Alphabet Inc.’s Class C shares (NASDAQ: GOOG) are surging today as investors pile into the Google parent on renewed confidence in its artificial intelligence leadership, blockbuster Q3 earnings, and fresh cloud wins.
As of around 10:49 a.m. Eastern on November 24, 2025, Alphabet Class C stock was trading near $315.85, up about 5.4% on the day and hovering just below a new intraday record around the upper-$310s. [1] Both GOOG and the voting Class A shares (GOOGL) have pushed above $300 for the first time, propelling Alphabet’s market value into the $3.6–$3.8 trillion range and putting the company within striking distance of joining Nvidia and Apple in the elite $4 trillion club. [2]
Alphabet (GOOG) Stock Today: Key Numbers for 24 November 2025
Here is how Alphabet Class C (GOOG) looks in today’s U.S. session:
- Last price: about $315.85, up $16.20 (+5.41%) intraday. [3]
- Previous close:$299.65. [4]
- Day’s range: roughly $309.40 – $318.55, marking fresh record territory for Class C shares. [5]
- 52‑week range: about $142.66 – $318.55, meaning GOOG is trading essentially at its one‑year high. [6]
- Market capitalization: around $3.6 trillion for the Class C shares alone, with broader estimates for Alphabet’s overall market value now circling $3.6–$3.8 trillion depending on source and timing. [7]
- Earnings & valuation: trailing‑12‑month EPS of about $10.14 and a P/E ratio near 31x, up from roughly 20x a year ago. [8]
- Dividend: Alphabet now pays a modest annual dividend of $0.84 per share, implying a yield of roughly 0.27% at current prices. [9]
Over the last year, Alphabet shares have rallied roughly 70–75%, far outpacing many other mega‑cap tech and AI peers. Reuters notes that the stock is up “nearly 70%” so far in 2025, while other data providers peg its 52‑week gain closer to 77%. [10]
A Historic Q3 2025: Alphabet’s First $100 Billion Quarter
Today’s rally doesn’t exist in a vacuum. It comes just weeks after Alphabet reported historic Q3 2025 results:
- Revenue:$102.3 billion in Q3 2025, up 16% year‑over‑year, marking Alphabet’s first‑ever quarter above $100 billion in revenue. [11]
- Net income: about $35 billion, up roughly 33% versus a year earlier. [12]
- Operating income:$31.2 billion with an operating margin of 30.5%, or nearly 34% excluding a European Commission fine. [13]
- Google Cloud: revenue around $15.1–15.2 billion, up 34% year‑over‑year, making Cloud one of Alphabet’s fastest‑growing major segments. [14]
Alphabet’s own earnings release highlighted broad‑based strength across Search, YouTube ads, subscriptions, devices and Cloud, with each major line delivering double‑digit growth. [15] For investors watching today’s price action, those Q3 numbers are the fundamental backdrop that makes the current AI‑driven enthusiasm possible.
Gemini 3 and Google’s AI Comeback Story
The immediate catalyst behind today’s surge is the market’s reaction to Google’s Gemini 3 AI model and the broader sense that Alphabet has re‑asserted itself in the AI race.
On November 18, 2025, Google unveiled Gemini 3, describing it as its most capable large language model to date, with a specialized “Deepthink” variant aimed at more advanced reasoning tasks. [16] The model is already integrated into the Gemini app and Google’s AI‑powered search interface, and it’s being paired with a new Gemini‑based coding environment called Google Antigravity, targeting developers with agentic, automated coding workflows. [17]
Google says Gemini now powers an ecosystem with:
- Over 650 million monthly active users on the Gemini app. [18]
- Around 13 million developers building with the model across Google’s tools. [19]
Analysts and commentators have increasingly argued that the “missed AI” narrative around Alphabet is fading. A recent Seeking Alpha piece explicitly frames the old bear case—that Google had fallen permanently behind AI rivals—as “likely dead” now that Gemini models are integrated across Search, YouTube and Cloud and are showing competitive benchmark scores. [20]
The Economic Times reports that today’s move—nearly 6% at one point—came as both GOOG and GOOGL broke through $300 for the first time and hit an intraday high around $317–318, driven largely by excitement over Gemini 3’s performance relative to OpenAI and Anthropic. [21]
Cloud and Chips: NATO Deal Underscores Alphabet’s AI Infrastructure Strength
Alphabet’s AI story isn’t just about models. It’s also about infrastructure and cloud—and here, too, investors are seeing fresh catalysts.
