:max_bytes(150000):strip_icc()/GettyImages-2247406412-54b145d59aa34267ab3eeff53cd6af78.jpg "Investors Rally Behind Alphabet Stock as Mark Benioff Endorses Gemini 3")
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Key Takeaways
- Google parent Alphabet shares are rising Monday as the tech giant extends a recent rally to new record highs.
- Solid third-quarter results in its last earnings report, Berkshire Hathaway recently revealing a bet on the company, and last week’s launch of its Gemini 3 model helping to boost Alphabet stock.
Alphabet (GOOGL) stock has been on a tear. That run continued Monday.
Drivers in recent session have included a strong earnings report, a new bet on the tech giant from Warren Buffett, and the release of the Google parent’s newest artificial intelligence model. The shares’ runup kept rolling today, leading markets higher, with the stock recently up 6%, setting a record high above $318 earlier in the session, to kick off a holiday-shortened trading week.
Why This Matters to You
Alphabet owns Google, YouTube, and several other companies that millions of Americans use every day. It is also one of the most valuable companies in the world, with a market capitalization of about $3.8 trillion on Monday, and its stock has been roaring lately.
Optimism about the company’s positioning in AI looked to be lifting the stock today, with Google’s newest model, Gemini 3, winning support in Silicon Valley. Salesforce (CRM) CEO Marc Benioff said in a Sunday social media post that “It feels like the world just changed, again” about his first hours using Gemini 3 after using OpenAI’s ChatGPT for years.
Alphabet stock has outpaced the rest of the Magnificent Seven in recent weeks as concerns over an AI bubble have mounted, slowing the AI rally that has powered the market to record highs. Some analysts, meanwhile, have said that Gemini 3 looks to be capable of a wide range of tasks and currently give Google an advantage in the AI landscape.
The company eclipsed $100 billion in revenue in a single quarter for the first time when it reported third-quarter results late last month. Weeks later, the most recent 13-F filing from Buffett’s Berkshire Hathaway (BRK.A, BRK.B) revealed that the investment firm took a new position in Alphabet in the most recent quarter, worth more than $4.3 billion at the end of September.
