December 17, 2025 — Alphabet Inc.’s Class C shares (NASDAQ: GOOG) traded lower on Wednesday, changing hands around $302 and down roughly 1.8% as of 14:45 UTC, after swinging through a wide intraday range.
Despite the day’s dip, Alphabet remains one of the market’s biggest AI bellwethers—balancing a rapidly accelerating “buildout” in compute and data centers with the closer-to-home question investors care about most: can Google keep growing ads and Search economics in an AI-first internet—while expanding Cloud and monetizing Gemini? Reuters’ latest reporting and today’s product and market chatter keep that debate very alive.
Below is a comprehensive roundup of today’s most relevant GOOG stock news, forecasts, and analysis (as of 17.12.2025), plus what to watch next.
GOOG stock: where shares are trading today
Alphabet’s Class C shares were down on the session at about $302, after opening higher and then fading, with reported trading activity indicating a volatile day for mega-cap tech.
Alphabet’s overall market value is still in the “mega-mega-cap” bracket—around $3.7 trillion by several major market-data listings—keeping the company at the center of index flows and AI-theme positioning. [1]
The biggest Alphabet (GOOG) headlines moving the story on Dec. 17, 2025
1) Waymo is reportedly discussing a massive fundraise at a $100B+ valuation
Alphabet’s autonomous-driving unit Waymo is in talks with potential investors to raise money at a valuation of at least $100 billion, with the round’s size potentially exceeding $10 billion, according to a report cited by Reuters. Bloomberg also reported Waymo may look to raise more than $15 billion, with Alphabet expected to lead the round. [2]
Why markets care: for GOOG holders, Waymo is a high-profile “Other Bet” that many investors treat as embedded optionality. A large third-party funding round at a nine-figure valuation can act as a real-time “mark” for that optionality—especially if it hints at a longer-term path toward broader commercialization (or, someday, separation).
Reuters also underscored Waymo’s current competitive position: it is the only U.S. operator offering paid robotaxi services without safety drivers or in-vehicle attendants, and it operates a fleet of more than 2,500 vehicles. [3]
2) Google’s experimental AI agent “CC” targets your inbox—and your daily habits
Google is launching an experimental AI agent called “CC” designed to deliver a personalized daily briefing (“Your Day Ahead”) by scanning a user’s emails, calendar, and documents. The Verge reports CC is built with Google’s Gemini model and connects to Gmail, Google Calendar, and Google Drive, with early access initially for paid subscribers (18+) in the U.S. and Canada. [4]
Why markets care: Alphabet’s AI narrative isn’t just about model benchmarks—it’s about distribution. Putting a Gemini-powered agent into core “sticky” surfaces like Gmail and Calendar is a signal that Google intends to use its product ecosystem to drive daily AI usage, which matters for retention, data flywheels, and eventually monetization.
The Verge also notes CC resembles OpenAI’s personalized briefing feature (ChatGPT “Pulse”), framing CC as part of a broader “AI agent” competition focused on habit-forming consumer workflows. [5]
3) The AI arms race is forcing the “infrastructure question” to the forefront
A Reuters analysis published today highlights the intensifying battle to power AI, pointing to expectations that global data-center power demand could more than double by 2030 and that U.S. data-center demand could rise to 100–130 gigawatts by 2030, up from 45–50 gigawatts today—creating the risk of a substantial power shortfall. [6]
Why markets care for GOOG: Alphabet is spending aggressively on technical infrastructure to support Gemini and Cloud demand—and the constraints here aren’t only chips. They’re also electricity, cooling, site readiness, and permitting. Rising scarcity can push costs higher, but it can also widen moats for hyperscalers that can secure power and deploy capacity at scale.
4) Amazon’s OpenAI talks sharpen the competitive backdrop for Gemini and Google Cloud
Reuters reported that Amazon is in talks to invest roughly $10 billion in OpenAI in a potential deal that could value OpenAI at more than $500 billion, according to a source. Reuters also notes the talks are “fluid,” and that OpenAI is looking at using Amazon’s Trainium chips. [7]
Why GOOG investors care: Alphabet sits at the intersection of model competition (Gemini vs. ChatGPT and others) and cloud competition (Google Cloud vs. Azure vs. AWS). Any major shift in OpenAI’s partnerships and compute supply chain can affect pricing pressure, enterprise adoption dynamics, and the pace at which competitors ship agent-like features into products people already use.
