ratings and targets
MarketBeat’s aggregation of analyst research shows: [12]
- Roughly 40–50 analysts cover Alphabet.
- Overall rating: between “Buy” and “Strong Buy.”
- Average 12‑month price target in the low $300s (around $310–313), not far from where GOOG currently trades.
- Target range stretching from roughly the high $190s to near $380, highlighting divergent views now that the stock is in record territory.
MarketBeat also notes seven “Strong Buy” ratings, 29 “Buy,” three “Hold,” and two “Sell,” with an average target around $310.54. [13]
Zacks, meanwhile, continues to highlight Alphabet as a “strong growth stock,” reflecting positive earnings revisions and fundamentals. [14]
Pivotal Research’s $400 bull case
The most eye‑catching call this week came from Pivotal Research, which raised its price target on Alphabet (GOOGL) from $350 to $400 while reiterating a Buy rating. [15]
In its note, Pivotal:
- Described Search as a “resilient cash cow” with significant pricing power and a key driver for Gemini‑powered AI.
- Argued that AI can take substantial costs out of the search business over time. [16]
- Lifted its long‑term forecast, now expecting from 2026–2030 roughly:
- 11% revenue CAGR,
- 14%+ EBITDA growth, and
- 26% annual free‑cash‑flow per‑share growth. [17]
- Increased its terminal EBITDA multiple from 18x to 18.5x, leading to what appears to be a Street‑high $400 target. [18]
At current prices around $318, a $400 target implies upside in the mid‑20% range if Pivotal’s thesis plays out.
Other bullish and cautious voices
- A recent MarketWatch feature argued that Alphabet could follow Nvidia to become the next $5 trillion company, citing AI momentum, Google’s expanding cloud share and a Pivotal Research target that implies a valuation near that mark. Alphabet shares are up about 70% in 2025 by that account. [19]
- A 24/7 Wall St. analysis suggested Alphabet may now be a better long‑term AI stock than Nvidia, pointing to:
- Alphabet’s custom AI chips, which may attract a multibillion‑dollar order from Meta Platforms,
- Rapid growth in Google Cloud, which logged about 34% year‑over‑year revenue growth in Q3, and
- The combination of Search, YouTube, Cloud and Waymo as multiple multibillion‑dollar growth engines. [20]
But not everyone is all‑in on the current valuation:
- Veteran strategist Ed Yardeni recently shifted from a long‑held overweight stance on tech and communications to a more neutral, market‑weight view on the “Magnificent 7,” including Alphabet. He cited intensifying competition and the fact that tech/communication stocks now make up about 45% of the S&P 500’s market cap, making the sector riskier despite strong earnings. [21]
Overall, the near‑term upside in the average price targets is modest, but the bullish outliers are getting louder as AI and cloud momentum accelerate.
Options and technical positioning
Options data also show a bullish skew:
- Recent flow tracked by AInvest highlights heavy call activity around the $330–$335 strike range, with traders targeting further upside into mid‑December expirations as AI momentum fuels breakout potential. [22]
On the technical side, MarketBeat data show GOOG:
- Trading near its 52‑week high of $328.67,
- Well above its 50‑day moving average (~$278) and 200‑day moving average (~$227), and
- Sporting a P/E in the low‑30s and a P/E/G ratio around 1.9. [23]
That combination—strong trend, premium multiple, and bullish options positioning—sets the stage for potentially sharp moves in either direction around new headlines.
GOOG vs GOOGL: what’s special about the Class C shares?
Because you’re specifically looking at Alphabet Class C (GOOG), it’s worth recapping how it differs from the more commonly cited Class A (GOOGL) stock.
From a business perspective, the two are nearly identical:
- Both represent economic ownership in Alphabet’s operations: Google Services, Google Cloud and Other Bets. TechStock²+1
The key differences are in voting rights: TechStock²
- GOOGL (Class A): one vote per share.
- GOOG (Class C):no voting rights in normal circumstances.
Because GOOG lacks votes, it historically trades at a slight discount to GOOGL, though arbitrage tends to keep the gap narrow and occasionally GOOG even trades slightly higher. TechStock²
For most individual investors, the choice between classes usually comes down to:
- Which ticker is marginally cheaper or more liquid at the time of purchase,
- Whether their fund or mandate prefers voting shares, and
- Personal preference about having a formal say (however small) in shareholder votes.
