Alphabet (GOOG) Class C Stock on December 3, 2025: Gemini 3, AI Chips and Fresh $375 Price Targets

Alphabet Inc.’s Class C shares (NASDAQ: GOOG) are ending 2025 near record highs, powered by explosive enthusiasm for artificial intelligence, in‑house AI chips and a wave of fresh Wall Street price‑target upgrades. At the same time, regulators are tightening the screws and some analysts warn that the stock may already be pricing in a lot of good news.

This article pulls together the most important news, forecasts and analyses as of December 3, 2025, focusing specifically on Alphabet’s non‑voting Class C stock.

Snapshot: Alphabet (GOOG) Class C Stock Today

As of late trading on December 3, 2025, Alphabet Class C shares trade around $320 per share, up slightly on the day. The stock has traded between roughly $314 and $321 during the session, putting it within touching distance of its 52‑week high just below $329. ^[1]

Key metrics as of today:

Ticker / Class: GOOG – Alphabet Inc. Class C Capital Stock
Latest price: ≈ $320
Day range: about $314 – $321
52‑week range: roughly $141 – $329 ^[2]
Approx. market value: around $3 trillion (all share classes combined, based on recent prices) TS2 Tech+1
Earnings & valuation: trailing EPS about $10 and a price‑to‑earnings ratio in the mid‑20s on some data sources, while other analyses put the P/E closer to 30–31x depending on the earnings measure used. TS2 Tech+1
Dividend: quarterly dividend of $0.21 per share, with the next ex‑dividend date on December 8, 2025. ^[3]

After spending much of 2024 in consolidation, Alphabet has turned into one of 2025’s standout winners. Nasdaq‑hosted analysis from The Motley Fool estimates the shares are up about 66% year‑to‑date, outpacing the rest of the “Magnificent Seven” mega‑caps as investors reward Alphabet’s AI progress and accelerating growth. ^[4]

Class C (GOOG) shares are economically identical to Class A (GOOGL) shares; the difference is voting rights. Most analyst price targets, forecasts and valuation work treat Alphabet as a single economic entity, so they generally apply to both tickers.

Why Alphabet Is in the Spotlight: Gemini 3, AI Chips and Cloud Backlog

Gemini 3’s global rollout

Alphabet’s latest generation AI model, Gemini 3, is the central character in almost every current analysis of Google stock:

Gemini 3 has been rolled out across AI Mode in Google Search in nearly 120 countries and territories, initially in English, with access for Google AI Pro and Ultra subscribers via a new “Thinking with 3 Pro” option. ^[5]
The model brings stronger reasoning and multimodal abilities and underpins new features like richer visual results and dynamic layouts inside Search. ^[6]

A separate Nasdaq article notes that Alphabet’s broader Gemini family now has about 650 million monthly active users, making it one of the fastest‑growing consumer internet products in history, and that Gemini‑related services helped drive subscriptions revenue to roughly $12.9 billion, up 21% year‑over‑year last quarter. ^[7]

Gemini doesn’t just live in the chat interface. According to management commentary summarized in recent coverage, AI models now power:

Search features like AI Overviews and AI Mode
YouTube recommendations and content tools
Google Workspace and other productivity apps
Google Cloud’s AI platform, where developers and enterprises run their own workloads ^[8]

Custom AI chips (TPUs) and the Nvidia challenge

One of the most eye‑catching narratives of early December is Alphabet’s move deeper into AI hardware.