5) Inside Alphabet: Sergey Brin and Demis Hassabis keep AI in the spotlight
Two widely read items today add color to Alphabet’s internal AI posture:
- Sergey Brin said he often talks to Gemini Live during his commute and described using an unreleased version, suggesting a “way better version” is coming soon. He cited data-center planning questions—megawatts and cost—as an example of what he asks the model. [8]
- Google DeepMind CEO Demis Hassabis warned that some early AI startups are raising money at “tens of billions” in valuation before they’ve meaningfully started, and that a correction is likely—while drawing a distinction between speculative startup valuations and Big Tech’s AI spending being backed by “real business.” [9]
Why markets care: these aren’t “earnings events,” but they shape sentiment. Investors are trying to separate AI reality (usage, revenue, Cloud backlog, ads resiliency) from AI hype (overheated valuations and overbuilt capacity). Today’s commentary reinforces both sides of that tension.
Wall Street forecasts for GOOG stock: price targets and rating trends (as of Dec. 17, 2025)
Analyst expectations for Alphabet remain broadly constructive, with the “AI + ads + Cloud” combination still a core bull thesis—but price targets have become more dispersed as assumptions diverge on AI-driven margins, capex intensity, and regulatory risk.
A notable recent move: TD Cowen lifts its target to $350
In a report highlighted by Investing.com, TD Cowen raised its price target for Alphabet to $350 while maintaining a Buy rating, citing expectations tied to Gemini’s momentum and engagement/monetization implications. [10]
What consensus estimates suggest
A separate snapshot from Zacks shows Alphabet’s average broker price target around $329 (with a wide range between low and high targets), underscoring ongoing optimism—while also implying that much of the near-term upside depends on execution, not merely the AI narrative. [11]
How to read these targets today: With GOOG trading around the low-$300s during Wednesday’s session, the dispersion between “base case” targets and higher-end bull cases often comes down to three questions:
- how quickly AI tools lift ad performance (or protect Search share),
- whether Google Cloud can compound growth without margin sacrifices, and
- whether capex stays “high but manageable” or becomes a more persistent drag.
Fundamentals that still anchor the bull case: ads resilience + Cloud acceleration
Investors often reduce Alphabet to “Search ads,” but the most market-moving recent fundamental updates have come from Cloud and the scale of infrastructure investment.
In its latest quarterly reporting (Q3 2025), Reuters detailed that Alphabet:
- boosted projected 2025 capital expenditures to $91–$93 billion (up from earlier guidance steps),
- posted total revenue of $102.35 billion (beating estimates cited by Reuters/LSEG), and
- delivered adjusted EPS of $3.10 (also above estimates in the Reuters report). [12]
On Cloud specifically, Reuters reported:
- Google Cloud revenue grew 34% year over year, reaching $15.16 billion, and
- Cloud backlog (non-recognized sales contracts) grew to $155 billion, up from $106 billion previously cited by the company—an important indicator for medium-term revenue visibility. [13]
Why this matters for GOOG stock today: Cloud is increasingly where Alphabet can tell a “durable, enterprise AI monetization” story—one that doesn’t depend entirely on consumer behavior shifts in Search. Backlog growth can be especially influential in bull models because it supports multi-year growth assumptions.
The valuation question: is GOOG expensive—or still “cheap for the quality”?
Alphabet’s valuation picture depends heavily on which earnings lens you use (GAAP vs. adjusted, trailing vs. forward). As a widely followed market snapshot, Yahoo Finance lists Alphabet with a trailing P/E around 30 and a forward P/E in the high 20s, alongside a market cap around $3.7T. [14]
In many institutional frameworks, that’s “not cheap,” but it can still screen as reasonable relative to growth durability if:
- Search monetization remains resilient,
- YouTube and subscriptions continue expanding,
- Cloud growth persists with improving margins,
- and AI productization (agents, in-search AI, Workspace-style tools) creates incremental revenue streams.
