Alphabet Inc.’s Class C shares (NASDAQ: GOOG) finished a volatile Wednesday session sharply lower and then turned quiet in early after-hours trading—setting up a macro-heavy Thursday open that could matter as much as any company headline.
After the closing bell on Dec. 17, GOOG was essentially unchanged in extended trading at about $298.05, after ending the regular session at $298.06 (down 3.14% on the day). [1]
That price action came amid a broader tech pullback tied to renewed anxiety over the cost—and the financing—of the AI buildout, even as Alphabet continued to generate its own fresh AI momentum headlines spanning chips, models, and media distribution.
Below is what investors and traders should know tonight—and what’s most likely to move GOOG before the U.S. stock market opens Thursday, Dec. 18, 2025.
GOOG after-hours check: where Alphabet’s Class C stock stands tonight
Alphabet Class C shares:
- Regular-session close (Dec. 17):$298.06 [2]
- After-hours (early):$298.05 (effectively flat vs. the close) [3]
- Previous close:$307.73 [4]
- Day range (regular session): roughly $297.45 to $309.20 [5]
- Volume: about 24.96M shares [6]
- 52-week range: about $142.66 to $328.67 [7]
A quick reminder for readers who track both tickers: GOOG is Alphabet’s Class C stock (no voting rights), while GOOGL is Class A (one vote per share). The two typically trade close together because they represent the same underlying business performance.
Why Alphabet stock slid today: AI “funding jitters” hit megacap tech
Alphabet’s drop wasn’t a one-factor story. Wednesday’s move reflected two overlapping narratives:
1) The market’s mood shifted risk-off as AI infrastructure financing worries resurfaced
U.S. stocks fell broadly, with the Nasdaq leading declines, as investors worried about the cost and debt load associated with building out AI infrastructure at scale. In Reuters’ market wrap, strategists pointed to “percolating anxiety” around AI spending and capex intensity weighing on risk appetite. [8]
A major spark for that theme was an AI data-center funding snag tied to Oracle’s infrastructure ambitions for OpenAI.
2) Oracle’s $10B Michigan data-center financing setback rippled across the “AI trade”
Reuters reported that Oracle’s $10 billion data center project in Saline Township, Michigan was thrown into uncertainty after Blue Owl Capital walked away from the deal, raising fresh questions about financing terms and the practicality of the most aggressive AI buildouts. [9]
The Financial Times similarly described stalled talks with lenders and heightened concerns around debt and capex as the project’s financing landed in limbo. [10]
There is some dispute around the characterization: Barron’s reported Oracle and a development partner pushed back on the idea the project “collapsed,” saying Blue Owl was outbid by a different equity partner. [11]
Either way, markets traded the headline as a pressure point for the broader AI ecosystem—exactly the kind of narrative that can hit high-profile AI beneficiaries (and AI spenders) like Alphabet in the short term.
3) A Reuters-exclusive Alphabet headline added to the day’s tape
In the same session, Reuters highlighted Alphabet’s Google working on a new initiative to make its AI chips more compatible with the dominant developer software stack—news that underscored how central (and competitive) the AI infrastructure battle has become. [12]
The biggest Alphabet news from today: chips, Gemini 3 Flash, Waymo, and YouTube’s Oscars deal
Alphabet’s after-hours calm shouldn’t obscure how news-heavy the day was. Here are the key storylines investors are digesting tonight.
Google takes aim at Nvidia’s software moat with “TorchTPU,” working with Meta
Reuters reported Google is developing an internal initiative known as “TorchTPU” intended to improve TPU compatibility with PyTorch, the most widely used AI framework. The strategic goal: make it easier for developers to run AI workloads on Google TPUs without being locked into Nvidia’s CUDA-centric ecosystem. [13]
Key details from Reuters include:
- The project is designed to reduce switching costs for customers who already build on PyTorch. [14]
- Google is working closely with Meta, which heavily supports PyTorch, and is considering open-sourcing parts of the effort. [15]
Why this matters for GOOG:
If Google can expand TPU adoption (in cloud and on-prem), it potentially strengthens Google Cloud’s AI positioning. But markets are also hypersensitive to the cost side of AI infrastructure—so even strategically positive AI hardware moves can get swept into the “capex and returns” debate that dominated Wednesday’s trading.
Google launches Gemini 3 Flash and expands distribution across Gemini app and Search
Alphabet also shipped a major product update: Gemini 3 Flash, positioned as a faster, more efficient model built on the Gemini 3 foundation.
Google said Gemini 3 Flash is rolling out globally starting today:
- To developers via the Gemini API / Google AI Studio, Gemini CLI, and “Antigravity,” and to enterprises via Vertex AI / Gemini Enterprise [16]
- To consumers as the default model in the Gemini app, and into AI Mode in Search [17]
Google’s product post also emphasized benchmark claims and pricing, positioning Flash as “frontier” capability with lower latency/cost characteristics than heavier models. [18]
TechCrunch framed the release as Google pushing a “fast and cheap” model and making it the default in the Gemini app and AI Mode in Search. [19]
Why this matters for GOOG:
Investors are watching whether Gemini’s rapid iteration translates into:
- stronger Search engagement (without margin damage),
- clearer monetization pathways in AI-assisted search experiences, and
- more durable momentum for Google Cloud’s AI services.
