Alphabet Inc. (Google) Class C Stock Nears $4 Trillion as AI and Buffett Fuel Record 2025 Rally

Alphabet Inc.’s Class C shares (ticker: GOOG) are ending November 2025 looking less like a normal stock and more like a macro story: artificial intelligence, chip wars, antitrust, and one last big bet from Warren Buffett all rolled into a single chart.

As of the close on Friday, November 28, 2025, Alphabet’s Class C stock traded around $320 per share, near its all‑time highs and valuing the Google parent at roughly $3.86–$3.9 trillion, just shy of the ultra‑exclusive $4 trillion club. ^[1]

Below is a roundup of where GOOG stands today, and the key news items as of November 30, 2025 that are driving the move.

Key takeaways for Alphabet Class C (GOOG) on 30 November 2025

Near-record price & valuation: GOOG is trading around $320, after hitting recent records above $315–$320, putting Alphabet’s market cap near $3.86–$3.9 trillion and closing in on $4 trillion. ^[2]
Monster 2025 performance: The stock is up almost 70% year to date, making Alphabet the best-performing member of the “Magnificent Seven” mega‑cap tech group in 2025. ^[3]
AI and chips drive the latest leg higher: A wave of news about Google’s Gemini 3 AI model and its TPU chips potentially winning business from Meta Platforms has pushed the stock to fresh highs and rattled Nvidia’s dominance narrative. ^[4]
Buffett and big money are in:Berkshire Hathaway has built a roughly $4.9–$5 billion stake in Alphabet, while institutional investors like Boston Partners have sharply increased holdings, validating the AI story for traditional value money. ^[5]
Fundamentals are catching up: Alphabet’s Q3 2025 was its first‑ever $100+ billion quarter, with $102.3 billion in revenue (+16% YoY) and $2.87 EPS, powered by Google Cloud’s 34% growth and AI‑driven demand. ^[6]
Valuation and regulation are the big risks: GOOG now trades around 31–32× trailing earnings, above its own recent averages, while facing major antitrust rulings and huge AI‑related capex commitments. ^[7]

Where Alphabet Class C (GOOG) stands today

Price, performance and valuation snapshot

Last close (Nov 28, 2025): Around $320 per share for GOOG. Several data providers report closing levels in the $320–$321 range with an intraday high near $326–$327 on that day. ^[8]
Near all‑time high: Earlier in the week, Google stock hit an intraday record around $326.9 on November 25, helped by reports that it could sell AI chips to Meta Platforms. ^[9]
Market capitalization: Multiple sources peg Alphabet’s market cap at roughly $3.86 trillion–$3.91 trillion as of late November, making it the third most valuable company on Earth, behind Apple and Nvidia. ^[10]
P/E ratio: Depending on the data provider, GOOG’s trailing price‑to‑earnings ratio sits around 31–32×, significantly above its recent 3‑ and 5‑year averages in the low‑20s, but still in the same ballpark as mega‑cap peers like Microsoft and Amazon. ^[11]

In performance terms, Alphabet has gone from “the laggard” of the Magnificent Seven after the 2022–2023 AI shock to outright leader:

By late November, Reuters reported that Alphabet shares were up nearly 70% in 2025, far outpacing Microsoft and Amazon. ^[12]
Earlier in the month, Investopedia noted that Alphabet was already up about 55% year to date, making it the best performer in the group and beating Nvidia by nearly 20 percentage points at that time. ^[13]
From the November 2024 low of about $142, GOOG is up roughly 130%, according to analysis from 24/7 Wall St. ^[14]

In short: GOOG isn’t just “back.” It’s leading the pack.

What’s moving GOOG on 30 November 2025: this week’s biggest stories

1. Alphabet races toward a $4 trillion valuation

Through the week of November 24–28:

A Reuters report highlighted Alphabet “closing in on a $4 trillion valuation,” after shares jumped more than 5% in a single session to a record around $315.90, lifting market cap to about $3.82 trillion. ^[15]
A separate Reuters piece framed the move as a full‑on AI‑fueled rerating, pointing out that Alphabet has regained momentum in the AI race by turning Cloud into a growth engine and winning early praise for Gemini 3, its latest flagship model. ^[16]
Barron’s and other outlets reiterated that Alphabet’s stock has climbed roughly 68–70% in 2025, and that the company is now approaching Nvidia and Apple in valuation, with a current market cap around $3.84 trillion and premarket surges pushing it closer to the $4T line. ^[17]

The narrative shift is important. Two years ago, markets genuinely worried that Google had fumbled the AI baton to OpenAI. Now the emerging consensus is that Alphabet not only caught up, but may have the most economically defensible AI stack.

2. TPUs vs. Nvidia: Meta deal rumors ignite chip wars

One of the most explosive pieces of news this week has been around Google’s Tensor Processing Units (TPUs).