Key risks investors are weighing right now
1) Regulation and antitrust uncertainty
Alphabet continues to face regulatory and litigation overhangs that can move sentiment quickly, particularly around Search distribution and platform control. Business Insider reported earlier this month that a judge ordered Google to limit default search and AI app contract terms to one year—an example of remedies that could reshape distribution economics if they broaden. [15]
In Europe, Reuters has also reported on the possibility of additional financial penalties tied to prior antitrust issues, keeping regulatory risk on the checklist for large holders. [16]
2) The capex “strain” versus the capex “moat”
Alphabet is openly investing at hyperscaler scale—Reuters described the step-up to $91–$93B of capex for 2025, largely tied to AI demand. [17]
At the same time, Reuters’ reporting today on power constraints and data-center expansion highlights why capex isn’t just a budget line—it’s tied to a constrained physical supply chain (power, sites, grid hookups). [18]
3) AI competition is escalating on multiple fronts
OpenAI’s ecosystem is evolving, with Reuters reporting Amazon’s potential investment talks and Trainium-chip angle. [19]
Meanwhile, Alphabet is pushing distribution (e.g., CC) and signaling ongoing iteration velocity (Brin’s comments). [20]
This is an arms race—not a single-product cycle—and it can pressure margins across ads, cloud, and consumer AI services.
What to watch next for Alphabet (GOOG) stock
Here are the near-term catalysts and datapoints most likely to shape GOOG’s next major move:
- Waymo funding round details (if confirmed): size, valuation, outside investor roster, and whether the raise signals acceleration in fleet expansion or city rollout plans. [21]
- AI product rollout velocity: how quickly experimental agents like CC expand beyond early access, and whether they land inside high-frequency user behaviors. [22]
- AI infrastructure constraints: power access, timelines, and cost inflation—especially as Reuters and others spotlight the scale of expected demand growth. [23]
- Next earnings date expectations: Nasdaq’s earnings calendar currently estimates Alphabet (GOOG) will report around Feb. 3, 2026 (not company-confirmed in that listing), which will likely be the next major “truth serum” event for the AI monetization story. [24]
- Street target revisions: follow-through after high-profile target hikes (like the TD Cowen move to $350) can be a sentiment tailwind—especially if multiple firms converge on similar thesis updates. [25]
Bottom line: the GOOG story on Dec. 17, 2025
Alphabet’s Class C stock is navigating a familiar mega-cap crosscurrent: short-term volatility and valuation debates against a backdrop of very real, very large platform advantages.
Today’s news flow reinforces that Alphabet’s upside narrative is no longer “just Search”:
- Waymo’s reported funding talks put a spotlight on “Other Bets” optionality and potential value realization. [26]
- New Gemini-driven products like CC emphasize Alphabet’s distribution strength—embedding AI where billions already work and communicate. [27]
- Cloud momentum and backlog growth remain the most tangible multi-year bridge between AI excitement and recurring enterprise revenue. [28]
At the same time, investors are right to keep a clear-eyed view of the risks: regulatory remedies, the cost curve of AI infrastructure, and the reality that competitors are spending and partnering aggressively too. [29]
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References
1. www.nasdaq.com, 2. www.reuters.com, 3. www.reuters.com, 4. www.theverge.com, 5. www.theverge.com, 6. www.reuters.com, 7. www.reuters.com, 8. www.businessinsider.com, 9. www.businessinsider.com, 10. www.investing.com, 11. www.zacks.com, 12. www.reuters.com, 13. www.reuters.com, 14. finance.yahoo.com, 15. www.businessinsider.com, 16. www.reuters.com, 17. www.reuters.com, 18. www.reuters.com, 19. www.reuters.com, 20. www.theverge.com, 21. www.reuters.com, 22. www.theverge.com, 23. www.reuters.com, 24. www.nasdaq.com, 25. www.investing.com, 26. www.reuters.com, 27. www.theverge.com, 28. www.reuters.com, 29. www.reuters.com
