New York — Friday, December 26, 2025 (1:00 p.m. ET).
Alphabet Inc.’s Class C shares (NASDAQ: GOOG) are trading during a thin, post‑Christmas session with U.S. equities hovering near record territory as investors try to extend the seasonal “Santa Claus rally” period into year‑end. [1]
At the same time, Wall Street’s biggest theme—AI investment and monetization—remains the center of gravity for megacaps, including Alphabet, especially after a string of developments spanning data‑center power supply, new Gemini capabilities, and high‑stakes antitrust remedies that could reshape search distribution and data access over the next several years. [2]
GOOG stock price today
As of the latest available market update (midday ET), GOOG is at $314.74, down $0.93 (-0.30%) on the session, with an intraday range roughly $313.77 to $316.43.
Broad market trading is close to flat: SPY is slightly lower and QQQ is essentially unchanged, reflecting a “pause” tone typical of the day-after-Christmas liquidity backdrop. [3]
The U.S. market is open right now. NYSE core trading runs 9:30 a.m. to 4:00 p.m. ET, which matters because the final hour can see outsized moves when volume is light. [4]
GOOG vs. GOOGL: what “Class C” means for Alphabet stock
Alphabet has multiple share classes. For most everyday investors, the big practical difference is voting power:
- GOOG (Class C): no voting rights (unless required by law). [5]
- GOOGL (Class A): generally one vote per share. [6]
Economically, Class C and Class A shares are designed to be substantially equivalent—including receiving the same dividends on a per‑share basis, per Alphabet’s governing documents. [7]
That’s why GOOG and GOOGL typically trade very close to each other (today’s prices are within about a half‑percent).
Today’s market backdrop: Santa rally seasonality meets Fed‑watch
December 26 has historically been one of the most consistently positive trading days of the year for the S&P 500, according to Bespoke Investment Group, and it falls inside the widely followed “Santa Claus rally” window (last five trading days of the year plus the first two of the new year). [8]
But 2025’s year‑end setup has an added macro layer:
- Major indexes have been near records, with investors balancing AI capex concerns against optimism that infrastructure spending is building durable competitive moats. [9]
- The Federal Reserve’s policy path remains a focal point into the final sessions of the year, with minutes due next week and investors parsing what comes next after late‑2025 rate cuts. [10]
In other words: even a “quiet” day can move quickly—especially in megacaps—because light volume can exaggerate price action. [11]
The Alphabet news driving GOOG sentiment right now
1) Alphabet’s $4.75B Intersect deal puts power supply at the center of the AI story
Alphabet announced a definitive agreement to acquire Intersect for $4.75 billion in cash (plus assumed debt)—a move aimed at securing energy and data‑center infrastructure as AI demand pushes electricity needs higher. [12]
Reuters reported Intersect has $15 billion of assets operating or under construction, and that projects representing about 10.8 gigawatts are expected to be online or in development by 2028—underscoring just how physical (and power‑constrained) the AI race has become. [13]
Investor takeaway: This is a reminder that for GOOG in 2026, the debate isn’t only “who has the best model,” but also “who can reliably power and scale the compute behind the models”—without crushing margins. [14]
2) Search antitrust remedies: Chrome stays, but data access and exclusivity rules tighten
One of the biggest medium‑term overhangs for Alphabet remains U.S. antitrust enforcement in search. In a major remedies decision, Reuters reported U.S. District Judge Amit Mehta did not force Google to sell Chrome and allowed Google to keep Android—key pillars of distribution. [15]
However, the decision also ordered Google to share certain data with rivals and restricted certain exclusive distribution contracts, raising the prospect that competitors (including AI-native players) could benefit from improved access and distribution options over time. [16]
The U.S. Department of Justice framed the remedies as a way to restore competition in search and search advertising, including prohibiting certain exclusive contracts and ordering data availability to rivals. [17]
Google has signaled concerns about data sharing and privacy and has said it plans to appeal—meaning the timeline could be lengthy. [18]
Expert lens:
- William Kovacic, director of the Competition Law Center at George Washington University, told Reuters the remedies chosen may be designed to survive Supreme Court review. [19]
- Deepak Mathivanan of Cantor Fitzgerald said the data-sharing requirements pose competitive risk, but “not right away,” in Reuters’ reporting. [20]
3) Gemini 3 launch: Alphabet pushes AI into revenue engines immediately
Google launched Gemini 3 and emphasized that new capabilities would be available immediately inside profit‑generating products—most notably Search—rather than sitting as a standalone demo. [21]
Alphabet CEO Sundar Pichai described Gemini 3 as “our most intelligent model,” in Reuters’ report—language investors read as a statement of intent: AI is not a side bet; it’s becoming core to the product strategy. [22]
4) The quieter AI story: chips and software ecosystems (PyTorch) that can change unit economics
Reuters also reported Google is working on an initiative to make its AI chips better at running PyTorch, the widely used AI software framework, in a move aimed at weakening Nvidia’s software advantage. [23]
Why this matters for GOOG shareholders: If Alphabet can improve software compatibility and performance on its own hardware stack, it may help control AI infrastructure costs—one of the market’s biggest “show me” demands for 2026. [24]
5) Waymo headlines highlight both upside and operational risk
Waymo remains a potential long‑term value driver, but it also carries operational and regulatory risk. After a San Francisco power outage caused robotaxis to stall and snarl traffic, Reuters reported Waymo said it would update software and improve emergency protocols, while California regulators reviewed the incident. [25]
For GOOG, Waymo is often treated as a “hidden option” inside Alphabet—so negative incidents can influence sentiment even if the immediate financial impact is limited.