A widely shared 24/7 Wall St article (itself amplified by Reddit traders) reported that:

GOOG shares rose about 2.1% on Friday, November 28, as retail sentiment turned sharply bullish.
The move followed reports that Meta Platforms is in advanced talks to spend billions of dollars on Google’s TPU chips instead of relying solely on Nvidia GPUs for its 2027‑era data centers. ^[18]

The same piece and related discussions emphasize several points:

Price advantage: Semiconductor research cited in the article suggests that, in standard 9,000‑chip rack configurations, Google’s TPUs can be roughly 2× cheaper than Nvidia GPUs, potentially undercutting Nvidia’s vaunted AI margins. ^[19]
Software moat cracking: Google’s software tooling and compatibility work are described as “breaking CUDA’s monopoly,” lowering switching costs for developers moving from Nvidia GPUs to Google’s AI infrastructure. ^[20]
Market reaction: Nvidia’s stock has shed a staggering hundreds of billions in market value from its recent peak, in part as investors reassess how much pricing power it really has if hyperscalers like Google can offer comparable in‑house hardware. ^[21]

In parallel, a San Francisco Chronicle piece noted that Alphabet’s market cap has reached about $3.9 trillion, with shares up nearly 70% this year, explicitly tying that move to both Gemini 3 and the potential Meta chip deal worth billions. ^[22]

Combine those stories and you get the new thesis: Alphabet isn’t just an AI user; it’s quietly becoming an AI infrastructure giant with real leverage over the cost structure of everyone else.

3. Gemini 3 and the “full‑stack AI” narrative

Alphabet’s AI story in late 2025 revolves around Gemini 3 and a “full‑stack” strategy:

In October, Alphabet reported Q3 2025 revenue of $102.3 billion, up 16% year on year, marking its first‑ever quarter above $100 billion in sales. Google Cloud revenue jumped to $15.2 billion, up 34%, with management explicitly crediting AI infrastructure and generative AI solutions. ^[23]
CEO Sundar Pichai described it as a “terrific quarter” driven by double‑digit growth across every major business line, and emphasized that AI is now delivering measurable business results across Search, YouTube, subscriptions and Cloud. ^[24]
Alphabet’s Gemini App reportedly has over 650 million monthly active users, and Gemini 3 is pitched internally as a major leap in multimodal understanding and “agentic” capabilities. ^[25]

External analysts are picking up the same theme:

Investopedia highlighted that Alphabet stock is “crushing” the rest of the Magnificent Seven, crediting Gemini 3’s launch and Berkshire’s stake for the recent leg higher. Wall Street analysts tracked by Visible Alpha largely rate the stock “Buy”, with an average target in the mid‑$320s, implying further upside from recent prices. ^[26]
A separate analysis from Investing.com and others argues that Alphabet is now vertically integrated across the AI stack: the model (Gemini 3), the hardware (TPUs) and the distribution layer (Search, Android, YouTube, Cloud). ^[27]

From a stock perspective, that translates to this: Alphabet can afford to give a lot of AI “for free” to users and developers because it monetizes further down the stack—in ads, subscriptions and cloud usage.

4. Berkshire Hathaway and institutional money pile into GOOG

Another major driver of confidence in Alphabet’s Class C shares has been who is buying.

On November 17, Reuters revealed that Berkshire Hathaway built a position of about 17.85 million Alphabet shares, worth roughly $4.93 billion at the time of disclosure. The news sent Alphabet shares up nearly 6% to a record high and was framed as one of the final major tech bets under Warren Buffett before he hands the CEO role to Greg Abel at the end of 2025. ^[28]
The move is especially notable because Berkshire historically avoided high‑growth tech outside of Apple. Analysts quoted in the Reuters coverage argued that Alphabet’s strong cash flows, relatively lower multiple vs. peers, and AI positioning made it a “value” way to play AI rather than a pure momentum bet. ^[29]

And Berkshire isn’t alone:

Boston Partners increased its GOOG stake by 239.7% in Q2, ending with 63,128 shares worth about $11.2 million, according to a MarketBeat summary of SEC filings. The same article highlighted that insiders have been net sellers in recent months but still hold roughly 13% of the company. ^[30]
That piece also noted that GOOG has been the subject of multiple analyst upgrades, with firms like Oppenheimer lifting their price targets to $345 and others moving into the $300+ range, leaving the average target near $305 and a consensus rating of “Buy.” ^[31]

Put simply: the shareholder registry is tilting more toward long‑horizon, fundamentals‑oriented capital, and those investors are openly framing Alphabet as the best‑positioned AI platform for 2026 and beyond.

5. Q3 2025: the first $100 billion quarter

To justify a multi‑trillion valuation, the numbers have to be big, and Alphabet’s latest quarter did not disappoint.

According to Alphabet’s own earnings release and multiple analyses: ^[32]

Revenue: $102.3 billion, +16% year over year
Operating income: about $31.2 billion, for an operating margin just over 30%
Net income: roughly $35 billion, +33% year over year
Diluted EPS:$2.87, up about 35% from a year earlier and comfortably beating consensus estimates around $2.29
Google Cloud revenue:$15.2 billion, up 34%, with a $155 billion backlog
Google Services: $87.1 billion (+14%), with double‑digit growth in Search, YouTube ads and subscription businesses

This is where the story gets interesting for valuation nerds:

External valuation trackers estimate Alphabet’s P/E around 31–32× trailing earnings, compared with a 10‑year average near 27–29× and a 3‑ to 5‑year average in the low‑20s. ^[33]
Yet revenue growth has re‑accelerated back into the mid‑teens, with earnings growing even faster thanks to operating leverage and AI‑driven efficiency in ads and Cloud. ^[34]

Analysts from The Times (UK) and others now forecast Alphabet’s annual sales could approach $400 billion in 2025 and $450+ billion in 2026, albeit with very heavy capital expenditure. ^[35]

What makes Class C (GOOG) special?