A widely discussed Nasdaq/Motley Fool analysis points out that Gemini 3 was trained exclusively on Alphabet’s own Tensor Processing Units (TPUs) rather than Nvidia GPUs, and that the model’s benchmarks are competitive with (or better than) leading systems from OpenAI and Anthropic. ^[9]

The same piece notes:

Meta is reportedly in talks to buy TPUs directly from Alphabet, and
Anthropic is expanding its use of Google’s TPUs through Google Cloud. ^[10]

If Alphabet begins selling or more aggressively renting TPU capacity at scale, analysts argue it could:

Reduce Alphabet’s dependence on Nvidia’s high‑priced GPUs
Create a new, capital‑intensive but high‑margin infrastructure revenue stream over time
Pressure margins at chip rivals that have relied on hyperscalers as their biggest customers ^[11]

For investors, the TPU story is important because it turns Alphabet from just an AI software and services player into a potential infrastructure and silicon heavyweight, blurring the old lines between chipmakers, cloud providers and AI labs.

Cloud growth and a massive backlog

Alphabet’s latest reported quarter (Q3 2025) crystallized how central cloud and AI have become to the investment thesis:

Total revenue surged to about $102.3 billion, up 16% year‑over‑year, marking Alphabet’s first quarter above the $100 billion mark.
Google Cloud revenue climbed roughly 34% to about $15.2 billion, with operating margins improving to nearly 24%. ^[12]
Management highlighted a cloud and AI infrastructure backlog of around $155 billion, reflecting contracted revenue to be recognized in coming years. ^[13]

That backlog number shows up again and again in recent research: multiple analysts describe it as “exceptional” and as a key reason they’re lifting forward revenue and profit forecasts for Alphabet. ^[14]

Wall Street’s View: New High‑End Targets at $370–$375

Guggenheim: price target up to $375

The biggest headline for GOOG on the forecast side is a new $375 price target from Guggenheim:

Guggenheim analyst Michael Morris recently raised his target from $330 to $375 while reiterating a Buy rating. ^[15]
He cites:
- “Exceptional” growth in Google Cloud’s backlog, which jumped roughly 46% sequentially to about $155 billion
- YouTube’s continued streaming leadership with improving monetization
- Rapid adoption of Gemini and strong AI traction across Alphabet’s products ^[16]

According to both TipRanks and CoinCentral’s summary of the call, Morris believes Wall Street may be underestimating Cloud revenue by roughly $40 billion over the medium term if current trends persist, and he has raised his 2026 and 2027 estimates accordingly. ^[17]

HSBC: target up to $370 on Gemini 3 strength

On December 2, GuruFocus reported that HSBC boosted its price target for Alphabet to $370 from $335, arguing that Gemini 3’s strong performance versus rival models improves the outlook for Google Search and AI‑driven services. ^[18]

HSBC’s analyst also suggested that if Google successfully monetizes its TPUs, it could eventually account for up to 10% of Nvidia’s revenue via cloud‑delivered AI compute, underlining how big the AI infrastructure opportunity might be. ^[19]

Consensus: “Buy” rating, but average target below today’s price

According to MarketBeat’s compilation of 41 Wall Street analysts who’ve rated Alphabet in the past 12 months: ^[20]

The stock carries a consensus rating of “Buy”, with
- 36 Buy or Strong Buy ratings
- 3 Hold ratings
- 2 Sell ratings
The average 12‑month price target is about $307, with a high of $375 and a low of $210.
With GOOG trading around $320, that average target implies roughly 4% downside from today’s level.

TipRanks, which focuses more on the GOOGL (Class A) line but tracks the same business, also shows a Strong Buy consensus with an average target near the low‑$310s, very close to the current price – suggesting that, in aggregate, analysts see Alphabet as fairly valued or slightly ahead of itself in the short term. ^[21]

Other notable calls

Goldman Sachs recently raised its GOOGL target to $288, keeping a Buy rating, in a move that now looks conservative relative to both the share price and more aggressive targets. ^[22]
BMO has lifted its target to around $294, also highlighting momentum in AI search and Google Cloud. ^[23]
A steady drumbeat of research – including pieces from Barron’s and Seeking Alpha – frames 2025 as a potential “year of Alphabet” in the AI cycle, but with the caveat that much of this optimism is already reflected in the shares. ^[24]

Technical and Short‑Term Trading Views

While fundamental analysts debate long‑term upside, technical services are busy parsing trends and momentum.