- Google Cloud as growth driver: Once an also‑ran and loss‑making unit, Google Cloud has become a central growth engine for Alphabet. Q3 2025 cloud revenue rose 34% year‑over‑year to more than $15 billion, and a recent Reuters analysis notes that Cloud’s market share has climbed to about 13%, up from 7% in 2019. [22]
- AI‑driven backlog and capex: Alphabet’s Q3 commentary highlighted that the cloud backlog has surged to around $155 billion, while capital expenditure guidance for 2025 has been raised to $91–93 billion, much of it earmarked for AI compute, data centers and custom chips. [23]
This morning, Google added another proof point:
A new multi‑year, multi‑million dollar cloud deal with NATO’s Communication and Information Agency to support the alliance’s digital modernization. [24]
According to Seeking Alpha’s summary of the announcement, Alphabet’s shares were already up about 3% in pre‑market trading on the NATO news before regular‑session gains accelerated. [25]
Combined with growing adoption of Google’s TPU custom chips—seen as an alternative to Nvidia’s GPUs—the AI infrastructure story is helping investors view Alphabet not just as an ad‑supported search company, but as a vertically integrated AI and cloud platform. Reuters explicitly points to Google’s in‑house chips as a key reason the company looks structurally well‑positioned in AI, even as valuations climb. [26]
Analysts Double Down: Price Targets Climb After the Breakout
Despite the rally, Wall Street remains broadly bullish on Alphabet—though there are early signs of valuation tension.
- StockAnalysis data shows 42 analysts covering GOOG with a consensus rating of “Buy” and an average 12‑month price target of about $295.68. At today’s price around $315–316, that implies roughly 6% downside versus the current quote, suggesting the stock has already run ahead of older targets. [27]
- The Economic Times notes that several firms have rushed to lift their targets following the Gemini 3 launch, with new goals clustered roughly between $325 and $355 and a consensus target near $322—still modestly above today’s trading level. [28]
- An Insider Monkey write‑up highlights that GOOG closed at $299.65 on November 21 with a market cap of about $3.6 trillion, and that hedge‑fund interest has risen, with 178 funds reportedly holding Alphabet at the end of Q2, up from 164 in the prior quarter. [29]
- A separate update notes that Bank of America’s Justin Post recently reiterated a Buy rating on Alphabet with a $335 price target, underscoring the bank’s view that the company is one of the key AI and cloud winners. [30]
Meanwhile, a Morningstar analysis of Q3 earnings season identified Alphabet as one of the companies with the largest upward revisions to fair value estimates, alongside names like AMD and Cloudflare. [31]
Put together, the picture from the Street is clear: Alphabet is widely seen as an AI and cloud leader—but some traditional valuation models are now struggling to keep up with the pace of the share price.
Risks Mounting: Antitrust, AI Bubble Fears and Rich Valuations
Today’s rally doesn’t erase structural risks, and several of them are in sharper focus precisely because Alphabet’s market cap is pushing toward $4 trillion.
1. Antitrust pressure on Google’s ad tech
On November 22, 2025, TechXplore reported that the U.S. Department of Justice has asked a federal judge to break up Google’s digital advertising business, arguing that the company illegally monopolized key ad tech markets and cannot be relied on to self‑police its conduct. [32]
Prosecutors are seeking remedies that could include:
- Forcing the sale of Google’s AdX ad exchange.
- Requiring Google to open‑source aspects of its auction technology, which currently sits at the heart of online ad trading. [33]
This follows a separate search‑related antitrust case where a judge stopped short of breaking up Google’s core search business, citing emerging AI competition as a reason for caution. In the ad tech case, however, DOJ lawyers argue that AI may entrench, rather than weaken, Google’s dominance. [34]
A remedy ruling is expected in the coming months, and while appeals could drag the process out for years, the overhang is real.
2. AI bubble worries
Reuters’ piece on today’s move explicitly notes that Alphabet’s run is reviving concerns about an AI‑driven market bubble, with some business leaders warning that valuations may be stretching away from underlying fundamentals—echoing memories of the late‑1990s dot‑com era. [35]
MarketWatch and other outlets have also pointed out that Google’s AI comeback has begun to worry investors in Nvidia and other AI names, as Alphabet leverages its own chips and cloud infrastructure to compete more aggressively. [36]
3. Rich multiples and stretched technicals
Today’s price puts GOOG at:
- Roughly 31x trailing earnings and a forward multiple just under 30x. [37]
- Near the top end of its 52‑week range, with technical indicators flagged as overbought by some analysts. [38]
The Economic Times notes that some strategists expect support around $290 on any pullback, but also highlight that short‑term momentum can remain strong when sentiment is this bullish. [39]
GOOG vs GOOGL: What Today Means for Class C Shareholders
Alphabet has three main share classes, but only two trade publicly:
- GOOGL (Class A): One vote per share, giving shareholders standard voting rights in corporate elections.
