Alphabet (GOOG, GOOGL) in Focus on Dec. 24, 2025: New Institutional Filings Land as Google’s $4.75B Intersect Deal Targets the AI Data Center Power Crunch

December 24, 2025 — Alphabet is getting two kinds of attention heading into year-end: fresh institutional ownership disclosures that reveal who trimmed or added exposure during the third quarter, and a blockbuster infrastructure move that signals just how central electricity has become to the AI race.

On one side are newly posted SEC-linked updates spotlighting how several wealth managers and trusts adjusted positions in Alphabet’s stock during Q3 (reported publicly this week). On the other is Alphabet’s agreement to acquire Intersect, an energy-and-data-center infrastructure specialist, in a deal designed to speed up new power generation and data center capacity—because in 2025, AI isn’t only a chips-and-models story anymore. It’s a grid story. ^[1]

Why December 24 matters for Alphabet watchers

December 24 brought a cluster of widely read “instant alert” summaries tied to recent Form 13F filings—reports that institutional investment managers file to disclose U.S. equity holdings. These filings don’t show today’s trades in real time (they’re backward-looking snapshots), but they can help investors understand which firms were reducing risk, taking profits, or leaning in during the quarter.

At the same time, the market is still digesting Alphabet’s Intersect acquisition announcement from earlier in the week—an M&A bet that frames energy access as a strategic moat for Google’s AI and cloud ambitions. ^[2]

A wave of Alphabet position changes: what the latest filings show

A series of Dec. 24 reports highlight a mixed pattern: multiple firms trimmed holdings, while others increased exposure materially. Here are several of the notable Q3 moves circulating today:

Clarius Group LLC trimmed its Alphabet position

Clarius Group LLC reduced its Alphabet stake by 23.3% in Q3, selling 13,016 shares and ending the period with 42,966 shares valued at about $10.46 million, according to the published filing summary. ^[3]

CHICAGO TRUST Co NA also cut exposure

CHICAGO TRUST Co NA reported trimming its Alphabet position by 9.9% in Q3, selling 4,067 shares to finish with 36,931 shares valued at roughly $9.0 million. ^[4]

Brady Family Wealth LLC reduced its GOOGL stake modestly

Brady Family Wealth LLC trimmed Alphabet (Class A, GOOGL) by 3.5% in Q3 to 63,622 shares worth about $15.47 million, with Alphabet remaining a top holding in that portfolio snapshot. ^[5]

Curated Wealth Partners cut its position by more than one-fifth

Curated Wealth Partners LLC reported a 22.4% reduction in Alphabet (GOOGL), selling 3,090 shares and ending Q3 with 10,675 shares valued around $2.60 million. ^[6]

Charles Schwab Trust Co moved the other way—sharply

Not all the filings read as “sell.” Charles Schwab Trust Co reported increasing its Alphabet (GOOG) stake by 165% during Q3, ending with 19,479 shares valued around $4.74 million in the same disclosure cycle. ^[7]

Bartlett & Co. Wealth Management: a large position, slightly smaller

Bartlett & CO. Wealth Management LLC reported cutting Alphabet (GOOGL) by 4.4% in Q3 to 425,250 shares valued at about $103.38 million. ^[8]

A quick note on GOOG vs. GOOGL

Many filings reference either GOOG (Class C) or GOOGL (Class A). Both track Alphabet’s performance closely, but the share classes differ in voting rights (Class A typically carries votes; Class C typically does not). Institutional managers often hold one or both depending on liquidity preferences, index mandates, or internal governance policies.

What these filing headlines do—and don’t—tell you

Because 13F filings arrive with a lag, they’re best treated as context, not a live sentiment gauge. A Q3 trim, for example, could reflect:

profit-taking after a strong run,
risk rebalancing across megacap tech,
client flows at advisory firms,
or tax and portfolio-constraint adjustments.

Still, the clustering of Alphabet-related filing coverage on Dec. 24 highlights how closely watched the stock remains—especially with AI infrastructure spending reshaping capital allocation across Big Tech.