Trend and 3‑month projections

Technical‑analysis site StockInvest.us, which tracks the GOOGL line but again reflects the same underlying fundamentals, currently classifies Alphabet as a “buy candidate” in a strong uptrend: ^[25]

The stock has risen in six of the last ten sessions and is up about 11% over the past two weeks.
It sits near the top of a wide rising channel, with support clustered just under the $300 area.
Based purely on trend models, StockInvest projects that Alphabet could rise roughly 30% over the next three months, with a 90% confidence interval between $367 and $429.

At the same time, the service flags some short‑term warning signs: volumes have eased while the price has continued to rise, and a recent “pivot top” signal suggests the risk of a pullback if momentum stalls. ^[26]

“Near‑term consolidation” after a 90% six‑month surge?

A separate note from Cantor Fitzgerald, cited by Investing.com, points out that Alphabet has surged more than 90% over the past six months and now trades close to its 52‑week high. The firm expects the stock to benefit from Gemini 3 into 2026 but warns that some near‑term consolidation would be reasonable after such outsized gains. ^[27]

The technical takeaway: Alphabet is in a powerful uptrend, but shorter‑term traders are increasingly sensitive to signs of exhaustion and profit‑taking around current levels.

Fundamentals: A $100 Billion Quarter and an AI‑Heavy Capex Plan

Reacceleration across the business

Recent results and commentary emphasize that Alphabet’s AI narrative is backed by real numbers, not just demos:

Q3 2025 revenue: ≈$102.3 billion, up 16% year‑on‑year.
Google Services (Search, YouTube, ads, Play, etc.): about $87.1 billion, up 14%.
Google Cloud: around $15.2 billion, up 34%, with margin rising to 23.7% from 17.1% a year earlier. ^[28]

Analysts at The Motley Fool note that this represents a step up from Alphabet’s ~14% full‑year revenue growth in 2024, indicating that the company is not only massive and profitable but now re‑accelerating thanks to AI‑powered demand. ^[29]

Massive capital expenditures on AI infrastructure

The same analysis highlights Alphabet’s ambitious capital‑spending plan:

Management recently guided for 2025 capex of about $91–93 billion, focused on data centers, networking equipment and custom AI chips such as TPUs. ^[30]

This AI build‑out is a double‑edged sword:

On the one hand, it signals strong confidence in long‑term AI demand and could entrench Alphabet as a key global infrastructure provider.
On the other, it raises execution risk. If AI revenue growth slows, those fixed costs could pressure margins or force Alphabet to moderate its investment pace. ^[31]

Dividend and income profile

For income‑focused investors, Alphabet remains primarily a growth story:

The company now pays a regular dividend, but at around $0.84 per share annually the yield at current prices is roughly 0.25–0.3% – a token payout compared with traditional dividend plays. ^[32]

Most analysts expect share repurchases and reinvestment in AI and cloud infrastructure to remain the primary uses of cash for the foreseeable future.

Insider Activity and Strategic Partnerships

Small insider sale under a trading plan

On December 3, an Investing.com note highlighted that Amie Thuener O’Toole, Alphabet’s VP and Chief Accounting Officer, sold 954 Class C shares on December 2 for proceeds of about $302,000 at prices between $317 and $318. The sale was executed under a pre‑set Rule 10b5‑1 plan adopted earlier this year, and O’Toole still holds tens of thousands of Alphabet shares and stock units. ^[33]

The transaction is too small relative to Alphabet’s size to move the needle, but traders often watch such filings as a gauge of insider sentiment.

Adani’s planned $5 billion AI infrastructure investment

The same cluster of Investing.com coverage also notes that India’s Adani Group plans to invest up to $5 billion in Google’s AI infrastructure hub in southern India. ^[34]

While details are still limited, such partnerships suggest:

Alphabet is leveraging local conglomerates to scale data‑center and AI capacity in fast‑growing markets.
Big infrastructure partners may help share the burden of Alphabet’s heavy AI capex while deepening customer relationships in regions where hyperscale cloud adoption is still ramping.