Alphabet trades under two main publicly listed share classes:

GOOG – Class C Capital Stock
GOOGL – Class A Common Stock

The crucial difference is voting rights:

GOOG (Class C) shares have no voting rights, except in very narrow legal circumstances. ^[36]
GOOGL (Class A) shares carry one vote per share.
A third class, Class B, is held by founders and insiders only, with 10 votes per share, and isn’t publicly traded. ^[37]

From an economic perspective, GOOG and GOOGL typically share:

The same claim on earnings and dividends,
The same exposure to Alphabet’s business, and
Nearly identical price movements, with only a small and usually temporary spread between the tickers. ^[38]

For most investors, GOOG is essentially the “non‑voting twin” of GOOGL—slightly cheaper on average, but functionally the same exposure to the company’s AI, Search, YouTube and Cloud engines.

Risks and pressure points: what could go wrong from here?

No rally comes without caveats. For GOOG on November 30, 2025, the main risk buckets look like this.

1. Valuation and “AI bubble” concerns

At 31–32× trailing earnings, Alphabet’s multiple is well above its own prior 3‑ and 5‑year averages in the low‑20s and higher than the median for the interactive media industry. ^[39]
Reuters and other outlets explicitly warn that Alphabet’s move toward $4 trillion is reviving worries about AI‑driven valuation bubbles, with some business leaders drawing comparisons to the late‑1990s dot‑com era. ^[40]

If AI demand or pricing power disappoints—even a little—the combination of high capex and high expectations could compress the multiple quickly.

2. Massive AI capex and margin risk

Alphabet has repeatedly raised its full‑year capital expenditure guidance, with some estimates now calling for roughly $90–93 billion in 2025 and potentially $120 billion in 2026, largely for data centers and AI hardware. ^[41]
That spending is manageable given Alphabet’s cash flow, but it does mean the company is placing a gigantic bet that AI demand will remain strong and that in‑house chips (TPUs) will stay competitive.

If AI workloads migrate elsewhere, or customers push back on pricing, Alphabet could find itself in the uncomfortable position of having world‑class infrastructure that isn’t fully utilized.

3. Regulatory and antitrust exposure

Regulation is easily the biggest non‑market risk:

A Virginia federal judge has already ruled that Google holds an illegal monopoly in online advertising via its ad server and exchange, and is currently considering remedies that could include forcing a sale of the ad marketplace. ^[42]
Separately, Google narrowly avoided being forced to sell its Chrome browser in another antitrust case, but was ordered to share more data with competitors, weakening parts of its distribution moat. ^[43]
Other rulings have reportedly banned exclusive search deals and mandated broader data‑sharing, potentially limiting Google’s ability to lock in default positions on devices and browsers. ^[44]

Add in Europe’s ongoing Digital Markets Act enforcement and you have a world in which Alphabet’s business model is under constant legal pressure even as its stock price behaves as if the future is smooth.

4. Geopolitics, infrastructure and regional bets

Alphabet’s growth is also tied to big infrastructure projects:

In Germany, Google has announced plans to invest around €5.5 billion (about $6.4 billion) into cloud infrastructure by 2029, including a new data center near Frankfurt, in a move expected to support about 9,000 jobs a year in the country. ^[45]

Capex of that scale brings both opportunity—deepening relationships with sovereign and enterprise customers—and risk, especially if regulatory environments or energy costs shift.

What 30 November 2025 means for GOOG investors

Stepping back, the story of Alphabet Class C stock at the end of November 2025 looks something like this:

Price action: GOOG is hovering just below record highs and within striking distance of a $4 trillion valuation.
Fundamentals: Revenue and earnings are growing strongly, driven by AI‑enhanced Search, YouTube and Cloud, with Q3 2025 marking a historic first $100+ billion quarter. ^[46]
Strategic positioning: Alphabet now appears to have one of the most complete AI stacks in Big Tech: proprietary models (Gemini 3), proprietary chips (TPUs), and distribution at search, mobile OS, video, and cloud layers. ^[47]
Market perception: Traditional value investors like Berkshire Hathaway and Boston Partners are framing GOOG as a cash‑flow‑rich, still‑relatively‑undervalued AI leader, not just a momentum play. ^[48]
Risks: Valuation is no longer cheap, capex is enormous, and Alphabet faces meaningful antitrust and regulatory headwinds that could reshape parts of its business model over the coming years. ^[49]

For news audiences and market watchers looking at Alphabet today, the Class C stock isn’t just “another mega‑cap tech name.” It’s a live experiment in whether a company can own the full AI stack, scale it globally, and still stay on the right side of regulators and investors at multi‑trillion‑dollar valuations.

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