The bigger story: Alphabet’s Intersect acquisition makes energy a competitive weapon

Alphabet’s most consequential infrastructure headline this week is its definitive agreement to acquire Intersect for $4.75 billion in cash, plus the assumption of debt. Alphabet has positioned the deal as a way to bring data center and generation capacity online faster, while expanding the company’s ability to develop power in step with fast-rising AI demand. ^[9]

Alphabet says the transaction includes:

Intersect’s team, and
multiple gigawatts of energy and data center projects that are in development or construction as part of Intersect’s partnership with Google. ^[10]

Crucially, Intersect is expected to remain separate under its own brand and leadership (CEO Sheldon Kimber), while partnering closely with Google’s technical infrastructure organization. Alphabet also says the companies’ first announced co-located data center and power site is under construction in Haskell County, Texas. ^[11]

What’s excluded from the deal—and why it matters

Alphabet has emphasized that not all Intersect assets are moving into the acquisition:

Intersect’s existing operating assets in Texas, and
its operating and in-development assets in California
are not part of the acquisition and will continue as an independent company supported by existing investors (including TPG Rise Climate and others named by Alphabet). ^[12]

This structure suggests Alphabet is buying a very specific slice: the platform and pipeline most directly connected to scaling “power + data center” infrastructure, while leaving other operating businesses separate.

Intersect’s scale: the numbers behind the ambition

Reuters reported that Intersect has $15 billion of assets either operating or under construction, and projects representing about 10.8 gigawatts of power expected to be online or in development by 2028. ^[13]

That magnitude underscores why the deal is being interpreted as an “AI supply chain” move—just in a category investors used to treat as slower-moving utility infrastructure.

Inside Intersect’s thesis: “bring your own generation”

In a Dec. 22 post, Intersect CEO Sheldon Kimber described the acquisition as a logical extension of Intersect’s partnership with Google, with a focus on building power and data infrastructure at a scale the traditional grid struggles to deliver quickly. He argued that AI is effectively being held back by electricity constraints and advocated a “bring your own generation” model—pairing renewables with fast backup sources and batteries, often co-located with the data centers themselves. ^[14]

Intersect also indicated that a portion of its assets will be bought out by existing investors and operated separately, while Intersect continues expanding infrastructure ambitions post-close. ^[15]

Why the grid is suddenly front-page news in the AI era

Alphabet’s Intersect play is landing in a moment when energy markets are flashing warning signals about the pace of data center load growth.

A Reuters analysis published late Dec. 23 described how surging AI data center electricity demand is contributing to the extension of life for older “peaker” plants—facilities meant to run only during demand spikes—because tight supply and higher prices can make them profitable again. The report also highlighted that these plants can bring pollution concerns, particularly in communities already burdened by environmental hazards. ^[16]

Even beyond the environmental implications, the business takeaway is blunt: power availability can now be the binding constraint on how fast hyperscalers can expand AI capacity.

Insider sales are also on the radar—here’s what filings show

Alongside the institutional 13F snapshots, insider transactions continue to draw attention. Public SEC Form 4 filings show Alphabet CEO Sundar Pichai sold Alphabet stock on two separate dates in 2025:

October 15, 2025: multiple weighted-average sales of Class C shares totaling 32,500 shares, with the Form 4 listing price ranges and weighted averages. ^[17]
December 15, 2025: another set of weighted-average sales totaling 32,500 shares, also disclosed via Form 4. ^[18]

The December filing states the transactions were made under a Rule 10b5-1 trading plan adopted in 2024. ^[19]

It’s common for executives to sell under pre-arranged plans, but the disclosures still matter for market narrative—especially when Alphabet is simultaneously ramping AI infrastructure investment.

So what’s the throughline for Alphabet on Dec. 24?

Put the day’s headlines together and a clearer picture emerges:

Institutional investors are actively rebalancing exposure to Alphabet across both GOOG and GOOGL—some trimming, some adding, as shown in the Q3 filing summaries published today. ^[20]
Alphabet is treating power as a first-class AI input, not a back-office utility bill—using M&A to reduce the bottleneck risk that can slow data center expansion. ^[21]
The external environment is reinforcing that logic, with reporting pointing to grid strain and expensive, sometimes dirtier, stopgap generation returning to service as demand rises. ^[22]

What to watch next

As this story moves from announcement to execution, the next set of signposts investors and policymakers are likely to track include:

Regulatory and closing timeline: Alphabet expects the Intersect deal to close in the first half of 2026, according to both company and media reporting. ^[23]
How quickly co-located projects scale: Alphabet explicitly points to the Texas co-located site as a template for faster “data center + power” delivery. ^[24]
Community and grid economics: concerns about who pays for upgrades and whether local electricity costs rise are already part of the public discussion around data center growth. ^[25]
The “AI bubble” counter-narrative: even as Big Tech locks in power, some commentary is starting to explore what happens if the buildout overshoots demand—an idea Reuters Breakingviews spotlighted in a satirical look at repurposing empty data centers after an AI crash. ^[26]

On December 24, 2025, Alphabet’s storyline is less about a single earnings beat or product launch and more about something deeper: whether Google can secure the physical inputs—electricity, land, and power infrastructure—fast enough to keep its AI ambitions compounding.