6) Berkshire’s Alphabet stake reinforced the “value + AI” narrative
In November, Reuters reported Berkshire Hathaway disclosed a significant Alphabet stake—an attention‑grabbing endorsement given Berkshire’s historically cautious approach to tech. [26]
Reuters quoted Steve Sosnick, chief strategist at Interactive Brokers, saying Alphabet “fits the value‑investing theme” better than some other AI leaders. Reuters also cited CFRA analyst Angel Zino, who said the move validated Google’s fundamentals and gave Berkshire exposure to a leading AI provider through Google Cloud and Gemini expansion. [27]
Alphabet’s latest fundamentals: what the company reported (Q3 2025)
In its Q3 2025 earnings release, Alphabet reported:
- Revenue:$102.3 billion, up 16% year over year [28]
- Google Cloud revenue:$15.2 billion, up 34% [29]
- YouTube ads revenue:$10.26 billion (double‑digit growth) [30]
- Diluted EPS:$2.87 [31]
- Capex outlook (2025): raised to $91–$93 billion [32]
Pichai called it Alphabet’s first-ever $100 billion quarter and said the company is investing to meet customer demand. [33]
Reuters’ coverage of that report also captured the market tension clearly: investors want growth—especially in Cloud—but are simultaneously assessing how quickly AI infrastructure spending can translate into durable margins. [34]
Analyst forecasts for GOOG: where Wall Street sees the stock
Forecasts vary by source and coverage universe, but one widely cited compilation from TradingView puts:
- Average GOOG price target:$334.26
- High / Low range:$432 / $268 [35]
Relative to today’s mid‑$300s price area, that implies modest upside to the average target—but a wide dispersion that reflects the debate around regulation, AI competition, and the cost of scaling infrastructure. [36]
Risks investors are weighing into 2026
Regulatory and legal risk (search, ads, platforms): Remedies that increase data sharing or limit exclusivity could reshape distribution economics over time, even if the appeal process stretches for years. [37]
AI competition risk: Judge Mehta explicitly referenced how fast AI-driven competition has emerged since the search case began—an unusual acknowledgment that the landscape is moving faster than traditional enforcement cycles. [38]
Capex and power constraints: Alphabet’s capex trajectory and moves like Intersect underscore a central reality: AI leadership is increasingly about compute, chips, and electricity—and the market will keep testing whether returns justify the buildout. [39]
What investors should know before the next session
Because it’s Friday, the next regular U.S. session is Monday, December 29, 2025.
Key practical points:
- Today’s market is open now (until 4:00 p.m. ET). If you trade, be mindful that thin holiday liquidity can amplify late-day swings. [40]
- Holiday schedule ahead: U.S. markets were closed on Christmas Day (Dec. 25). There was an early close on Dec. 24, and another early close is scheduled for Dec. 31 (New Year’s Eve). [41]
- Next major company catalyst: Alphabet’s next earnings date is estimated for Tuesday, Feb. 3, 2026 (after market close) based on historical reporting patterns (watch for official confirmation from the company). [42]
Checklist for GOOG holders into the next session:
- Watch for any fresh headlines on Intersect deal details and how Alphabet frames ROI for energy + data center infrastructure. [43]
- Track updates on search antitrust remedies/appeals—timelines and scope matter more than single-day headlines. [44]
- Pay attention to broader “AI trade” sentiment: the market has been sensitive to whether hyperscalers are spending “too much” or “not enough.” [45]
Sources and further reading (linked)
- Reuters on the post‑Christmas market session [46]
- Reuters Week Ahead: year‑end market setup and Fed focus [47]
- Alphabet investor announcement on acquiring Intersect [48]
- Reuters details on the Intersect deal and power capacity [49]
- DOJ press release on Google search remedies [50]
- Reuters on antitrust ruling allowing Chrome/Android to remain while ordering data-sharing remedies [51]
- Alphabet Q3 2025 earnings release [52]
- Reuters on Alphabet’s Q3 results and raised capex guidance [53]
- Reuters on Gemini 3 integration into Search [54]
- Reuters on Google’s PyTorch initiative and AI chip strategy [55]
- Reuters on Waymo outage response and regulatory review [56]
- TradingView compilation of GOOG analyst price targets [57]
References
1. www.reuters.com, 2. www.reuters.com, 3. www.reuters.com, 4. www.nyse.com, 5. abc.xyz, 6. www.sec.gov, 7. abc.xyz, 8. www.marketwatch.com, 9. www.reuters.com, 10. www.reuters.com, 11. www.reuters.com, 12. abc.xyz, 13. www.reuters.com, 14. www.reuters.com, 15. www.reuters.com, 16. www.reuters.com, 17. www.justice.gov, 18. www.reuters.com, 19. www.reuters.com, 20. www.reuters.com, 21. www.reuters.com, 22. www.reuters.com, 23. www.reuters.com, 24. www.reuters.com, 25. www.reuters.com, 26. www.reuters.com, 27. www.reuters.com, 28. s206.q4cdn.com, 29. s206.q4cdn.com, 30. s206.q4cdn.com, 31. s206.q4cdn.com, 32. s206.q4cdn.com, 33. s206.q4cdn.com, 34. www.reuters.com, 35. www.tradingview.com, 36. www.tradingview.com, 37. www.reuters.com, 38. www.reuters.com, 39. www.reuters.com, 40. www.nyse.com, 41. www.finra.org, 42. www.marketbeat.com, 43. www.reuters.com, 44. www.reuters.com, 45. www.reuters.com, 46. www.reuters.com, 47. www.reuters.com, 48. abc.xyz, 49. www.reuters.com, 50. www.justice.gov, 51. www.reuters.com, 52. s206.q4cdn.com, 53. www.reuters.com, 54. www.reuters.com, 55. www.reuters.com, 56. www.reuters.com, 57. www.tradingview.com