Regulatory and Antitrust Overhang

Even as Wall Street cheers Alphabet’s AI progress, regulators in the U.S. and EU are turning up the heat.

U.S. antitrust cases and remedies

In 2024, a federal court found that Google illegally monopolized online search; in 2025, the U.S. Department of Justice secured additional remedies in a separate digital‑advertising case. ^[35]

More recently:

On September 2, 2025, the District Court for D.C. issued its remedies decision in the search case, rejecting the DOJ’s call to break up Google but imposing behavioral remedies meant to limit exclusive search contracts and require data sharing with competitors. ^[36]

Analysts generally view this as far less severe than a forced divestiture of Chrome or Android, but it still creates long‑term uncertainty around how Google can structure deals with device makers and carriers.

EU fines and the Digital Markets Act

In Europe, Alphabet faces parallel pressures:

In September 2025, the European Commission fined Google €2.95 billion (about $3.45 billion) for abusing dominance in the adtech market, one of the largest tech antitrust fines to date. ^[37]
The Commission has also sent preliminary findings alleging non‑compliance with the Digital Markets Act (DMA) in certain services and recently opened an investigation into whether Google’s handling of news publishers’ content in Search violates the DMA. ^[38]

While these actions haven’t derailed Alphabet’s share price, they represent real financial and strategic risks, especially to the high‑margin advertising business that still generates the bulk of revenue.

Is Alphabet (GOOG) Class C Stock Overvalued – or Just Getting Started?

Recent Nasdaq/Motley Fool commentary neatly captures the core debate: Alphabet’s fundamentals look meaningfully better than a few years ago, but after a ~66% rally this year and a P/E approaching 30x on some measures, the stock is no longer a simple bargain. ^[39]

Putting the latest news and forecasts together:

Bullish case (what optimists are focused on)

AI leadership: Gemini 3 is gaining users quickly, powering multiple products, and is supported by a deep distribution network across Search, Android and YouTube. ^[40]
Vertical integration: Custom TPUs reduce reliance on Nvidia and could evolve into a potent AI infrastructure franchise in their own right. ^[41]
Cloud momentum: Google Cloud’s growth and backlog provide multi‑year visibility into AI‑related demand. ^[42]
Street support at the high end: Multiple analysts now see fair value in the $370–$375 area, implying high‑teens upside from today’s price if everything goes right. ^[43]

Cautious or bearish case (what skeptics highlight)

Valuation risk: Consensus targets from large samples of analysts actually sit below the current share price, implying limited near‑term upside on average. ^[44]
AI arms‑race spending: A $90‑plus‑billion annual capex plan is expensive; if AI monetization disappoints, Alphabet’s earnings could be squeezed. ^[45]
Regulatory uncertainty: U.S. and EU remedies, fines and DMA enforcement may constrain key ad and search business practices over time. ^[46]
Short‑term froth: After a 60–90% run (depending on timeframe), several analysts and technical services see scope for consolidation or a pullback even if the longer‑term story remains positive. ^[47]

Bottom Line

As of December 3, 2025, Alphabet’s Class C stock sits at the crossroads of:

Huge AI‑driven growth potential, powered by Gemini 3, TPUs, YouTube and a fast‑growing cloud business; and
Rising expectations and scrutiny, reflected in a rich valuation, multi‑billion‑dollar capex plans and intensifying antitrust enforcement.

For long‑term investors who believe Alphabet will remain one of the core platforms of the AI era, current pullbacks (if they come) may look attractive in hindsight. For those more focused on short‑term risk/reward, the combination of stretched technicals, regulatory overhang and consensus targets below the market suggests caution.

Important: This article is for informational and news purposes only and does not constitute investment advice or a recommendation to buy or sell any security. Always do your own research or consult a licensed financial advisor before making investment decisions.