- GOOG (Class C):No voting rights, but the same economic exposure to Alphabet’s earnings and cash flows.
- Class B: Super‑voting shares held primarily by insiders such as Larry Page and Sergey Brin; not publicly traded. [40]
Today, GOOG and GOOGL are moving almost in lockstep:
- ET quotes GOOGL around $317.43 and GOOG around $317.36 in intraday trading, with near‑identical P/E multiples. [41]
- Both share classes surged above $300 for the first time and have logged similar year‑to‑date performance. [42]
For most individual investors, the decision between GOOG and GOOGL comes down to whether voting rights matter. Economically, the two move together; structurally, Class C holders accept a lack of governance influence in exchange for what is often slightly higher liquidity or better availability in certain brokerage platforms and indices.
Beyond Search: Waymo, Autonomous Driving and Other Bets
While AI and Cloud are front and center today, investors are also watching Waymo, Alphabet’s self‑driving unit, as a long‑term optionality play.
On November 22, 2025, TechCrunch reported that Waymo received regulatory approval to expand fully autonomous operations across much larger swaths of the Bay Area and Southern California, including regions stretching from Sacramento and Napa down to San Diego. [43]
The company still needs additional approvals to carry paying passengers in some areas, but it has signaled plans to welcome riders in San Diego by mid‑2026, adding to existing operations in San Francisco, Los Angeles, Phoenix, Austin and other cities. [44]
Though Waymo contributes only a small slice of Alphabet’s revenue today, its regulatory progress adds another dimension to the company’s long‑term growth narrative—one that investors are increasingly factoring in as the core businesses generate massive free cash flow.
What Today’s Alphabet Rally Means for Investors
For short‑term traders, today’s action confirms Alphabet as one of the market’s premier AI momentum trades:
- The stock is hitting new highs with strong volume and has become a leading driver of major indices in a holiday‑shortened week. [45]
- Options activity and leveraged plays tied to AI headlines are likely to stay elevated as long as newsflow around Gemini 3, NATO contracts and cloud wins remains strong. [46]
For long‑term holders, the story looks more fundamental:
- Alphabet has just delivered its first $100B+ quarter, with double‑digit growth across all major revenue lines and net income up by roughly a third year‑over‑year. [47]
- Google Cloud is now a profitable, rapidly growing platform, helped by AI workloads and custom TPUs that can reduce dependency on external chipmakers. [48]
- Gemini 3 and the broader AI stack are beginning to change the narrative from “trying to catch up” to “potentially leading again” in key AI benchmarks and developer adoption. [49]
At the same time, risk‑aware investors will note that:
- Valuations are rich and consensus price targets are already lagging the stock. [50]
- Antitrust remedies could materially reshape Google’s ads business in the coming years, potentially affecting margins and strategic flexibility. [51]
- Broader worries about an AI‑driven market bubble could make Alphabet’s shares more volatile, both to the upside and downside, as sentiment swings between euphoria and fear. [52]
Bottom Line
On 24 November 2025, Alphabet Inc. Class C (GOOG) is trading like a company that has successfully reclaimed the AI throne—or at least convinced markets that it belongs back at the very front of the pack.
A powerful combination of:
- Record‑setting Q3 financials,
- The launch and rapid adoption of Gemini 3,
- A growing cloud and AI infrastructure franchise, including a new NATO deal, and
- Broadly bullish analyst sentiment
has propelled GOOG above $315 and pushed Alphabet’s valuation toward the $4 trillion mark. [53]
Yet the same forces that are fueling today’s gains—AI hype, market concentration and regulatory scrutiny—also make Alphabet one of the most closely watched risk stories in global markets.
For now, GOOG’s price action tells a simple story: In the AI era, markets increasingly see Alphabet not as a company struggling to catch up, but as one of the defining winners of the next computing cycle.
Note: This article is for information and news purposes only and does not constitute investment advice, a recommendation to buy or sell securities, or a prediction of future performance. Always do your own research or consult a licensed financial adviser before making investment decisions.
References
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