Waymo fundraising talk: a reminder of Alphabet’s “hidden” optionality
A separate Reuters report said Waymo is in talks with potential investors to raise money at a valuation of at least $100 billion, potentially exceeding $10 billion in size, with Bloomberg also reporting a round that could be more than $15 billion and led by Alphabet. [20]
Why this matters for GOOG:
Even if robotaxis don’t move Alphabet’s near-term quarterly numbers the way Search and Cloud do, Waymo’s valuation discussions can influence how investors think about Alphabet’s “sum-of-the-parts” value—especially when megacap multiples are being debated.
YouTube lands the Oscars—starting in 2029
In a notable media shift, Reuters reported the Academy Awards will be streamed exclusively on YouTube starting in 2029, free globally and also on YouTube TV in the U.S., under an agreement covering 2029 through 2033. [21]
The Associated Press characterized the move as a historic break from traditional broadcast TV for a marquee awards show, with ABC continuing through 2028. [22]
Why this matters for GOOG:
This is a long-dated catalyst (2029 is far away in market terms), but it reinforces YouTube’s push into premium, culturally dominant live events—valuable for brand, platform positioning, and potentially ad product evolution.
Analyst forecasts and “Street” view: what changed today
While some analyst upgrades and target moves occurred earlier in December, they were in circulation today as investors looked for reasons to defend (or fade) Alphabet’s 2025 run.
TD Cowen lifts its price target to $350, citing AI Search momentum
A widely shared note summary reported TD Cowen raised its Alphabet price target to $350 from $335 and kept a Buy rating, attributing the change to improving Search engagement tied to AI features (including AI Overviews and AI Mode), and to rising Gemini usage assumptions. [23]
The same summary cited:
- a projected 10.2% Search CAGR over five years (up from 9.6%), and
- a higher estimate for Gemini monthly users by year-end 2025. [24]
Consensus-style snapshots still lean bullish—despite today’s drop
On Investing.com’s GOOG page, the “Analysts Sentiment” indicator is shown as Strong Buy, with a displayed price target around $328.21 (about 10% upside from current levels shown there). [25]
(These consensus dashboards can differ by data provider, and they move as estimates update—so they’re best treated as a temperature check, not a single source of truth.)
What to watch before the market opens Thursday (Dec. 18): CPI at 8:30 a.m. ET
Alphabet’s next session may hinge less on company headlines and more on macro data that can move rates—and therefore Big Tech valuations.
1) U.S. Consumer Price Index (CPI) is scheduled for Thursday morning
The U.S. Bureau of Labor Statistics calendar shows Consumer Price Index (November 2025) is scheduled for Dec. 18 at 8:30 a.m. Eastern Time, alongside Real Earnings. [26]
2) Philadelphia Fed Manufacturing Survey also hits at 8:30 a.m. ET
The New York Fed’s economic indicators calendar lists the Philadelphia Fed Manufacturing Survey for Dec. 18 at 8:30 a.m. ET as well. [27]
Why GOOG traders care:
When inflation data surprises markets, it often impacts:
- index futures pre-market,
- bond yields and rate expectations, and
- “duration-sensitive” megacap growth stocks.
So even if Alphabet-specific news is quiet overnight, GOOG could still gap up or down at the open depending on how the inflation print lands and how the market interprets it.
3) AI infrastructure sentiment remains fragile after the Oracle/Blue Owl headline
The Oracle data-center financing story is still developing—and it’s directly connected to the market’s biggest question about AI in 2025: who pays for the buildout, on what terms, and with what return profile. [28]
Expect that narrative to remain a driver for Alphabet alongside peers in cloud, chips, and AI infrastructure.
4) Options expiration is approaching (potential volatility pocket)
The 2025 Cboe options calendar shows the standard equity options expiration date in December falls on Friday, Dec. 19, 2025. [29]
That doesn’t automatically mean big moves, but it can amplify volatility around key macro prints—especially when megacap tech is already in motion.
Bottom line: GOOG is steady after hours, but Thursday’s open could be macro-driven
Alphabet Class C stock is stable in early after-hours after a decisive down day. [30] But the setup for Thursday is clear:
- Macro first: CPI at 8:30 a.m. ET is the central pre-market catalyst. [31]
- AI narrative still dominates: financing concerns (triggered by the Oracle data-center headlines) and capex scrutiny remain key cross-currents for the entire sector. [32]
- Alphabet-specific fundamentals continue to evolve fast: Gemini 3 Flash rollout and the TorchTPU effort show Google pushing on both the model layer and the compute layer of AI—exactly where investors are most focused. [33]
- Longer-dated optionality remains in view: Waymo funding talks and YouTube’s Oscars deal add to Alphabet’s broader strategic narrative, even if they’re not near-term earnings drivers. [34]
References
1. www.investing.com, 2. www.investing.com, 3. www.investing.com, 4. www.investing.com, 5. www.investing.com, 6. www.investing.com, 7. www.investing.com, 8. www.reuters.com, 9. www.reuters.com, 10. www.ft.com, 11. www.barrons.com, 12. www.reuters.com, 13. www.reuters.com, 14. www.reuters.com, 15. www.reuters.com, 16. blog.google, 17. blog.google, 18. blog.google, 19. techcrunch.com, 20. www.reuters.com, 21. www.reuters.com, 22. apnews.com, 23. finviz.com, 24. finviz.com, 25. www.investing.com, 26. www.bls.gov, 27. www.newyorkfed.org, 28. www.reuters.com, 29. cdn.cboe.com, 30. www.investing.com, 31. www.bls.gov, 32. www.reuters.com, 33. blog.google, 34. www.reuters.com