Big picture growth story: AI, cloud and “frontier bets”
Even with the regulatory storm, the long‑term bull case for Alphabet remains centered on AI scale and monetization:
- AI in Search and Ads: AI Overviews and Gemini‑powered Search experiences are increasingly prominent, with management saying AI is already boosting advertiser ROI and user engagement, not just adding cost. TechStock²+1
- Google Cloud: A $155 billion backlog and more billion‑dollar AI deals signed in the first nine months of 2025 than in the prior two years combined have turned Cloud into a significant profit and cash‑flow driver. TechStock²+1
- YouTube and subscriptions: YouTube ads, YouTube Premium and Google One subscriptions all grew at double‑digit rates in Q3, diversifying revenue beyond classic keyword search. TechStock²
- “Suncatcher” and frontier infrastructure: Alphabet is even exploring space‑based data centers under its “Suncatcher” project, with plans to support future AI workloads by around 2027—an example of the kind of long‑dated, high‑risk bets that could pay off massively if they work. TechStock²
That breadth of businesses is why some analysts see Alphabet as a candidate to become the world’s most valuable company in 2026 and beyond, potentially overtaking current leaders if AI demand remains strong. [24]
Key things to watch before the December 10, 2025 market open
Heading into Wednesday’s open, here are the main factors GOOG traders and investors should keep on their radar:
1. Any escalation (or easing) in EU and U.S. regulatory headlines
- Further comments from EU competition officials or early reactions from publishers and media groups could influence market perception of how severe potential remedies might be. [25]
- In the U.S., watch for additional analysis of the final search antitrust judgment and what it means for default search and AI‑app deals with Apple, Samsung and others. TechStock²+1
If investors start to price in structural changes to Search distribution or AI monetization, that could weigh on the multiple even if fundamentals remain strong.
2. Sector rotation and macro mood around mega‑cap tech
- Strategists like Ed Yardeni shifting to a neutral stance on big tech after years of overweighting the sector could fuel more rotation into financials, industrials and healthcare. [26]
- Any weakness in the broader Magnificent 7 basket, or signs of investors crowding into cheaper sectors, may pressure Alphabet along with peers regardless of company‑specific news.
3. AI race headlines: Gemini vs. GPT‑5.2 and rivals
- OpenAI’s launch of GPT‑5.2 and new leadership moves, including the hiring of Slack’s CEO as Chief Revenue Officer, underscore how fierce the AI race remains. [27]
- At the same time, Google continues to roll out Gemini 3, which already powers experiences for hundreds of millions of users and is tightly integrated into Search and Workspace. [28]
Any perception that Gemini is catching up—or falling behind—could influence how investors handicap Alphabet as an AI leader.
4. Price levels and technicals
With GOOG hovering just under record highs:
- Support zone: The $310–$312 band (roughly where shares have pulled back several times recently) will be key to watch if there’s early weakness.
- Resistance area: The $325–$330 range, near the 52‑week high, is where bulls will be looking for a breakout, especially with options traders clustered around $330–$335 calls. [29]
Breaks above or below these levels could trigger momentum flows in either direction.
5. Short‑term sentiment from options and derivatives
- Elevated call activity and bullish positioning into the mid‑$300s suggest some traders are betting on a near‑term upside breakout. [30]
- But that optimism is colliding with headline risk from regulators and concerns about an AI‑driven tech bubble from some strategists and commentators. [31]
How the options market reprices risk after the EU probe and U.S. ruling could set the tone for Wednesday’s regular session.
Bottom line: steady after hours, but a sharper trade‑off for investors
As the dust settles on December 9, 2025:
- Business performance is outstanding: Alphabet just delivered a record quarter with broad‑based double‑digit growth, a surging cloud backlog, and AI now clearly contributing to revenue and margins. TechStock²+1
- Shareholder returns are improving: the dividend, though modest, complements ongoing buybacks and signals confidence in durable cash flows. [32]
- Valuation is rich but not outrageous by large‑cap AI standards: roughly 30x trailing earnings with consensus targets clustered around today’s price and a well‑defined bull case up near $400. TechStock²+1
- Risks are escalating: Alphabet is now front and center in global debates over AI content, search defaults and app‑store power, with regulators clearly willing to push beyond fines toward more structural remedies. [33]
For short‑term traders, Wednesday’s open will likely hinge on whether fresh headlines push Google’s AI and antitrust story toward “manageable overhang” or “material business risk.”
For long‑term investors, the question is more fundamental:
Can Alphabet’s AI moat, cloud scale and cash generation grow fast enough over the next 5–10 years to outpace regulatory drag and justify today’s premium multiple?
Nothing in Tuesday’s after‑hours session definitively answers that, but it does clarify the trade‑off: Alphabet is both one of the clearest winners of the AI era and one of its most heavily scrutinized players.
References
1. public.com, 2. public.com, 3. www.theverge.com, 4. www.theguardian.com, 5. www.theverge.com, 6. apnews.com, 7. www.theverge.com, 8. www.marketbeat.com, 9. www.reuters.com, 10. www.marketbeat.com, 11. www.marketbeat.com, 12. www.marketbeat.com, 13. www.marketbeat.com, 14. www.zacks.com, 15. www.insidermonkey.com, 16. www.insidermonkey.com, 17. www.insidermonkey.com, 18. www.insidermonkey.com, 19. www.marketwatch.com, 20. 247wallst.com, 21. www.investopedia.com, 22. www.ainvest.com, 23. www.marketbeat.com, 24. 247wallst.com, 25. www.theverge.com, 26. www.investopedia.com, 27. www.investors.com, 28. www.investors.com, 29. www.marketbeat.com, 30. www.ainvest.com, 31. www.investopedia.com, 32. www.marketbeat.com, 33. www.theverge.com
